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WideCells interims chart period of significant progress

The company is a specialist in the storage of stems cells from the umbilical cord, which could provide a potentially life-saving treatment for 82 blood-borne diseases
man at a micrscope
In July the company received a research licence, which will allow it carry out paid-for work to “drive developments” in stem cell therapies

Interims from WideCells Group PLC (LON:WDC) reveal the company has made tremendous progress - with two of its three divisions are now revenue generating.

The third, Wideacadamy, its education and training arm, will commence operations early next year.

WATCH: WideCells opens up its Manchester HQ and laboratory to Proactive Investors

The company is a specialist in the storage of stems cells from the umbilical cord, which could provide a potentially life-saving treatment for 82 blood-borne diseases, including leukaemia and lymphoma. The storage and research operation is the core WideCells business.

Insurance product

It has also developed an insurance plan that will allow people to pay for treatments using the umbilical material. This is called CellPlan, which already now making money for the firm.

In the six months to June 30 WideCells has passed a series of landmarks. These include securing a deal with Biovault, which has 25,000 cord samples; an agreement with Brazilian storage group Hemcord; and the creation of an e-commerce platform.

READ: WideCells Group to develop stem cells education platform

WideCells says it has a “strong growth pipeline” and is “actively assessing a number of agreements with additional cord blood storage facilities”.

It is also building a portfolio of global stem cell storage units around its current operations in Brazil and Manchester.

Research licence

Meanwhile, in July it received a research licence, which will allow it carry out paid-for work to “drive developments” in stem cell therapies.

On top of that the company was ranked 21 in the Global DISRUPT 100 list of the 100 most disruptive start-ups and received a nomination as Life Science IPO of the year at the Biotech&Money awards.

Changing the landscape

"I firmly believe WideCells Group is set to change our future medical landscape,” said chief executive chief executive Joao Andrade.

WATCH: WideCells combining education and tech with new software platform

“By creating the world's first end-to-end service solution, we are committed to making cord blood stem cell treatment accessible and affordable globally and I believe the repercussions of this are set to be huge.”

As is common for a company at this formative stage of its commercial development, WideCells was lossmaking – to the tune of £880,397 for the six months to June 30. Revenues for the period were £25,000. More importantly, it had cash at the period-end of £868,829, which bolstered by a further £750,000 injection following a share placing in August.

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WideCells Group Timeline

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