SEOUL, South Korea, Sept. 13, 2012 /PRNewswire/ -- RNL Bio (www.rnl.co.kr) announced on Sep 11, 2012 that it signed the agreement with RST Biomedikal Sanayi A.S. (RST), a Turkish company, to license RNL Bio's stem cell technology. Turkey is the 6th country where RNL Bio's stem cell technology has entered. This is one of the major accomplishments that RNL BIO has long focused on establishing the so-called 'Stem Cell Silk Road' with South Korean stem cell technology to give hope to patients with intractable diseases in the world.
RST as a licensee will pay the $5 million fee upfront within 60 days from the agreement and will continue to pay the running royalty of 15% of the revenue, which could be up to $ 200 million. RST will benefit from the geographical advantages of Turkey where Western, Arabic and Oriental cultures are crossed. It plans to establish a GMP facility and invite patients from Europe and Middle East early next year.
Ilknur Erdemin, CEO of RST said, "We expect to improve public health and the quality of life in Turkey through stem cell therapy technology imported from RNL BIO in treating various intractable diseases. We will also grow Turkey to one of the world's most renowned country in regards to medical tourism with RNL's stem cell technology in combination with Turkish World's Heritage." To begin with, RST will focus on the treatment of diabetic complications, autoimmune diseases, cerebral palsy, and degenerative arthritis with RNL's autologous adipose derived stem cell technology. Stem cell therapy has already been allowed by Turkish health authority since 2011. Turkey actively promotes the industry of regenerative medicine and makes a quick move to expand in related fields.
Dr. Jeong-Chan Ra, president of RNL Stem Cell Technology Institute said, "This licensing deal will be a good opportunity to develop RNL's stem cell technology to be the world's standards and to fulfill my goal to make RNL BIO a company that will have treated and helped the most patients suffering from intractable diseases." He had a seminar introducing his stem cell studies to Turkish attendees from related fields and distinguished invitees one day prior to signing licensing agreement.
SOURCE RNL BIO