EN – Announcement of milestone payment for storing umbilical cord tissue in Serbia and launch in Switzerland
Cryo-Save Group N.V. (Euronext: CRYO, ‘Cryo-Save’, or ‘the Group’), the leading international family stem cell bank, announced today the milestone payment of €500,000 as a result of obtaining permission by the competent authorities to start the collection, processing and storing of umbilical cord tissue in Serbia.
Following the acquisition of a 70% interest in its Serbian distributor, Life R.F. doo (‘Life R.F.’) earlier this year, the Group agreed to a milestone payment of €500,000 payable to the previous shareholders upon obtaining said permission.
Furthermore, the Group has recently started to collect, process and store umbilical cord tissue samples for its Swiss customers. As a result, the Group is now able to offer the combined service of storing the umbilical cord tissue and/or stem cells derived from umbilical cord blood in all main countries where it operates.
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Arnoud van Tulder, Chief Executive Officer
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