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Yes, and with Harry Reid's help we may be a contender, but that is just speculation. I tend to think this grant will be awarded to multiple companies but I don't know that. Just seems logical to me.
Mr Long, do you expect this contract to be spread among several companies or will it all go to just one?
This could not only be big for CBAI but big for the State of Nevada where Harry Reid is fighting to win reelection. I'm sure our contacts at the Nevada State House have been involved as well.
The new company doesn't have a history in the cord blood storage business. I notice that there was an India component to the old company. Not sure how good it is though. Perhaps it still could be for sale with the right offer. We don't have much going on in India yet.
Lifeforce Cryobanks Acquires Assets of Cryobanks International, Inc.
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updated 6/28/2010 4:51:00 PM ET
Share Print Font: +-ALTAMONTE SPRINGS, FL — Lifeforce Cryobank Sciences, Inc., a Delaware based corporation founded in 2009, announced today that it has obtained the assets of Cryobanks International, Inc., an umbilical cord blood and stem cell technology company located in Altamonte Springs, Florida, and will continue all stem cell related operations at that location as Lifeforce Cryobanks, a Division of Lifeforce Cryobank Sciences, Inc.
Lifeforce Cryobanks will continue and expand their laboratory services for the private storage of umbilical cord blood for new families utilizing their high quality, AABB-accredited laboratory. Lifeforce Cryobanks will also continue to collect, process, cryopreserve, store and make available donated umbilical cord blood stem cells for patients throughout the world through the federally funded National Marrow Donor Program (NMDP). Cryobanks International's entire inventory of over 10,000 private and donated umbilical cord blood units have been acquired by Lifeforce Cryobanks and are being maintained in their same state-of-the-art, monitored facility without change.
All laboratory and management personnel have been asked to continue the same high quality operations that have been in place at the Altamonte Springs location of Cryobanks International, Inc. for more than 10 years. Dr. John Edwards, a stem cell transplant physician and researcher with over 20 years experience, has been hired as Chief Operating Officer and Chief Medical Officer, the positions he held at Cryobanks International, Inc. Dr. Edwards trained at the University of Florida and University of California, San Francisco prior to joining the faculty at Vanderbilt University. He founded the Florida Center for Cellular Therapy at the Florida Hospital Cancer Institute in 1996 and remained there until assuming the role of President/COO/CMO of Cryobanks International, Inc. in December 2009. Other key personnel of Cryobanks International, Inc., including Chief Financial Office Julio Miranda, Laboratory Manager and Director of International Projects Donald Hudspeth and Director of Client Services Kelli Cable, have also agreed to join Lifeforce Cryobanks.
Lifeforce Cryobanks has obtained all rights to and will continue to support, grow and develop the strong relationships with their International Partners. Their lead affiliate, Cryobanks India, is the largest private cord blood banking company in India. Lifeforce Cryobanks will continue all aspects of laboratory support and collaboration with these valued partners. Other international partners established by Cryobanks International, Inc. will also continue to be fully supported by Lifeforce Cryobanks, including the private cord blood banks in Thailand (Cryoviva) and Greece (Medstem). Additional growth with our international partners and in stem cell research is planned by Lifeforce Cryobanks.
About Lifeforce Cryobank Sciences, Inc.
The mission of Lifeforce Cryobanks, a Division of Lifeforce Cryobank Sciences, Inc., is to become a leader in the field of stem cell technology and Life Sciences. It has begun this mission by acquiring the assets of Cryobanks International, Inc., an NMDP approved umbilical cord blood bank initially established in 1994. Umbilical cord blood contains large numbers of blood forming stem cells that are used to help thousands of patients each year undergoing hematopoietic (blood forming) stem cells transplants for cancer and genetic diseases. The cells obtained from umbilical cord blood are also being studied for possible use in regenerative medicine.
Safe Harbor Statement
This press release contains "forward-looking statements" by the Company. These statements relate to future events or financial performance and transactions, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements, to be materially different from those contemplated by the forward-looking statements. We undertake no ongoing obligation, other than that imposed by law, to update these statements.
