CordLife Opens Banking Facility in Hong Kong

01-Apr-2005

CyGenics, Ltd. announced that its subsidiary, CordLife, has opened a new cord blood processing and storage facility in Hong Kong. The facility brings the highest standards of cord blood processing and storage procedures to the market. The new facility is the cornerstone of CordLife's efforts in North Asia, in joint collaboration with leading venture capital firm, BS Fund Management. CyGenics owns 51% of the new entity, CordLife Hong Kong Pte Ltd, and BS Fund Management, 49%.

The companies have initially invested US$1 million to develop this market. CordLife's lead facility in Singapore has been in operations for three years, and has been very successful in providing cord blood banking services in that market and in Southeast Asia, in support of current autologous stem cell therapy and transplantation needs. The new Hong Kong facility, in addition to the full range of cord blood processing and storage capabilities, is backed by a full sales and marketing team, and is expected to be the lead facility for North Asia.

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