Manchester-based stem cell services firm WideCells Group said it signed a “landmark” deal to sell its stem cell insurance product CellPlan in Asia.

WideCells Group said it signed the agreement with Cryoviva Group, an established cord blood storage facility with operations in Thailand, Singapore and India.

WideCells CEO João Andrade: “With over 250,000 clients, established operations in three countries and around 25,000 new samples being stored every year, this deal with Cryoviva is set to transform the revenue profile of our company.

“Our innovative insurance product has the potential to revolutionise the stem cell market by making treatment much more affordable.

“This strategic agreement with Cryoviva will enable us to launch CellPlan in one of the fastest growing stem cell markets where there is clear demand for stem cell services.

“By implementing a staged roll-out model, we are able to ensure the stable growth of our operations in each country and provide a solid base for continued growth.”

Cryoviva CEO said: “We strongly believe that our agreement with CellPlan will allow Cryoviva to continue to be the premium provider of services related to stem cell banking to its clients.

“Cryoviva and CellPlan intend to jointly strive to establish an insurance product that will go beyond its initial coverage for treatments related to cord blood stem cells and cover other innovative therapies and treatments using other types of stem cells, which will gradually become acceptable by the global medical community, thus underlining Cryoviva’s commitment to be the Bank of Life, and a Lifeline for a Lifetime to its clients.”