Stem cell bank Biocord raises $2m

Biocord has developed a pump able to withdraw double the amount of umbilical blood from newborns, compared with existing devices.

Biocord Ltd., which has developed a device for withdrawing umbilical blood, is negotiating to raise $2 million from a foreign medical devices company. Biocord CEO Miki Shacham founded the company. Biocord currently operates as an umbilical blood bank; umbilical blood can be used to produce stem cells for treating a range of diseases.

Biocord has also developed a pump able to withdraw double the amount of umbilical blood from newborns, compared with existing devices. The company invested $500,000 from the Office of the Chief Scientist and Shacham’s personal resources, in developing its product.

Shacham said Biocord had completed development of the product, and was now seeking regulatory approval for it. The company expects to begin marketing the product in the US during the third quarter of 2006. In Israel, the device will only be used by customers of Biocord’s umbilical blood bank and by public blood banks. Shacham says Israel’s umbilical blood bank market amounts to millions of shekels a month, shared by Biocord, Taburit - Bank for Umbilical Blood Ltd., Cryo Cell Israel Ltd., and Medifreeze Ltd.

Published by Globes [online], Israel business news - www.globes.co.il - on February 26, 2006

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