Leading tissue banking and cell therapy company CyGenics Ltd. (ASX: CYN)
today announced that it had disposed of its wholly-owned subsidiary,
Cell Sciences Pte Ltd, in exchange for a 20% equity in DNAPro Sdn Bhd.
Cell Sciences is primarily a distributor of various medical and research
products. DNAPro is a Malaysian company engaged in manufacturing and
trading biopharmaceutical products. These include hepatitis B vaccine
and anti-cancer and anti-AIDS vaccines. It supplies various medical
products to the Malaysian government and the private sector.
"We have long wanted to tap into the growing healthcare sector in
Malaysia," said Steven Fang, Group CEO, CyGenics. "DNAPro is the partner
we have been looking for. Our exchange of Cell Sciences for a minority
interest in DNAPro, is expected to provide an improved return, partially
from the synergies generated. Further, this transaction allows us to
better focus on our core revenue generating activity of cord blood
banking, which has seen annual growth in excess of 70%."
It is further expected that this arrangement will provide the CyGenics
group, which will have a representative on DNAPro's board, with enhanced
access to the Malaysian healthcare markets, and enable cross-selling and
licensing of DNAPro's products via CyGenics' international network.
CyGenics now has a business presence in Australia, Hong Kong, China,
India, Indonesia, the Netherlands, the Philippines, Malaysia, Singapore,
Thailand, the UK and the US.
"DNAPro is now part of a growing global family," said Dr. Halim Bin
Hamat, Managing Director, DNAPro. "Our association with CyGenics will
help open doors for our growing vaccines business into other parts of
the world. The acquisition of Cell Sciences in particular, with its
established relationships with various healthcare establishments, will
help drive DNAPro's business forward."
CyGenics is an international cell therapy company focused on the
development and commercialisation of adult stem cell-related products,
services, applications and technologies. From its headquarters in
Australia, CyGenics operates four subsidiaries: Singapore-based CordLife
(tissue banking services, in particular, cord blood banking), and
BioCell, a cord blood bank in Melbourne, Australia, and Cytomatrix (cell
therapeutics and technology development) and Cytovations (consumable
cell culture products and new product development) based in New Jersey,
USA. CyGenics is listed on the Australian Stock Exchange, under the
symbol CYN. For more information, please visit www.cygenics.com.
For more information, please contact:
Ian Brown, COO
Ph: +61 (0)3 9642 5580
Mob: +61 (0)438 565 212
Steven Fang, CEO
Mob: +61 (0)400 933 243
Ph: +65 9061 9098
Ph: +61 (0)2 9237 2800
Mob: +61 (0)422 916 422
Senior Account Manager
Business Strategy | Communication | Public Policy
SYDNEY: T - +61 2 9237 2800 F - +61 2 9237 2899
MOBILE: 0422 916 422
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