Catalist-listed AsiaMedic has entered into a joint venture with Cryoviva International to establish the business of cord blood stem cells banking in Singapore.
The new joint venture company will be named Cryoviva Singapore.
AsiaMedic is confident that this venture can establish its footing by replicating its partner's successful ventures in India and Thailand and leveraging on an FDA (America's Food and Drug Administration) approved stem cell technology originated from US-based Lifeforce Cryobanks.
The joint venture partner, Cryoviva, possesses the track record and business know-how given its market leadership in India and Thailand, AsiaMedic noted in an Singapore Exchange filing on July 2.
"In addition, its network of expectant mothers, coupled with AsiaMedic's client base, collectively expands the joint venture's sales network for cord blood stem cell banking."
Cryoviva is a Singapore incorporated company controlled by Mr Ravi Jaipura, chairman of India-based RJ Corp, a conglomerate with businesses in real estate, hospitality, food & beverage, healthcare and education.
Mr Jaipura holds a 70 per cent stake in Cryoviva while the remainder is held by Dr T Chandroo, chairman of Modern Montessori International Group (MMI), a local company which specialises in early childhood education in the Asia-Pacific.
In 2006, RJ Corp went into a joint venture with US-based Lifeforce Cryobanks to set up Cryobanks International India, which became the first public and private cord blood stem cell bank in India and has retained its market leadership today.