Cord Blood America Updates Its Stem Cell Collection Business in China
LAS VEGAS, Oct. 26 /PRNewswire/ -- Cord Blood America, Inc. (http://www.cordblood-america.com) (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells to families nationwide and internationally, today announced its Chairman, CEO and co-founder, Matthew Schissler, has updated progress on the Company's stem cell collection business in China in an interview with analyst Francis Gaskins.
The entire interview is available at: http://gaskinsco.com/cbai-10-25-10.mp3.
In the interview, Mr. Schissler explains some changes to the structure of the transaction since the original announcement on March 31, 2010.
Several parties, including Cord Blood America, have formed a new company, China Stem Cells, Ltd., to oversee the project. Mr. Schissler will serve as President of the new company.
Cord Blood America will provide advisory and consulting expertise, proprietary technology and know-how on the processing and storage of stem cells, for which it will receive royalties and an equity stake. The new company already is completing a laboratory in China for stem cell storage, with storage expected to begin in late 2010 or early 2011. Plans are moving forward to build a larger laboratory in China within two years.
"This is a more cost effective, smoother process and it gives Cord Blood America a strategic footprint into the Far East," Mr. Schissler said. He explained that the Chinese are storing stem cells at rates faster than the U.S. and Europe.
About Cord Blood America
Cord Blood America is the parent company of CorCell, which facilitates