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WORCESTER, Mass., Dec 30, 2008 (BUSINESS WIRE) -- The joint venture between
Advanced Cell Technology, Inc. (OTC:ACTC) and leading Korean-based biotechnology
company CHA Biotech Co, Ltd. (CHA), announced today that the company would be
named "Stem Cell & Regenerative Medicine International."
The partnership between Seoul-based CHA and Worcester, Massachusetts-based ACTC
is an indication of the accelerating globalization of biotechnology, the company
said. The formation of the new international joint venture to develop stem cell
technologies based on ACTC's proprietary hemangioblast cell technology was
announced December 1.
Dr. Robert Lanza, head of ACTC's retinal program and the joint venture's Chief
Scientific Advisor, said the new name captures the essence and scope of what the
company is focused on in the most simple and obvious way.
The new company will be located in Worcester, MA and will focus on development
of human blood cells and other clinical therapies. It is majority owned by CHA.
ACTC will exclusively license all of its hemangioblast technology to the joint
venture.
About CHA Biotech
CHA Biotech, a leading stem cell company in Korea, was established in September
2000 by Pochon CHA University College of Medicine and CHA General Hospital Group
to create a central, multidisciplinary research facility where the university's
scientists and hospital physicians could come together and focus their efforts
on developing stem cell, gene therapy and regenerative medicine technology.
CHA Biotech presently operates the largest stem cell research institute in Korea
occupying a modern 130,000 sq. ft., state-of-the-art facility staffed with 28
professors and involving 180 of the most prominent research scientists. The
Company also successfully operates CHA i-Cord, a cord blood bank, and a mobile
healthcare unit called CHA Paramedic Service, both of which were rated #1 in
consumer reliability surveys in Korea. As part of its global business strategy,
CHA Biotech expanded its operations to the United States in 2002 with the
opening of CHA Fertility Center in Los Angeles followed by the 2005 acquisition
of Hollywood Presbyterian Medical Center, a 434-bed general, acute-care hospital
also located in LA.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular
technology in the emerging field of regenerative medicine. It currently has
approximately 350 million tradable shares in circulation with its laboratory
located in Worcester, Massachusetts.
For more information, visit www.advancedcell.com
SOURCE: Stem Cell & Regenerative Medicine International
CONTACT:
Tony Knight, Sitrick And Company
310-788-2950
tony_knight@sitrick.com
Copyright Business Wire 2008
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KEYWORD: United States
North America
Massachusetts
INDUSTRY KEYWORD: Health
Biotechnology
Other Health
SUBJECT CODE: Contract/Agreement
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