WDC.L Share News (WDC)

(ShareCast News) - Stem cell storage and insurance company WideCells Group announced on Friday that its core division has made "rapid progress" in establishing its state of the art, stem cell laboratory based at the University of Manchester Innovation Centre.The London-listed firm said that upon completion, the laboratory will be its first stem cell storage facility in the UK, cementing its expansion into the European stem cell storage market.It said the UMIC will offer stem cell retrieval, processing and storage services to the public, with the average cost to the consumer expected to be in the region of £2,000.The facility will include two clean rooms for stem cell processing, and a large room for freezing and storing a range of human tissues in cryopreservation conditions.Existing clean room facilities are currently being upgraded to comply with WideCell's standards, and orders have been placed for key laboratory equipment, the board confirmed.It was also initiating process to obtain a Human Tissue Authority licence for the procurement, processing, storage and release for transplantation of cord blood and cord tissue stem cells, which will enable the facility to become operational"We are delighted with the progress we have made in establishing of our first cord blood storage facility in the UK," said WideCell Group CEO Joao Andrade."This facility not only marks our expansion into a new market, but is a further link in our fully integrated service offering as we look to broaden access to and combat the financial barriers associated with stem cell treatment."Having recently listed on the London Stock Exchange and established CellPlan, a first of its kind insurance plan which provides financial cover for stem cell treatment, our cord blood banks and stem cell storage facilities form the first link in stem cell treatment by ensuring the safe storage of stem cell samples," Andrade added.He said currently more than three million people worldwide have paid £2,000 to store stem cells, which can be used to treat many life-restricting illnesses such as cancers and MS.There has been a 300% increase in the number of illnesses that can be treated using stem cells since 2003, WideCells claimed, and it expects storage demand to continue to rise in line with this. "By establishing a global portfolio of storage facilities and forming strategic partnerships with established cord blood banks and storage providers, we hope to be able to support this demand," Andrade explained."With operations progressing well in both Sao Paulo, Brazil and Manchester and the imminent appointment of new team members that will be central to our growth, we are excited to move into the next phase of the group's development and look forward to updating the market in due course."