Stem cells – the future of regenerative medicine
João Andrade, CEO
WideCells are developing the CellPLAN together with a leading specialist medical advisory company and a specialist medical insurance underwriter to provide insurance for future treatment for people who have frozen their stem cells.
WideCells has operations in Portugal and Spain. These operations have led to the Company developing a state-of-the-art clean room laboratory in the University of Manchester Innovation Centre (UMIC). The new laboratory at UMIC, when operational, will allow WideCells to process and store samples that the Company expects to receive from different locations in Europe, Middle-East and Africa. WideCells have also been analysing the best technology and manufacturers in the market to produce a bone substitute that complements their product assortment
Patients need assistance to obtain the right diagnosis for a Stem Cell Treatment. In light of this, the Company are understood to be developing (with a (market-leading) specialist medical advisory group and health insurance underwriter) the first global stem cell insurance plan, ‘CellPLAN’, that is intended to provide customers (stem cells banks and new clients) with the reassurance that the therapy costs, the right diagnosis and access to the best clinics in the world are all provided. Under the Cell PLAN programme, WideCells will store the stem cells (or work with other stem cell banks), provide (or arrange through its partners) insurance to cover the costs of the cell therapy & enable the treatment within selected clinics worldwide. WideCells expects that this plan will help to create a rapid increase in the stem cell market.
It is understood that as part of the development of the CellPLAN product, the Company will enter into a strategic co-branding alliance with the medical advisory group. WideCells will be targeting new clients as well as current stem cell bankers that have stored over 3 M samples in ~500 private cord blood banks worldwide.
It is intended that CellPLAN will give access to the world’s best specialists and hospitals and includes cover for medical, travel, accommodation expenses (including a companion), arranging doctors’ appointments, hospitalisation paperwork and bills. The Company expects that the CellPLAN will be priced within the range of £100-£200 p.a. (depending on the country) and anticipates to receive gross revenue of 50% from each policy sold after paying the insurer/re-insurer.
WideCells are also establishing a gold-standard laboratory at UMIC. UMIC has a fully operational clean room which will be used for WideCells’ stem cell processing and a large cell freezing and storage room for a wide range of human tissues. WideCells will collect, process and store them in cryopreservation conditions. The average cost to the consumer is expected to be £2000.