WideCells Group


WideCells Group PLC “ideally positioned” to start generating revenues

News Release | NewsRoom

In a statement accompanying the firm’s 2016 results, chief executive Joao Andrade said WideCells has made “significant progress in the commercialisation of our stem cell services"

The boss of WideCells Group PLC (LON:WDC) has said the stem cells services provider is “ideally positioned” to start generating revenues in 2017 from all its three divisions.

In a statement accompanying the firm’s 2016 results, chief executive Joao Andrade said, "Our activities during the period have ideally positioned us to start generating revenues in 2017 from all three WideCells divisions, which work together to create the world's first end to end service solution focused on making cord blood stem cell treatment accessible and affordable globally.” 

Andrade pointed out that, having listed in London in July 2016, WideCells has made “significant progress in the commercialisation of our stem cell services; the roll out of our revolutionary stem cell insurance product CellPlan has now commenced in collaboration with the UK's largest stem cell storage facility, Biovault.”

WATCH: WideCells boss "excited about the months ahead" ...

He added that “discussions with multiple other facilities are advancing rapidly; delivery of our first stem cell processing and storage facility in Manchester is on track for Q2 2017; and we have appointed the former Head of Apple Education, Alan Greenberg, as a non-Executive Director and VP of WideAcademy to devise a strategy that makes it the thought leader in the stem cell industry.”

Milestone developments ….

WideCells’ chief executive said: “The pace with which we have achieved these milestone developments underpins our active growth strategy, and alongside this we have demonstrated our ability to execute our strategy in a reliable way, and to attract world-class personnel to our company, which we see as an endorsement of our revolutionary proposition. 

"I believe that our business is well placed for a value re-rate in 2017 as we bring our various work-streams over the line.”

He concluded: “With this in mind, I am excited for the months ahead and look forward to providing regular updates to shareholders in the near term."

Like most developing companies, the group - which raised £2mln when it floated on the London Stock Exchange main market - only had revenues of £25,000 in for the full-year to December 31 2016, down from £50,644 a year earlier, while its loss for the year increased to £1.361mln, up from £213,056 a year earlier reflecting higher administration costs following flotation.

Widecells had cash and cash equivalents of £1.149mln at the year-end, up from £33,753 a year earlier.

Sources

ProActive Investors