Stematix Enters into Negotiations with Greek Venture Capital Fund G.I.V.E. – TANEO for Funding of Stem Cell Banks and Therapy Clinics in Greece
HOUSTON--(BUSINESS WIRE)--StematixTM, Inc., a regenerative medicine technology and solutions provider positioned to accelerate safe and effective global use of stem cell therapies, announced today that it has entered into financing negotiations with a Greek venture capital fund, GloCal Investment Ventures Enterprise (G.I.V.E.), funded in part by a Greek government backed fund of funds (TANEO) and managed by GloCal Systems Management (GSM). GSM's CEO, a Greek-American, Dr. James C. Seferis, has had a distinguished career in academia and in nurturing new technology industry initiatives.
The negotiations initiated at the conclusion of a U.S.-Greek meeting in July 2008, sponsored by the U.S. National Science Foundation (NSF) and The New Economy Development Fund of Greece (TANEO), contemplate the establishment of fully-operational adult stem cell banks and therapy clinics in Greece as a new venture.
Stem cells are already being used in therapy around the world. Already, over 90 indications have been treated using adult stem cells from bone marrow and umbilical cord stem cells. In order to provide more widespread world-class stem cell therapy, Stematix has established a model for fast-tracking from bone marrow to other allogeneic (cross-patient) adult stem cell treatment that would use post-birth sources of stem cells, such as umbilical cord and placental cells. As part of this model, Stematix is in-licensing and partnering with current stem cell technologies, as well as developing its own, new technologies.
David Bonner, CEO of Stematix, commented: “Stematix’s mission is to truly deliver the promise of stem cells to the world. The potential result of these negotiations could lead not only to significant innovations in the regenerative medicine field, but also to the establishment of Greece as a world-class leader in adult stem cell therapy. We look forward to working with the G.I.V.E.-TANEO fund managed by GSM toward these goals.”
Nikos Haritakis, CEO of TANEO, said: “TANEO is pleased to have identified a company like Stematix that fits TANEO’s model and mission and will partner with several of our venture capital funds with the lead coming from the new GSM-managed G.I.V.E.-TANEO fund toward the establishment of state-of-the-art stem cell therapy clinics.”
Professor James Seferis, added: “We are excited at the prospect of working with Stematix toward bringing world-class, cutting-edge technology and healthcare to Greece in a teaming environment with several funds and organizations that are already active in this area.”