Pursuant to this contract, Bio-Matrix Scientific (BMSN) has agreed to cryogenic banking and processing of umbilical cord blood and adult peripheral blood stem cells of clients from both NeoCells and AdultCells; cryogenic banking and processing of menstrual blood and other human stem cells of clients from both NeoCells and AdultCells upon BMSN’s approval.
David Koos, chairman and CEO of Bio-Matrix, said: “The execution of this contract demonstrates the substantial progress recently made by BMSN towards generating revenue. The company feels the NeoCells and AdultCells relationship demonstrates industry confidence in BMSN’s business model.
“Equally as important, the company is confident this contract’s potential to generate revenue for BMSN can positively impact business expansion and share price, as revenues begin to replace outside investment as the primary source of operating capital.”