LONDON (Alliance News) - Stem cell technology firm WideCells Group PLC said Monday it had been granted funding from Innovate UK worth GBP156,000 to develop a new form of stem cell technology.
WideCells was granted the funds by the UK government-backed Innovate UK Knowledge Transfer Partnership with Manchester Metropolitan University. WideCells says the three-year project is expected to cost GBP234,000, of which Innovate UK will contribute GBP156,000 or two-thirds of the cost.
The project would see WideCells develop a new technology to allow specialised adult cells - such as skin cells - to be "genetically reprogrammed" to enter a "stem cell-lie state". As a result, these could be used in stem cell treatment and the study of disease.
"These stem cells, known as induced pluripotent stem cells, could revolutionise the stem cell industry by making stem cells, and subsequently stem cell treatments, much more accessible," WideCells explained in a statement."
Following the research project, WideCells hope to have advanced iPSCs to a point of commercialisation so that the technology can be included in the group's end-to-end stem cell service offering."
WideCells said its project was ranked fifth out of the 33 projects funded by Innovate UK. WideCells will contribute GBP26,000 per year over the life of the project with GBP52,000 contributed by Innovate UK.
In 2016, WideCells generated a pretax loss of GBP1.4 million on revenue of GBP25,000.
"The granting of this government-backed Innovate UK Knowledge Transfer Partnership is testament to the quality of our research work and the leading role we're playing in the stem cell industry," WideCells Chief Executive Officer Joao Andrade said. "By supporting the continued development of the industry, we help to ensure that our end-to-end stem cell service, which includes our unique stem cell insurance product, Cellplan, remains relevant to the market."
Shares in WideCells were 1.3% higher at 11.7 pence on Monday.
