Tuesday, December 30, 2008

ACT, CHA joint venture gets a new, lengthy name

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Worcester-based biotech Advanced Cell Technology Inc. and its Korean partner have a new name for the recently announced stem cell-focused joint venture — Stem Cell & Regenerative Medicine International.

Earlier this month ACT (OTC:ACTC) and CHA Biotech Co. Ltd. formed the stem cell technology development company, which is also based in Worcester. The international joint venture will use ACT’s hemangioblast cell technology to develop human blood cells and was originally called Allied Cell Technology.

Officials of the joint project say that the developments coming out of its labs may be used to address the human blood shortage, particularly in military situations.

Stem Cell & Regenerative Medicine International is majority owned by CHA, with ACT licensing its technology for a $500,000 license fee from CHA, the companies reported. ACT will also work to pull in funding grants for the new joint venture.

Leading the new company in Worcester is Young Chung, as well as Shi-Jiang Lu and the ACT hemangioblast team. Robert Lanza of ACT serves as the chief scientific advisor of Stem Cell & Regenerative Medicine International.