TIDMWDC
RNS Number : 0333M
WideCells Group PLC
10 October 2016
10 October 2016
WideCells Group PLC ('WideCells Group' or 'the Group' or 'the
Company')
Update on CellPlan - an innovative stem cell insurance plan
WideCells Group PLC, the healthcare services company focused on
providing stem cell banking services and ground breaking insurance
for stem cell treatment, is pleased to announce that it has
finalised the terms and conditions for CellPlan, the world's first
stem cell healthcare insurance plan and medical concierge service,
which was launched to cord blood banks in May 2016 at the World
Cord Blood Congress in London. Additionally, the Company has
established offices in Porto, Portugal and made a number of staff
appointments. CellPlan is designed to make treatment using stem
cells collected from umbilical cord blood affordable and accessible
to families worldwide. It provides access to international stem
cell specialists and hospitals and financial cover for up to EUR1
million worth of medical, travel and accommodation expenses.
Overview
-- Finalised the terms and conditions for CellPlan's innovative
insurance product, which is offered in conjunction with Best
Doctorsâ, a global leader in expert medical opinion, and
underwritten by a leading reinsurance company
-- Established headquarters in Porto, Portugal and registered
subsidiary in Portugal as CellPlan International Lda - Portugal is
a cost-efficient location for the Company, providing a strategic
base from which to access the wider European stem cell market
-- Strengthened operational team through the appointment of key
professionals who have proven experience within the healthcare and
insurance sectors to support CellPlan's active growth strategy as
it looks to sign up international cord blood banks
WideCells Group CEO, João Andrade, said, "CellPlan has the
potential to revolutionise the stem cell industry and ultimately,
to make access to potentially lifesaving treatments much more
affordable. Having launched our product earlier this year in May
2016 we are delighted to have now finalised the insurance terms,
which marks a crucial milestone in CellPlan's development and
ultimate commercialisation. Our focus is now on securing the
necessary licencing needed to roll-out our product, a process which
is much quicker in Portugal than in some other markets. To support
this process, we are delighted to have appointed a number of
experienced healthcare and insurance professionals who have the
requisite skill set and experience to lodge the necessary licencing
applications and fuel the growth of our integrated stem cell
services offering. This team will be based at our newly established
offices in Porto, Portugal, which ideally positions the Company to
target the European stem cell market. Crucially, our team is
working alongside a world class team of health care professionals
who have renowned global experience. We are delighted to be
combining our skills within the stem cell and healthcare industries
to develop this innovative CellPlan product."
Frank Ahedo, European Managing Director of Best Doctors, said,
"We are seeing a transition in how health insurance is being
designed and sold. It is no longer being developed in isolation of
true customer needs and insurers are no longer shying away from
specialised areas of medicine such as stem cell therapy. To really
develop value propositions there must be a clear understanding of
customers' needs and the specific area of medicine that is being
addressed. This can only truly be achieved when working in
partnership with companies who are experts in their field. We
certainly feel that our partnership with CellPlan ticks all the
necessary boxes."
Finalised Terms & Conditions
CellPlan has finalised the terms and conditions for its
insurance plan (the 'Policy'), which aims to make stem cell
treatment accessible and affordable by providing financial cover
for services and medical expenses in respect of treatment involving
the use of stem cells obtained from the donor's stored umbilical
cord blood. Currently, it costs a few thousand pounds to collect
and store stem cell; however, in the event that stem cell treatment
is required, the costs can run into the hundreds of thousands of
pounds, making it unaffordable for most families. Consequently,
CellPlan's insurance cover removes this significant cost, providing
access to potentially life-saving treatments for an average price
of GBP150 per annum. This covers medical expenses, travel expenses,
accommodation expenses and repatriation expenses.
Medical procedures covered under the insurance plan (the
'Covered Medical Procedure') are:
-- Haemopoietic Stem Cell Transplantation (HSCT), using CD34+ haemopoietic stem cells
-- Infusion of haemopoietic stem cells for the treatment of
Cerebral Palsy as part of a Clinical Trial registered at
clinicaltrials.gov
The insurance plan is valid when the following terms are
met:
Conditions for the use of the donor's stored Umbilical Cord
Blood ('UCB')
-- The recipient of the transplant is an Insured under the Policy;
-- The procedure requires the use of stem cells obtained from
stored UCB stem cells from a donor who is an Insured under the
Policy;
-- The sample of the UCB is stored at the cord blood bank
declared at the moment of the application for the Policy
-- The blood tests performed at the cord blood bank prior to
storage show an amount of Viable Stem Cells in the sample to be
deemed Suitable Stem Cells for a Haemopoietic stem cell
transplantation or a Clinical Trial covered by the Policy.
