BioTime, has revealed its plan to organize a new subsidiary, BioTime Asia, for the purpose of clinically developing and marketing therapeutic stem cell products in the People’s Republic of China, and marketing stem cell research products in China and other countries in Asia.
According to the company, BioTime Asia will initially seek to develop the therapeutic products for the treatment of ophthalmologic, skin, musculo-skeletal system and hematologic diseases, including the targeting of genetically modified stem cells to tumors as a novel means of treating currently incurable forms of cancer.
The company said that it has engaged the services of Dr Lu Daopei, a hematologist and expert in the field of hematopoietic stem cell transplants, to facilitate BioTime Asia in arranging and managing clinical trials of therapeutic stem cell products.
Nanshan Memorial Medical Institute (NSMMI), a private Hong Kong company, has entered into an agreement with BioTime under which NSMMI will become a minority shareholder in BioTime Asia and will provide BioTime Asia with its initial laboratory facilities and an agreed number of research personnel and will arrange financing for clinical trials.
BioTime and its subsidiary Embryome Sciences, will license the new venture rights to use certain stem cell technology, and will sell the new venture stem cell products for therapeutic use and for resale as research products. To the extent permitted by law, BioTime Asia will license back to BioTime for use outside of China any new technology that BioTime Asia might develop or acquire, the company reported.
Michael West, CEO of BioTime, said: “Dr Lu is widely recognised for his pioneering research in stem cell biology and for instituting leading stem cell-based therapies through Daopei Hospital in China. We look forward to working together to potentially bring to the population of China new life-saving therapies based on stem cell technology.”
Under the agreement, either BioTime or NSMMI may terminate the agreement if certain clinical trial milestones are not met, including the commencement of the first clinical trial of a therapeutic stem cell product within two years.