LifeCell International, a stem cell banking services provider, is in the process of raising $10 million from a private equity fund. The firm wants to raise the money for financing clinical trials and for setting up storage facilities for the harvested stem cells.
West Asia, where Chennai-based LifeCell had till now tapped the non-resident Indians (NRI) market, may see the firm offering their services to the local population too. Till now, LifeCell used to transport the cord blood within 48 hours to its storage facility in India after harvesting the cord blood in West Asia. The firm is looking to start operations in Dubai, Abu Dhabi and Sri Lanka.
“The funding will help the company expand its services to West Asia and other markets,” said Mayur Abhaya, president and executive director, LifeCell International. LifeCell claims to have grown at a CAGR of 14 per cent till now over the past five years, in the number of samples being preserved.
The firm has now announced a cut in the prices of its services. It has cut the price of cord blood cell banking from Rs 79,000 to Rs 59,900. The firm has also launched two new value-added services — BabyCord Duo 1m and 50m for its cord tissue customers. Under the service, it will process the umbilical cord tissue to harness the mesenchymal stem cells and then multiply it to 1 million or 50 million cells.
These cells will be cryo-preserved and saved ready for future therapeutic use.
Meanwhile, the company has also set up its second collection centre in Bangalore.
