WideCells Group PLC - Launch of CellPlan set to generate maiden revenues
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WideCells Group PLC (‘WideCells Group’ or ‘the Company’)
Launch of CellPlan set to generate maiden revenues
WideCells Group PLC, the healthcare services company focused on providing stem cell services and ground breaking insurance for stem cell treatment, is pleased to provide an update on CellPlan, its revolutionary stem cell healthcare product, which is focused on making expensive stem cell treatment accessible and affordable to families around the world.
- Receipt of a licence from the Portuguese financial regulator and grant of passport rights – fully authorised to sell CellPlan in the UK, Portugal and Spain
- Launch of CellPlan to Biovault stem cell storage customers anticipated to follow this month
- New route to market established, anticipated to facilitate rapid penetration of the market, initially in the UK:
- CellPlan will sell directly to families which store stem cells in cord blood banks currently not members of the CellPlan Excel Member Programme for accredited resellers (‘Extended Provider Network’) but which meet standards adhered to by the programme
- Expanding the healthcare cover eligibility to those who stored stem cells privately outside of the CellPlan Excel Member Programme will make CellPlan cover accessible to many more families, potentially increasing market penetration
- New website, www.cellplan.com, which includes high quality e-commerce functionality, will be launched shortly to facilitate direct sales
- Follows successful commencement of reseller model (‘Excel Member Programme’) - CellPlan Excel Membership awarded to Biovault
- Positive progression being made with numerous cord blood banks globally which have applied to join the Excel Membership Programme to allow them to roll out CellPlan to their clients
- Strengthened team via two additional appointments
WideCells Group CEO, João Andrade, said, “CellPlan is gaining traction, which is testament to its potential to revolutionise the stem cell industry. With this licence in hand, we are poised to launch our product to Biovault customers which will see this innovative division generate its first revenues via our Excel Member Programme. By establishing a new route to market, we have placed ourselves firmly in the driver’s seat in terms of sales, and we are excited to market directly to families which store stem cells in facilities which do not currently have CellPlan Excel Membership but which meet standards adhered to by the programme. Our Non-Executive Director Dr Marilyn Orcharton successfully implemented a similar model across the dental industry with DenPlan, proving its effectiveness. As we advance numerous discussions with a view to securing additional facilities as resellers, we can see that we are starting to make waves in the stem cell industry, and I am confident that this will continue throughout the rest of the year and beyond.”
Award of Licence
CellPlan has been awarded its licence from the Portuguese Insurance and Pension Funds Supervisory Authority, the ASF, and is now authorised to sell in the UK, Portugal and Spain having been granted passport rights. CellPlan has also submitted a blanket request under the Freedom of Services Act which will allow it to deploy the product across the wider Euro Zone. This is a bureaucratic procedure that could take up to a maximum of 30 days.
New Route to Market - Extended Provider Network
CellPlan has developed the world’s first healthcare insurance product for the stem cell industry and, in line with the Company’s focus on rapidly penetrating the market in order to capitalise on its first mover advantage, it has launched a new route to market. This will increase its exposure to the growing UK market of families which privately store stem cells derived from cord blood.
The new route to market complements, and will be progressed in tandem with, CellPlan’s Excel Member Programme, which is focused on securing re-seller agreements with cord blood storage facilities which have a ready customer base for its product.
The Group has developed a two-tier distribution channel focused on targeting families directly:
- The Extended Provider Network: CellPlan will now be offered to families which store their child’s stem cells in cord blood storage facilities which are of high quality in terms of licensing and accreditation. These customers will be subject to a slightly higher premium as they are outside the CellPlan Excel provider network. This approach was undertaken to widen our reach and make the product available to more families, in line with CellPlan’s mission to make stem cell treatment accessible and affordable for families globally.
- The Outside Provider Network: Families which have stored their child’s stem cells in banks that do not meet the standards adhered to by the CellPlan Excel Membership will be able to purchase the ‘Your Expert Consultation’ service, which provides customers with access to a second medical opinion from a stem cell expert. CellPlan cover will not be available.
In order to implement this strategy, the Company has developed a user-friendly e-commerce website which allows potential policyholders to purchase CellPlan online. It delivers a comprehensive overview of the benefits of the coverage. The online platform will be supported by call centres, live chat and tracking features to help convey highly personalised messaging and to push sales through. Additionally, CellPlan has created direct sales materials that introduce, promote and remarket CellPlan online and offline. The Company will use social media and advertising to promote its services and will distribute materials at group events and activities attended by expecting parents, new parents and parents of children attending school which have or are looking to have their children’s stem cells stored.
The e-commerce platform at www.cellplan.com, complies with and is fully authorised by the Financial Conduct Authority.
To support its growth and UK roll out, CellPlan has appointed Alexandra Torres as Key Account Manager and Sara Miranda as the Office Administrator. This brings the total headcount within the CellPlan division to five.
For further information, please visit the Company’s website www.widecellsgroup.com, follow us on Twitter @WideCells_Group or contact:
CEO – João Andrade
Tel: +351 919 033 171
Vicarage Capital Ltd
Broker – Jeremy Woodgate & Rupert Williams
Tel: +44 (0) 20 3651 2912
Shard Capital Partners LLP
Broker – Damon Heath & Erik Woolgar
Tel: +44 (0) 207 186 9950
St Brides Partners Ltd
PR – Elisabeth Cowell & Charlotte Page
Tel: +44 (0) 20 7236 1177
Notes to Editors
WideCells Group PLC is building an integrated stem cell services company, focused on making stem cell treatments accessible and affordable. The Directors believe that the use of cord blood stem cells for transplant will drive one of the next important phases in medicine and is therefore developing market leading products in complementary, strategic areas which are designed to take advantage of substantial market opportunities in one of the fastest growing segments in the healthcare industry. With this in mind, it has created three divisions:
- CellPlan: the world’s first stem cell healthcare insurance plan with financial cover for medical treatment, travel and accommodation expenses and concierge service to manage the treatment process
- WideCells: the Institute of Stem Cell Technology has been established and is based in the University of Manchester Innovation Center to focus on stem cell research and regenerative medicine. WideCells also has international cryogenics divisions specialising in stem cell storage.
- WideAcademy: developing an education and training division to promote awareness of the benefits of stem cell storage across the global general practice community.
The Group has built an experienced senior management team that has been integral to the development of its growth and business to date.
Stem Cell Fast Facts:
- Cord blood (which is taken from the umbilical cord) provides the most effective source of stem cells for families due to it being simple, safe and painless to collect relative to other sources of stem cells such as bone marrow – WideCells will focus on promoting the collection and storage of this.
- Since 2005, there has been a 300% increase in the number of illnesses that can be treated using stem cells
- 82 illnesses can currently be treated using stem cell procedures
- Despite initial storage often costing no more than a few £thousand, actual treatment can cost in the £hundreds of thousands
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).