WIDECELLS PREPARES FOR TRANSFORMATIONAL GROWTH AS REVENUE ARRIVES

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[Alliance News]

WideCells Group PLC said on Friday it had established "revenue generative operations" and was preparing for "transformational" growth. 

The company provides stem cell services including its stem cell processing and storage business WideCells, training and education business WideAcademy, as well as its "unique" stem cell treatment insurance CellPlan.

WideCells had its initial public offering in July 2016, raising GBP2.00 million.

For the six months ended June 30, pretax loss widened to GBP880,397 from GBP244,255 the year prior.

The company said it had GBP868,829 in cash on June 30, not including the GBP750,000 raised in August.

Revenue was GBP25,000 after it reported no revenue whatsoever the year before.

"Having achieved consistent growth across our portfolio of three divisions during the period, we now have two revenue generative divisions - CellPlan and WideCells - with the third - Wideacademy - targeted to commence operations in early 2018", WideCells Chief Executive Joao Andrade said.

The company noted that it had appointed former Apple Inc Director of Education Alan Greenberg as Senior Vice President of Wideacademy.

WideCells Chairman Graham Hine said Greenberg had "devised a clear programme and strategy through which we are now ideally poised to grow our training and research arm."

Hine said the company was "poised" for "transformational" growth with new product offerings and service growth initiatives in place.

"With a number of growth initiatives already well advanced to build on revenues and expand our global reach, the future continues to look very bright for our company", Andrade said.

Shares in WideCells were up 0.9% at 13.62 pence on Friday.

 By Ahren Lester Alliance News

 

The Company has also released its interim results: Interim Results Jan-Jun_2017