CyGenics plans Cordlife listing in Asia
Tuesday, 22 November, 2005
Cell therapy company CyGenics (ASX:CYN) plans to investigate the possible listing of its tissue banking business, predominantly held under its subsidiary, CordLife, on a yet to be determined key Asian stock exchange. The listing, which would take place in 2006, seeks to raise additional funds for both investment and working capital, and would create an attractive second equity position for existing and potential shareholders. The separate listing would enable CordLife to interact directly with the Asian financial markets and to accelerate international expansion plans for the tissue banking business. "The company has been successful in replicating its business model in several markets and is now embarking on an aggressive expansion plan. Such a listing would provide an opportunity to accelerate growth and unlock shareholder value," said CyGenics chairman Chris Fullerton in a statement.
Incorporated in May 2001, CordLife established the first private umbilical cord blood bank in Singapore in February 2002. In April this year CordLife opened a new cord blood processing and storage facility in Hong Kong.
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