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CytoMed Therapeutics completes cash acquisition of Cord Blood Banking Licence and Assets expanding CytoMed’s strategy to cord blood-derived biologics through subsidiary, LongevityBank
SINGAPORE, Oct. 03, 2024 (GLOBE NEWSWIRE) -- CytoMed Therapeutics Limited (NASDAQ: GDTC) (“CytoMed” or “Company”), a Singapore-based biopharmaceutical company
About this update from Cytomed Therapeutics Limited
[{"type":"text","content":"SINGAPORE, Oct. 03, 2024 (GLOBE NEWSWIRE) -- CytoMed Therapeutics Limited (NASDAQ: GDTC) (“CytoMed” or “Company”), a Singapore-based biopharmaceutical company focused on harnessing its proprietary technologies to develop novel donor blood-derived, cell-based allogeneic therapies for the treatment of various cancers and aging-related diseases, has through its subsidiary, IPSC Depository Sdn Bhd, acquired the licence and certain assets of Cellsafe International Sdn Bhd (In Liquidation), a Malaysian cord blood bank. The acquisition includes (i) a cord blood banking licence issued by Malaysia’s Ministry of Health, (ii) cryopreservation equipment with more than 12,000 cord blood units (“CBUs”) and (iii) two freehold real estate properties totalling 189 square metres in which the operation is situated. This acquisition will expand CytoMed’s strategy in cell therapies as it now has access to rare and precious naïve cord blood donated for research and development. There are abundant clinical publications and evidence that cord blood offers a wide range of opportunities in the fields of regenerative medicine and aging diseases, including auto-immune diseases. This new biotechnology arm will be undertaken through CytoMed’s subsidiary, LongevityBank Pte Ltd. The latter is the holding company of IPSC Depository Sdn Bhd which holds the cord blood banking licence issued by the Ministry of Health, Malaysia. Once considered medical waste, cord blood has emerged as a valuable raw material with significant therapeutic potential in cell therapies. However, cord blood is a rare and expensive resource unlike adult blood mononuclear cells, which are readily accessible and a common raw material for researchers. In recent years, researchers have made significant strides in harnessing the unique properties of cord blood derived cells for combating auto-immune diseases and cancer, as well as promoting healthy aging. “This acquisition seeks to unlock the therapeutic potential of umbilical cord blood and adds a new strategic dimension targeting longevity and wellness,” said Evelyn Tan, the newly appointed CEO of IPSC Depository Sdn Bhd. She added “While CytoMed, our publicly listed holding company, will continue to focus on cancer therapeutics, LongevityBank Pte Ltd will focus exclusively on the regenerative medicine market, with its ultimate goal to be sp...