Business
LOI with 1st Cord Blood Bank to Roll Out CellPlan
LOI with 1st Cord Blood Bank to Roll Out CellPlan.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \nRNS Number : 4299O WideCells Group PLC 07 November 2016 \n\n \n7 November 2016\nWideCells Group PLC ('WideCells Group' or 'the Company')\n Signs LOI with First Cord Blood Bank to Roll Out CellPlan\n \nWideCells Group PLC, the healthcare services company focused on providing stem cell banking services and ground breaking insurance for stem cell treatment, is pleased to announce that its 100% owned subsidiary CellPlan Limited ('CellPlan'), which has developed the world's first stem cell healthcare insurance plan and medical concierge service, has signed a non-binding Letter of Intent ('LOI') with Biovault Technical Ltd ('Biovault'), the UK's largest private human tissue storage facility, which also operates a family stem cell processing facility. CellPlan will offer its revolutionary stem cell healthcare insurance plan and services to Biovault's expansive client base, whereby its insurance plan will cover the cost of treatment using stem cells stored by Biovault and its affiliates. When completed, this will deliver a new revenue stream to the Company and will be a landmark development in the commercialisation of CellPlan.\n \nThe two parties are currently finalising market-roll out plans and hope to sign a definitive, binding agreement (the 'Definitive Agreement') by the end of this year, subject to due diligence and final management approval. Commercial roll out and sales of CellPlan to Biovault customers is currently targeted to commence early 2017. \n \nAs envisaged in the LOI, the Definitive Agreement is intended to cover an initial five year term, during which CellPlan would provide Biovault's register of over 25,000 clients with access to its insurance product, which has been developed in conjunction with Best Doctorsâ, a global leader in expert medical opinion, and underwritten by a leading reinsurance company. The innovative insurance plan provides customers with access to international stem cell specialists, hospitals and financial cover for up to €1 million worth of medical, travel and accommodation expenses, in li...