Advanced Cell Technology, a biotechnology company focused on the development of stem cell technologies, announced today the formation of a new international joint venture. The new company – Allied Cell Technology – will develop human blood cells and other clinical therapies based on ACTC’s proprietary hemangioblast cell technology. The new company will be located in Worcester, Massachusetts and will include Dr. Young Chung and the hemangioblast team headed by Dr. Shi-Jiang Lu from ACT. Dr. Robert Lanza will continue to lead ACTC’s retinal program, but will serve in a consulting capacity as Allied’s Chief Scientific Advisor. Besides the exclusive license and transferring the hemangioblast team, ACT will collaborate with the Joint Venture in securing grants to further the research and development of the technology. It is anticipated that this program may some day help address the critical care shortage of blood for emergency situations including military needs. The technology has also been shown to repair vascular damage in animals after heart attacks, limb ischemia, and diabetes.
“We are very excited about forming this joint venture with this company recognized throughout Asia as a leader in stem cell technology,” stated William M. Caldwell IV, Chairman and CEO of ACT. “CHA Biotech will provide much needed technical and financial resources to our efforts to commercialize an O Negative stem cell derived blood product. Dr Lanza and his team will work with the new company to move this program into the clinic.”
“Stem cell research is increasingly becoming an international collaborative effort,” said Dr. Lanza, ACT’s Chief Scientific Officer. “This venture represents the accelerating globalization of biotechnology. South Korea is one of the wealthiest countries in Asia and boasts the highest scientific literacy in the world. It is also home to world leaders in technologically advanced goods, including companies such as Samsung, LG and Hyundai. We are excited to be part of this growing international effort based on cooperation between the biotechnology industry, academia, and research institutes.”
”We believe ACT’s hemangioblast cells have great potential in addressing many unmet medical needs through the use of stem cell technology,” said Dr. Hyung-Min Chung, CEO of CHA Biotech.. “We look forward to working closely with them to commercialize this promising technology. Similarly, we look forward to working with ACT on other stem cell technologies and increase the areas of cooperation between the two companies.”