Cytomed Therapeutics acquires cord blood bank license, assets

CytoMed Therapeutics has, through its wholly owned subsidiary, IPSC Depository Sdn Bhd acquired the licence and certain assets of Cellsafe International Sdn Bhd, CISB, a Malaysian cord blood bank for a cash consideration of approximately RM 2.3 million or US$ 490,000 to be funded from internal cash resources. The price consideration includes a cord blood banking licence issued by Malaysia’s Ministry of Health, cryopreservation equipment with more than 12,000 cord blood units and two freehold real estate properties totalling 189 square metres in which the operation is situated. The Company is only acquiring certain assets of CISB, free from encumbrances and will not be responsible for, amongst other things, the quality and/or viability of the CBUs or past liabilities. As such, the financial impact of the acquisition is not expected to be material. The Company intends to seek strategic partners in the future to jointly develop and grow this subsidiary as a specialised umbilical cord blood-derived immune cell bank offering cancer-fighting gammadelta T cells and NK cells.