Asia Cryo-Cell plans to raise Rs 50 crore

Asia Cryo-Cell, a cord blood stem cell bank firm, plans to raise close to Rs 50 crore from Cryo-Cell, its US-based technology partner.

Asia Cryo-Cell has set up a Rs 14 crore stem cell processing and banking unit on the outskirts of Chennai and the further funding will be used for expanding the operations and to set up a stem cell transplant centre.

Stem cell banking, which is catching up fast in the Indian market, is the procedure by which cells from the umblical cord are stored at the time of birth and then used subsequently.

If needed, it can be used to cure certain diseases of the child or of the family members.

Asia Cryo-Cell is a firm launched with 20 per cent contribution from the Shriram Group and Abhaya Kumar of Shasun Drugs & Chemicals.

Said Kumar: "Our stem cell banking service, LifeCell, is catching up in India briskly. We have enrolled 1,000 expectant parents for the service and we plan to expand our network to 24 cities in the next two years."

"In addition to this, we are in talks with a leading medical college and hospital for setting up a stem cell transplant centre in Chennai. We are looking at raising funds from strategic long term partners for the expansions and Cryo-Cell is an option."

The company presently has an authorised capital of Rs 15 crore with paid-up capital of Rs 8 crore.

Commenting on the concept, Kumar said: "Cord blood banking is still in a nascent stage in India. We have been spreading the message of preserving this important biological material through continuous medical education for doctors and expectant parents. We plan to have 8,000 members by the end of next year for the service in India."