With headquarters in Seoul, Histostem will be able to enter the U.S. market and gain access to financial support.
Stem Cell Therapy International (SCTI) and Korea-based Histostem inked a memorandum of understanding to merge. Histostem believes that this transaction will support and expand its business of umbilical stem cell research and therapeutic development.
SCTI’s focus on regenerative medicines will combine with Histostem’s businesses. SCTI is developing stem-cell transplantation therapies. The firm also supplies biological solutions containing new lines of stem cell products. Besides stem cell-based treatments, Histostem has a public cord blood bank, which reportedly has over 80,000 umbilical cord blood units.
“Immediately upon completion of the merger we intend to take the research data that the Korean FDA already approved and submit it to the U.S. FDA, with the objective of getting U.S. FDA approval in advance of other companies now researching umbilical stem cell treatments for a variety of different diseases,” says Han Hoon, Ph.D., CEO and president of Histostem.
“While maintaining our headquarters in Seoul, Korea, we are now ready to expand to the United States in conjunction with Stem Cell Therapy International where we feel the opportunities are greater for us to obtain the support of the U.S. financial markets to fund our continued research and the distribution of our technology and stem cell therapy on a worldwide basis,” Dr. Hoon adds.