CyGenics takes 51% equity in an Australian cord blood banking business

08-Nov-2005

CyGenics Ltd announced that it has taken a 51% controlling equity interest in BioCell Pty Ltd, an Australian cord blood stem cell banking business. BioCell commenced operations in August 2004 and is now the second largest cord blood banking business in Australia. The company has grown rapidly from its Melbourne base and now has operations nationally, with representatives in each state. BioCell has strategic relationships with the Sydney Adventist Hospital which provides Therapeutic Goods Administration (TGA) approved laboratory services in Sydney, and world class biotechnology logistic service provider, World Courier.

This acquisition will allow CyGenics to migrate its successful business model to the Australian market, thereby strengthening the regional position of the company and supporting future revenue growth.

CyGenics will have majority board representation following its acquisition of 51% of BioCell, effected through a cash injection of $530,000. All funds will be retained by BioCell and will be used as working capital to accelerate growth in market awareness and revenue.

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