NEW YORK (GenomeWeb News) – UK stem cell technologies firm Plasticell today said that it has restructured its business to focus on its CombiCult technology for stem cell diffentiation.
As part of the restructuring, the firm has spun out its regenerative drug discovery unit into a newly established company called Progenitor Labs. The spinout will have rights to all of Plasticell's ProScreen technology for discovering small molecule drugs capable of regenerating tissues of the human body. It also has acquired an exclusive license to the CombiCult technology for creating progenitor cells for use in ProScreen.
"At this point in Plasticell’s development, the technology and therapeutics units of the company have very different business models and capital requirements," Yen Choo, founder of Plasticell, said. "Segregating the two businesses will allow Plasticell to focus on growing revenue, while Progenitor Labs can more aggressively progress the development of its regenerative drug discovery platform."
Choo will transfer to Progenitor Labs to lead development of the spinout, while Dennis Saw and Lilian Hook will be promoted to the posts of CEO and research director of Plasticell, respectively. Choo will continue to serve as executive chairman of Plasticell.