Cord Blood Banking Leader Cryo-Cell International Enters Into An Exclusive License Agreement with Duke University
Cryo-Cell International, Inc. (symbol: CCEL), the world's first private cord blood bank to separate and store stem cells, has entered into a collaborative license agreement with Duke University. The agreement grants Cryo-Cell the rights to proprietary processes and regulatory data related to cord blood and cord tissue developed at Duke.
MIAMI, Feb. 25, 2021 /PRNewswire-PRWeb/ -- Cryo-Cell plans to explore, test, and administer these treatments to patients with conditions for which there are limited FDA approved therapies, including cerebral palsy, autism, multiple sclerosis and COVID-19. These treatments utilize the unique immunomodulatory and potential regenerative properties derived from cord blood and cord tissue.
Under the agreement, Cryo-Cell has been granted exclusive commercial rights to Duke's intellectual property assets, FDA regulatory data, clinical expertise and manufacturing protocols associated with various applications of cord blood and cord tissue stem cells.
Through this agreement, Cryo-Cell intends to expand to a triad of core business units:
1.) its renowned cord blood bank,
2.) biopharmaceutical manufacturing (once BLA(s) or Emergency Use Authorization(s) are approved by the FDA), and
3.) infusion clinic(s) services, initially under the rights granted to Duke through the FDA's Expanded Access Program.
David Portnoy, Chairman of the Board and Co-CEO, stated, "We have tremendous respect for Dr. Joanne Kurtzberg and her scientific team at the Marcus Center for Cellular Cures at Duke University, which is internationally recognized as the leading research and clinical center using cord blood and tissue cells for immunomodulatory and regenerative medicine applications. Dr. Kurtzberg is conducting clinical trials under INDs from the FDA to treat patients for indications such as autism, cerebral palsy, adult stroke, multiple sclerosis and COVID-19."
Mr. Portnoy continued, "This is a major step forward in our growth at Cryo-Cell, and we believe that it will be a gigantic leap forward for patients with unmet medical needs waiting for treatment. Since 2011, Cryo-Cell's mission statement has included the goal of advancing regenerative medicine. Now, we will be able to truly fulfill our vision."
"We are extremely excited to enter into this agreement with Cryo-Cell. It will enable us to work together to take the next steps to further develop and bring these novel therapies to patients in need." said Joanne Kurtzberg, MD, who is the Jerome S. Harris distinguished professor of pediatrics and a pioneer in cell therapies based on umbilical cord blood. Dr. Joanne Kurtzberg is an internationally renowned expert in pediatric hematology/oncology, pediatric blood and marrow transplantation, umbilical cord blood banking and transplantation, and novel applications of cord blood in the emerging fields of cellular therapies and regenerative medicine.
As a result of this partnership with Duke University, Cryo-Cell's Board of Directors is actively considering uplisting the Company's common stock to a NASDAQ listing.
About Cryo-Cell International, Inc.
Founded in 1989, Cryo-Cell International, Inc. is the world's first private cord blood bank. More than 500,000 parents from 87 countries have entrusted Cryo-Cell International with their baby's cord blood and cord tissue stem cells. In addition to its family bank, Cryo-Cell International has a public banking program in partnership with Duke University. Cryo-Cell's public bank has provided cord blood for more than 600 transplantations and operates cord blood donation sites across the U.S in prominent hospitals such as Cedars–Sinai Hospital in Los Angeles and Baptist Hospital in Miami. Cryo-Cell's mission is to provide clients with state-of-the-art cord blood and cord tissue cryopreservation services, raise awareness of the opportunity for expectant parents to bank or donate their baby's cord blood and support the advancement of regenerative medicine. Cryo-Cell operates in a facility that is FDA registered, cGMP-/cGTP-compliant and licensed in all states requiring licensure. Besides being AABB accredited as a cord blood facility, Cryo-Cell was also the first U.S. (for private use only) cord blood bank to receive FACT accreditation for adhering to the most stringent cord blood quality standards set by any internationally recognized, independent accrediting organization. Cryo-Cell is a publicly traded company, OTCQB:CCEL. For more information, please visit http://www.cryo-cell.com.
Forward-Looking Statements
Statements herein the terms "believes", "intends", "projects", "anticipates", "expects", and similar expressions as used are intended to reflect "forward-looking statements" of the Company. The information contained herein is subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements or paragraphs, many of which are outside the control of the Company. These uncertainties and other factors include the impact of the COVID-19 pandemic on our sales, operations and supply chain, the success of the Company's global expansion initiatives and product diversification, the Company's actual future ownership stake in future therapies emerging from its collaborative research partnerships, the success related to its IP portfolio, the Company's future competitive position in stem cell innovation, future success of its core business and the competitive impact of public cord blood banking on the Company's business, the success of the Company's initiative to expand its core business units to include biopharmaceutical manufacturing and operating clinics, the uncertainty of profitability from its biopharmaceutical manufacturing and operating clinics, the Company's ability to minimize future costs to the Company related to R&D initiatives and collaborations and the success of such initiatives and collaborations, the success and enforceability of the Company's umbilical cord blood and cord tissue license agreements, together with the associated intellectual property and their ability to provide the Company with royalty fees, and those risks and uncertainties contained in risk factors described in documents the Company files from time to time with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K filed by the Company. The Company disclaims any obligations to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.
Media Contact
David Portnoy, Cryo-Cell International, +1 813-749-2181, [email protected]
SOURCE Cryo-Cell International
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