Conditions for the medical treatment:
-- The procedure is performed during the period of cover;
-- The treatment is Medically Necessary;
-- The diagnosis leading to the Covered Medical Procedure is
confirmed by the Your Expert Consultation service;
-- The relevant Illness or condition leading to the diagnosis of the Covered Medical Procedure:
o was not diagnosed, treated or showed related medically
documented symptoms
o was not the subject of genetic counselling or medical advice
prior to the Commencement or the relevant Inclusion Date for each
insured patient.
-- The expenses covered by the Policy are within the Sum Insured
and limits stated in the Particular Conditions;
-- The treatment is arranged by Best Doctors in accordance with
the Claims Procedure set out in the Policy;
-- The expenses for any medical diagnostic procedures,
treatment, services, supplies or prescriptions are covered by the
Policy.
Partnership with Best Doctors
This insurance plan has been agreed in conjunction with Best
Doctors, a global leader in expert medical opinion and underwritten
by a leading reinsurance company. The operational complexities of
delivering healthcare services and insurance solutions on a
multimarket basis are considerable, including such important areas
as regulatory, legal and data protection. CellPlan's partnership
with Best Doctors is a unique opportunity to merge their core
competencies in the areas of medical, operational and insurance and
create a distinctive customer proposition.
Best Doctors is well established as a global provider of expert
second medical opinion. In recent years it has also had
considerable success and become a market leader in the development
and implementation of niche health insurance products. Its
experience in connecting individuals with complex health conditions
with leading medical experts and building transparent and
affordable customer friendly health insurance products made them a
perfect partner for CellPlan.
Established Headquarters
The Company is now officially registered in Portugal as CellPlan
International, and has founded offices in Porto, Portugal. Portugal
was identified as a strategic location for the subsidiary company
due to the favourable pricing environment; rental costs, average
salaries and consultancy costs are generally lower compared to the
UK.
Refurbishment of the 90m(2) office has now commenced and is
expected to be fully operational by the end of November.
Strengthened Management Team
CellPlan has made four appointments to its management team, all
of whom will be based in Portugal at the Company's newly
established Porto office. These professionals are experienced in
the insurance and healthcare industries and will be responsible for
managing CellPlan's ongoing operations, including signing up and
providing support to cord blood banks globally, coordinating the
medical treatment process with Best Doctors, providing customer
support services, and building and executing targeted marketing
campaigns.
Ricardo Pires, Office Manager
Ricardo has extensive experience within the insurance industry
and has worked with a number of global companies including AXA
Exclusive Agent, Global Alliance Angola Seguros and Aon Mozambique
Insurance Brokers. Most recently he was Managing Director of Real
Risk Mozambique before assuming the role of Commercial Director at
Liberty & Trevo (Angola) Companhia de Seguros, S.A. in February
2016, where he was responsible for the brokers' network and created
a pipeline worth about US$24 million. He will be integral in
overseeing the licencing process for CellPlan, which is anticipated
to take up to 100 days in Portugal.
Maria Camacho, Marketing Manager
Maria has a BA (Hons) in Marketing Management has significant
B2B and B2C experience. She has previously worked with a number of
global marketing agencies, including Interbrand, one of the world's
largest brand consultancies.
Susana Seromenho, Key Account Manager
Susana has a BA, MA and Executive MBA from Porto Business
School, focused on Marketing and Organisational Development. She
has experience working with large companies in the pharmaceutical
industry including Johnson & Johnson and Bluepharma, S.A. She
has excellent sales experience, including on an international
level.
Mariana Lima, Marketing Assistant
Mariana previously worked for one of the largest pharmaceutical
companies in Portugal, BIAL - Portela & C--, S.A., as a
marketing assistant for international markets. She has a BA (Hons)
and post-graduate degree in Marketing Management and Digital
Marketing.
**ENDS**
For further information, please visit the Company's website
www.widecellsgroup.com, follow us on Twitter @WideCells_Group or
contact:
WideCells Group CEO - João Andrade Tel: +351 919
033 171
------------------- ------------------------- --------------
Vicarage Capital Broker - Jeremy Woodgate Tel: +44 (0)
Ltd & Rupert Williams 20 3651 2912
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Shard Capital Broker - Damon Heath Tel: +44 (0)
Partners LLP & Erik Woolgar 207 186 9950
------------------- ------------------------- --------------
St Brides Partners PR - Elisabeth Cowell Tel: +44 (0)
Ltd & Charlotte Page 20 7236 1177
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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: a portfolio of best in class stem cell processing
and cord blood storage facilities with an existing presence in UK
and Brazil
-- 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
GBPthousand, actual treatment can cost in the GBPhundreds of
thousands
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014
(MAR).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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