The contract was signed with Finn-Medi Research Ltd, the contractual partner of the Regea Institute for Regenerative Medicine, where development has been carried out. Regea is an independent institute at the University of Tampere, Finland.
"The stem cell area is experiencing strong growth, not least since President Obama lifted the restrictions on federal funding for research on new stem cell lines", says Anna Mårtensson, Head of the Stem Cell business area at Vitrolife.
The estimated value of the total media market for stem cells amounted to approximately USD 250 million during 2008, about twice the global IVF media market and with an annual growth rate of 12 percent. Vitrolife's area of focus comprises the clinical part of the total market.
The product will be the first GMP-produced and clinically graded medium for derivation and culture of human embryonal stem cells (hESC) and induced pluripotent stem cells (iPS cells), which will mean that specialized labs which develop stem cell therapies will be able to get an end product approved for clinical use more easily.
Queries should be addressed to:
Magnus Nilsson, CEO; phone +46 31 721 80 61
Eva Nilsagård, CFO, phone +46 31 721 80 13
Source: Press release Vitrolife
, March 31, 2010
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