Sydney, Nov 22, 2005 AEST (ABN Newswire) - Leading cell therapy company CyGenics Ltd. (ASX: CYN), today announced its intention to investigate the listing of its tissue banking business, predominantly held under its subsidiary, CordLife Pte Ltd, on a key Asian stock exchange.
The listing 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 Mr Chris Fullerton, Chairman of CyGenics.
About CordLife
CordLife is a regional cord blood bank that operates a state-of-the-art AABB (formerly known as the American Association of Blood Banks) accredited facility in Singapore and a separate compliant facility in Hong Kong. The company currently has business activities in Australia, Singapore, Hong Kong, Indonesia, Philippines and Thailand. CordLife is a wholly-owned subsidiary of CyGenics. The first private cord blood bank to be set up in Singapore, and among the first in Asia, CordLife's start-of-the-art facility is the first in Southeast Asia to be accredited by AABB, and is the only bank to be so accredited in this region. These banking facilities comprise full processing and cryogenic storage capabilities.
For further information, please visit www.cordlife.com.
Contact
General Inquiries
Steven Fang, CEO, CyGenics Ltd
Mob: +61 (0)400 933 243
Email: steven.fang@cygenics.com
Ian Brown, COO, CyGenics Ltd
Mob: +61 (0)438 565 212
Email: ian.brown@cygenics.com
Media Inquiries
Rebecca Piercy, Buchan Consulting
Ph: +61 (0)3 9866 4722
Mob: +61 (0)422 916 422
Email: rpiercy@bcg.com.au
Ronald Hee, CyGenics Ltd
Ph: +65 6238 0808
Mob: +65 9061 9098
Email: ronald.hee@cygenics.com
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