WideCells Group PLC is in the process of inking a deal worth an initial £255,000 that will take its stem cell services into the Middle East, North Africa and Asia-Pacific regions.
It hopes to have brokered a formal agreement with Gulf-based White Apex General Trading by the end of the month, which will trigger the first payment to the UK firm.
The tie-up will cover stem cell collection and dispatch, the sale and distribution of a synthetic bone graft called INDUS and the introduction to local insurance companies to the WideCells product CellPlan, which funds stem cell treatments.
The formation of a regional training facility called the Wideacademy would trigger a further payment of £250,000, which could occur before the year-end.
The new operation will be run out of Dubai with Dr Ahmed Alawi, a preeminent doctor in the stem cell sector, heading it.
“This agreement highlights how rapidly we can grow and we are committed to securing similar commercial partnerships as we transform the value fundamentals of our company," said WideCells chief executive, João Andrade.
Shares were up 0.9% to 14p in late afternoon trade.
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