Lifebank Becomes the First and Only Canadian Cord Blood Bank To Achieve Industry-Leading FACT Accreditation
February 25 2010 - 9:00AM
Marketwired
Lifebank Corp. ("Lifebank" or the "Company") (TSX VENTURE: LBK)
announced today that it has become the first and only cord blood
bank in Canada to earn the industry's highest accreditation from
the Foundation of Accreditation of Cellular Therapy ("FACT").
FACT accreditation is considered the gold standard of quality,
performance and integrity by a defined group of leading experts in
the field of cord blood banking. Lifebank is now fully FACT
accredited by demonstrating compliance with the NETCORD-FACT
International Standards for Cord Blood Collection, Processing,
Testing, Banking, Selection and Release.
"FACT accreditation has evolved into an all-but-necessary
qualification for a cord blood bank in North America to be accepted
as a leader in the field of cellular therapy," says Ernest Stacey,
Lifebank President & CEO. We believe FACT accreditation,
together with our existing AABB accreditation, Health Canada and
FDA registration, reflects our commitment to achieve the highest
standards and quality of service for our clients."
Dr. Anil Mangal, Lifebank Medical Director, a Fellow of the
Royal College of Physicians of Canada in Hematology and currently
Clinical Assistant Professor in the Department of Pathology &
Laboratory Medicine at the University of British Columbia Faculty
of Medicine, said, "While every cord blood organization must comply
with a regulatory agency, very few have achieved the status of FACT
accreditation. Indeed, this achievement confirms the reputation
Lifebank has earned as a leader in the cellular therapy community,
by the most specialized medical professionals."
The qualification process required to achieve FACT accreditation
is rigorous, from submission of detailed, documented evidence
demonstrating thorough compliance with FACT's extremely discerning
standards to a complete on-site inspection. For Lifebank, the FACT
on-site inspection was conducted in September 2009 by three FACT
inspectors over a two day period.
FACT Medical Director, Dr. Phyllis Warkentin, confirms
Lifebank's compliance with FACT standards. "We are pleased that
Lifebank has met the requirements of the Foundation and has been
granted accreditation for Autologous and Allogeneic Directed
services."
Having achieved FACT accreditation, Lifebank now sets an
important standard to which all cord blood banks should comply.
ABOUT FACT
In December 1994, the International Society for Cellular Therapy
(ISCT) and the American Society for Blood and Marrow
Transplantation (ASBMT) merged their Standards into a single
document covering all aspects of hematopoietic cell therapy
(collection, processing, and transplantation). The two societies
established FACT in order to develop a voluntary Inspection and
Accreditation Program based on the joint Standards. FACT promotes
quality medical and laboratory practice of cellular therapy through
its peer-developed standards and voluntary inspection and
accreditation program.
In 2000, recognizing the global impact of cord blood banking and
transplantation, FACT partnered with NetCord to develop
international standards for cord blood collection, processing,
testing, banking, selection and release. The NetCord foundation is
an international network of non-profit public cord blood banks
created to promote the establishment of high quality cord blood
banks and improve the quality of cord blood products through study
and research.
The FACT Inspection and Accreditation Program was developed by
Dr. Phyllis Warkentin, FACT Medical Director, the FACT Directors
and Officers, as well as the ISCT and ASBMT Regulatory and
Standards Committees. The first edition of the NetCord-FACT
Standards was published in 2000.
ABOUT LIFEBANK
Started in 1996, Lifebank is a leading national company in the
biomedical field. Based at the British Columbia Institute of
Technology campus in Burnaby, Lifebank provides processing and
cryogenic (ultra low temperature) storage of umbilical cord blood
stem cells for families in Canada and world-wide. A full
description of the advantages and benefits of storing the stem
cells from an infant's umbilical cord can be found on the company's
website at www.lifebank.com.
On January 21, 2004, Lifebank received official accreditation
from the international organization AABB and was the first
accredited cord blood stem cell bank in Canada. In February 2010,
celebrating another milestone in Cellular Therapy and Transplant
Medicine, Lifebank has achieved the globally recognized FACT
accreditation. Lifebank is a publicly traded company on the TSX
Venture Exchange, under the symbol 'LBK'.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Lifebank Corp. F. Ernest Stacey President & CEO
604-738-2722 ernest@lifebank.com www.lifebank.com
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