Fibrocell Science, Inc. (OTCBB: FCSC), a biotechnology company focused on the development of autologous cell therapies for aesthetic, medical and scientific applications, announced today that it has signed an agreement to establish a joint venture (JV) with Hefei Meifu Bio-Tech Limited Co. (Meifu) for developing and marketing autologous fibroblast therapies in Asia, excluding Japan. The JV will be called Fibrocell Science Asia Co. Ltd.
“In Asia the health and beauty markets are expanding rapidly, which we believe offer significant opportunity for autologous cellular therapy as a natural and personalized product. We are proud to welcome Fibrocell Science as our partner and look forward to bringing Fibrocell's proprietary technology to our markets”
Under the terms of the agreement, Fibrocell will provide access to its intellectual property, clinical data and manufacturing processes. Meifu will be responsible for all costs associated with construction and operation of a manufacturing facility in Hefei and commercialization, as well as all ongoing operational, research and development expenses.
"We are thrilled to join our scientific and intellectual forces with such an experienced partner as Meifu," said David Pernock, Fibrocell Science Chairman and CEO. "Our new facility will be built according to the cGMP standards to ensure high quality production and testing. Located in the heart of China, it will provide us with strategic distribution advantages through established market channels. Additionally, we will benefit from rich human resources, low integrated business costs and abundant production resources available in the Hefei area which is known as home to numerous pharmaceutical manufacturers."
"In Asia the health and beauty markets are expanding rapidly, which we believe offer significant opportunity for autologous cellular therapy as a natural and personalized product. We are proud to welcome Fibrocell Science as our partner and look forward to bringing Fibrocell's proprietary technology to our markets," added Zhou Tao, Chairman of the joint venture.
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