© MarketWire 2010
I have a low deductible policy. I should say I did before Obamacare. Now I have no clue what I have. Scary.
You know something else that hasn't happened yet is the announcement of the China subsidiary. We own 10% of Newco per the 1Q10 10Q and the name of that sub has yet to be announced. It's not going to be called Newco.
Another good one. It will be the only one of it's kind for sure. LOL
That's a really good one Holter. We have Dr Geoff who has a long history in stem cell research. Maybe he comes up with something? Good thought.
As always, I like your thinking.
Not going to happen anytime soon. All those other things I listed would have to hit bigtime first.
Just for fun lets recap the things we hope to happen soon for CBAI. I'll start the list in no particular order but if anyone has something to add feel free.
1) Close the Biocells deal
2) Obtain a public storage plan for Nevada
3) Get a grant for public storage from the Feds
4) Break-even cash flow
5) Profitability (IMO the earliest would be 4Q)
6) Move up the China storage process to this year
7) 50% plus revenue growth for 2Q
8) Sign on more insurance companies like United Healthcare, etc
9) Close some deals in the US to help fill up our Lab
And it will get worse. Even though you pay for insurance you won't be able to get a Doctor's appointment.
CBAI
Yep. Been a long time since we had two up days in a row. That CSTI is still sitting on the Bid. Hope he stays there for a while.
I say the 2Q revenue will be 50% higher than the first quarter.
Him I guess.
See him. Thanks.
CSTI still chasing.
OK. I'm showing HDSN at .0072. You see him at all?
Bids are stacking also. We're going way up today IMO.
Funny but Pinksheets doesn't show Arca as a MM. Anyone know what the MM symbol is for Arca on Pinksheets? It has to be a different name or something.
I guess he didn't last long. LOL
I don't see Arca. Can you send a screen shot of your L2 please?
Yep. Wonder if Buyins sends out an alert if we hit .0059?
CSTI is back on the bid. Come on .0059.
Nite's on the bid. Is he covering I hope.
I think we could see something good today so stay home. LOL
Maybe. Look at CSTI chase.
Go here for L2. And CSTI is the big buyer just like he was yesterday. And don't forget Buyins .0059 mini short squeeze number.
http://www.otcmarkets.com/stock/CBAI/quote
Yes. CSTI moved up to .0047. He bought a bunch yesterday and looks to still be hungry. Go CBAI.
Good to see CSTI is back on the Bid. They are most likely from Europe so it could have to do with Locks suggested take over target in Switzerland. But of course Matt could be doing other things as well while in Germany.
Morning. I have no clue what Matt is talking about when he says they are looking at rewarding us. But I do know he is a very honest person so he has something in mind. We ended on an upswing yesterday so I will be happy if we just keep moving back up in share price.
He would have to go to Argentina to ski this time of the year. LOL
I think Matt loves to give out hints. I guess he posted on Facebook that he was going to Lugano Switzerland and Locks finds the only Cord Blood company there. I thought he was just taking vacation in Switzerland. Hope it's true. He said he was going to Germany and bought a company there. And then said he was going to China and did a deal there. What the heck. LOL
We wouldn't be interested in all that other stuff. Just the cord blood.
Very interesting Locks.
But everything changes if someone is ready to buy some CBAI Preferred Shares.
Here are my thoughts and they are purely speculative. I still think the deal we got in China was too good. Meaning I have a hard time believing loaning them our expertise alone got us the 8.5% royalty and 10% equity stake in Newco. I could be wrong. But if I'm right, then I'm thinking somehow we helped get the loan/funding to build out the lab and storage facility in China.
Now if I'm correct, perhaps we could get the funds to do this deal but only if the price is right and it fits in with our China strategy which I'm not sure what that is. And the total package would have to be cash flow neutral IMO.
Bottom line, CBAI certainly doesn't have the money to do the deal considering were still not cash flow positive.
Make sense?
Nite was the seller and CSTI was the buyer just about all day.