SAN DIEGO, Oct. 5 /PRNewswire/ -- Stemedica International, S.A., ("Stemedica"), a wholly owned subsidiary of Stemedica Cell Technologies, Inc., announced the signing of an agreement to form a joint venture with AnC Bio, a global manufacturer of stem cell-based products. The new venture, StemedicaAnC, will manufacture stem cells developed by Stemedica for the treatment of ischemic stroke and other degenerative disorders. The initial manufacturing capacity of this alliance will produce enough products to meet the Company's five-year revenue projections, with an expansion capacity to manufacture multiple stem cell products to meet the anticipated long-term growth of the international market for stem cells.
AnC's biomanufacturing facility was built at an estimated cost of 120 million dollars over a five year period. "The synergy between Stemedica's technology and AnC's technically advanced manufacturing facility positions StemedicaAnC as the global leader in stem cell production," said Nikolai Tankovich, MD, PhD, Stemedica's President and Chief Medical Officer. "The facility will provide StemedicaAnC with the capacity to manufacture its multiple allogeneic stem cell products to meet international safety and quality standards established by the United States FDA, Swissmedic, the European regulatory agency and Korea's FDA."
"We are pleased to be working with Stemedica to accelerate the advancement of stem cell therapy," said Alex Choi, Chairman and Chief Executive Officer of the AnC Bio Group. "This joint venture will provide stem cell products to institutions around the world that are conducting clinical trials and stem cell research."
"We have invested significant time and effort in our search for a best-in-class stem cell manufacturing facility to accommodate our technology," said Roger J. Howe, PhD, Executive Chairman of Stemedica. "AnC Bio provides an excellent fit for our international business devel