Canadian acquisition of a U.S.-based biotechnology company is the first in STEMCELL's history
STEMCELL Technologies, Canada's largest biotechnology company, is pleased to announce the acquisition of Propagenix Inc.-a Maryland-based biotechnology company focused on developing technologies to enable new approaches in regenerative medicine.
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STEMCELL Technologies, Canada's largest biotechnology company, is pleased to announce the acquisition of Propagenix Inc.-a Maryland-based biotechnology company focused on developing technologies to enable new approaches in regenerative medicine. (Pictured: STEMCELL's headquarters in Vancouver, BC) (Photo: Business Wire)
"The acquisition of Propagenix is an important step in STEMCELL's growth journey and an achievement for Canada's biotechnology industry," said Dr. Allen Eaves, President and CEO, STEMCELL. "Propagenix's technology has the potential to contribute to big advancements in scientific research in both labs and clinical settings for the treatment of cancer, airway diseases, and other disorders, and we are thrilled to welcome its portfolio into STEMCELL's product suite."
Founded in 2014, Propagenix has developed and commercialized unique technologies, including its patented EpiXtechnology. In 2017, STEMCELL licensed the rights to EpiX for research use applications. This technology has the potential to address clinical needs in replacing a patient's own damaged barrier tissues, like skin and intestinal tissue, with engineered tissue solutions. The current acquisition now enables STEMCELL to develop products based on EpiXtechnology for clinical applications.
"We are delighted that the amazing team of scientists at STEMCELL will ensure Propagenix technologies and capabilities for epithelial cell biology are deployed to their fullest to serve the life science research community," said Dr. Brian Pollok on behalf of Propagenix co-founders.
STEMCELL's acquisition includes all of Propagenix's assets and intellectual property portfolio, its existing business arrangements, as well as its exclusive license to Conditional Reprogramming technology with Georgetown University. Conditional Reprogramming allows scientists to grow tumors and healthy tissue in laboratory settings for research and has potential applications for regenerative medicine and drug screening for personalized medicine.
"With Propagenix's technology, STEMCELL looks forward to supporting scientists who are advancing research and developing clinical applications to ultimately create better health outcomes for patients being treated for certain diseases," said Dr. Eaves.
About STEMCELL Technologies
STEMCELL Technologies supports life sciences research with more than 2,500 specialized reagents, tools, and services. STEMCELL offers high-quality cell culture media, cell separation technologies, instruments, accessory products, educational resources, and contract assay services that are used by scientists performing stem cell, immunology, cancer, regenerative medicine, and cellular therapy research globally.
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Contacts:
Media
For more information and to arrange an interview, contact:
Ryan-Sang Lee
Senior Manager, Corporate Communications, STEMCELL Technologies
public.relations@stemcell.com
