Australia's CyGenics plans to buy stake in PharmaCell as first stage of expansion into Europe

New York, April 10 - CyGenics Ltd. said it intends to buy a "significant" stake in Dutch company PharmaCell BV as a first step to expanding in Europe.

Through the investment, CyGenics said it will be able to build on PharmaCell's know-how and resources for product and process design and use the PharmaCell GMP manufacturing facility. The facility can provide the high quality standards required by the new European directive for cord blood banking.

The investment also vertically integrates the service offerings of CyGenics from adult stem cell storage services and cell growth consumables products to include cell therapy manufacturing services.

PharmaCell and CyGenics are two partners in the multi-national Pacrima R&D collaboration which is aiming to develop a platform for growing antigen specific T cells and to test whether these cells are suitable for therapeutic use in the treatment of cancer.

Pacrima has been awarded a €1 million grant from the Dutch Ministry of Economic Affairs to foster international collaboration of Dutch organizations in research and development.

CyGenics is a cell therapy services company based in Melbourne, Australia. PharmaCell is a Maastricht, Holland-based life sciences company.

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