American CryoStem Corp. announced Wednesday that it has reached a licensing agreement with Health Innovative Technology Corp. Ltd., a Hong Kong medical company.
The maker of cellular technologies for the regenerative and personalized medicine industries said in a news release that the deal would help it establish a global footprint for its cellular technology and laboratory processing platform. The HIT deal involves its ATGRAFT adipose tissue processing and storage technologies.
"We are pleased to announced this international licensing transaction with Health Innovative Technologies and look forward to working closely with HIT's scientific team in Hong Kong to integrate our tissue storage and processing platform into their existing laboratory services," John Arnone, CEO of American CryoStem, said in the release.
With this agreement, HIT will have the rights to create and market American CryoStem’s ATGRAFT storage service in the Hong Kong market.
"We have been a long-term admirer of American CryoStem's Adipose Tissue research since visiting their laboratory facility in the U.S.,” Kenneth Chan, chairman of HIT, said in the release. “We believe their validated tissue processing and storage protocol will create a natural alternative to artificial fillers in the Asian marketplace."
American CryoStem is based in Eatontown, with additional facilities in Mount Laurel.
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