Bio-Matrix Scientific Group Inc., a biotechnology company focused on stem cell cryogenics and disposable stem cell / tissue transfer instruments said it progress on its planned 15,000 square foot Stem Cell Bank and Laboratories has moved forward.
"The Quality Systems documentation necessary for opening and operating the Company's facility is progressing, and we anticipate that if current plans are achieved, the documentation may be completed within 30 days," Chairman David Koos said. "Once the Quality Systems documentation is complete, the Company plans to seek the necessary licensing from the State of California."
A spokesperson said that all construction work has been completed on its 15,000 square foot facility and the company is now looking to finalize its documentation required for quality assurance systems necessary for FDA and California licensing.
Bio-Matrix' new 15,000 sq. ft. state-of-the-art facility is located in the heart of San Diego's biotechnology development region. It is designed to provide facilities for Bio-Matrix' secure Cryogenic Stem Cell Bank, 3 Research laboratories, aseptic cellular/tissue class 10,000/100 processing laboratory, hematology, microbiology and flow cytometry laboratories.
"The progress made to date has been tremendous," said Brian Pockett, the company's COO and Managing Director. "We have not buried ourselves in a lot of debt to reach our current status. If we can achieve our goals without excessive delay or significant unanticipated cash outlays, we may have a competitive advantage in achieving profitability relative to some of our potential competitors."
Initially, Bio-Matrix anticipates Cord Blood banking as the first step in its revenue model. This revenue stream could come from private labeling its stem cell banking services to other companies, as well as potentially acquiring companies with specimens.
The company is also currently identifying potential business relationships both domestically and internationally.