Board Restructuring

RNS Number : 5001E

WideCells Group PLC

18 October 2018

 

18 October 2018

WideCells Group PLC ('WideCells Group' or 'the Group')

Board Restructuring

WideCells Group PLC, the healthcare services group focused on providing stem cell services and ground-breaking insurance for stem cell treatment, is restructuring its board as part of a wider programme to minimise costs, refocus its strategy on the core operational divisions and target revenue growth.

David Bridgland, Chief Financial Officer, has stepped down from his board position but will serve out his notice period until the end of the year; a non-board financial controller will be recruited.   Professor Peter Hollands has also stepped down from his board position but will remain as a director of WideCells Storage and Research division as well as the Group's Chief Scientific Officer.

Chairman, Peter Presland, will take on additional responsibilities until the Group has stabilised, overseeing corporate matters, financial management and relationships with investors and advisors.  This will enable CEO, João Andrade, to focus on sales and business development, prioritising revenue generation. 

WideCells Group Chairman, Peter Presland, said, "I'd like to thank David for his work with the Group and I wish him all the best in his future endeavours. Professor Hollands will continue to be an invaluable asset to us as the Group's Chief Scientific Officer, and I'd like to extend my special gratitude to him for his work on the board. 

"Moving forward, I'll be taking a more active role in the financial management of the Group and additional corporate responsibilities to free up time for our CEO, João Andrade, to focus on what he is really good at - sales and business growth."

**ENDS**

For further information, please visit the Group's website www.widecellsgroup.com, follow us on Twitter @WideCells_Group or contact:

WideCells Group PLC	CEO - João Andrade	Tel:  [phone] E: [e-mail]
Shard Capital Partners LLP	Broker - Damon Heath & Erik Woolgar	Tel: [phone]
St Brides Partners Limited	PR - Priit Piip & Isabel de Salis	Tel: [phone]

Notes to Editors

WideCells Group PLC

WideCells Group PLC is building an integrated stem cell services company, focused on making stem cell treatments both accessible and affordable.  This is delivered through two divisions:

·   CellPlan: the world's first stem cell healthcare insurance plan with financial cover for medical treatment, travel and accommodation expenses and concierge service to manage the treatment process.

·    WideCells: The Institute of Stem Cell Technology has been established and is based in the University of Manchester Innovation Centre to focus on stem cell research and regenerative medicine. WideCells also has international cryogenics divisions specialising in stem cell storage.

Stem Cell Fast Facts:

·    Cord blood (which is taken from the umbilical cord) provides the most effective source of stem cells for families, because it is simple, safe and painless to collect, relative to other sources of stem cells such as bone marrow - WideCells will focus on promoting the collection and storage of cord blood.

·     Since 2005, there has been a 300% increase in the number of illnesses that can be treated using stem cells.

·     82 illnesses can currently be treated using stem cell procedures.

·    Despite initial collection and storage often costing no more than a few £thousands, actual treatment can cost in the £hundreds of thousands - before the development of an insurance product such as CellPlan, the treatment remained largely available only to Higher Net Worth individuals.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

 

END

 

 

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