| 19 Aug 2010 |
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UAE to get stem cell treatment and research unit
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Proteonomix, a biotechnology company focused on developing therapeutics based on the use of human cells and their derivatives, has executed a joint venture agreement with a group of investors that will create a new stem cell treatment and research facility in the UAE.
The Investor Group has committed to invest $5 million (Dh18.3m) on or before September 10.
Due to confidentiality and competitive reasons, the Investor Group has requested to remain anonymous at present.
As part of the agreement, Proteonomix will license to XGen, both a use and treatment licence in the UAE, as well as a licence to manufacture the cellular material. The agreement also anticipates the formation of treatment facilities in other locations to be jointly agreed upon between the company and the Investor Group. Each new facility would require the Investor Group to contribute a minimum investment of $5m.
Additionally, the agreement calls for XGen to market and distribute Proteoderm, including the Matrix NC-138 anti-ageing products.
"It is a milestone for us in that it validates the value of our intellectual property and business strategy. This agreement commences our desire to create a global footprint and could act as a reference site as we seek to expand beyond the UAE and Middle East," said Michael Cohen, Chairman and CEO of Proteonomix.
By Staff
© Emirates 24|7 2010
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