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.
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