SINGAPORE - Cryoviva Singapore has been licensed to run Singapore's third private cord blood banking operations.
Cryoviva was set up last year to establish a new cord-blood stem cell banking centre here.
It is a joint venture between Catalist-listed health services group AsiaMedic, which holds a 25 per cent stake, and Cryoviva International, which holds the remainder.
Cryoviva International has the backing of tycoon Ravi Jaipura, the chairman of India-based RJ Corp, a conglomerate with businesses in real estate, hospitality, food and beverage, health care and education.
Mr Jaipura holds a 70 per cent stake in Cryoviva International while the remainder is held by Dr T. Chandroo, chairman of childhood education group, Modern Montessori International.
Its technology partner, Lifeforce Cryobanks is among the top ten cord blood banks in the world.
Some 80 diseases can be treated with cord blood stem cells, including leukaemia and lymphoma.
Dr Ashish Munjal, Chief Operating Officer of Cryoviva Singapore, said: "Singapore has established itself as a leading medical services hub in Asia.
"We are encouraged by the Singapore government's proactive stance in promoting healthcare services which has helped built trust in the Singapore brand of healthcare services throughout the region. Hence, it was ideal for Cryoviva to pick Singapore as its top spot for setting up its cord blood banking headquarters here."
Dr Munjal added that Cryoviva has the intention of using Singapore as a springboard to expand into the region.
"We will be coming up with new initiatives to grow the business and forge ahead with expansion plans in the neighbouring ASEAN countries where urban populations are becoming increasingly better educated and wealthier," he said.