- Celularity is collaborating with its strategic partner, Genting Berhad, to bring Celularity placenta-derived allogeneic stem cell therapeutics to the Asia Pacific region
- Genting Berhad announced groundbreaking on a new, state-of-the-art wellness and health center in Bali, Indonesia, that will utilize Celularity products
- Strategic partnership positions Celularity to be a key supplier of innovative stem cell and regenerative medicine products for use in the Asia Pacific region
FLORHAM PARK, N.J., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (“Celularity”), a regenerative and cellular medicine company, today announced that its strategic partner, Genting Berhad, has broken ground on Fontaine Vitale, a state-of-the-art stem cell and regenerative medicine facility in the Sanur Special Economic Zone located in Bali, Indonesia. Fontaine Vitale will offer world-class cell therapies focused on wellness, aesthetics, and regenerative medicine to both local and international patients using placenta-derived stem cells manufactured by Celularity in its US facility, according to Genting Berhad's press release. The new center is expected to commence commercial operations towards the end of 2026.
As disclosed by Genting Berhad, Celularity will manufacture stem cells for export and use at the Sanur Special Economic Zone facility at Celularity’s 150,000sf cGMP research and manufacturing center located in Florham Park, NJ. Longer term, Genting Berhad and Celularity expect to initiate onsite manufacturing operations in the Sanur Special Economic Zone under Celularity’s technical supervision.
The Asia Pacific stem cell market is estimated at USD 3.0 billion (2024) and expected to grow at a CAGR of 16.4% to reach USD 7.2 billion by 2030, according to Grand View Research, which assessed the region accounts for 16.8% of the global stem cells market and projected it to grow at the highest CAGR of any region globally. Credence Research found “the growing emphasis on research and development in regenerative medicine is catalyzing investments in stem cell technologies and therapies” in the Asia Pacific region.
Robert J. Hariri, MD, PhD, Celularity’s Founder, Chairman, and CEO, remarked, "We are honored to collaborate with Genting Berhad to bring our innovative placenta-derived allogeneic stem cell therapy to Indonesia and the Asia Pacific region. Our strategic partnership will address demand for innovative stem cell and regenerative medicine treatments at the highest standards of quality and safety. Fontaine Vitale will mark a significant step forward in making stem cell therapies and regenerative medicine more accessible to patients globally, and we are excited to contribute to Bali’s emergence as a hub for world-class medical tourism."
About Celularity
Celularity Inc. (Nasdaq: CELU) is a regenerative medicine company developing and commercializing advanced biomaterial products and allogeneic, cryopreserved, placenta-derived cell therapies, all derived from the postpartum placenta. Its therapeutic programs target aging-related diseases, including degenerative diseases, cancer, and immune disorders, using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and genetically modified and unmodified natural killer (NK) cells. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies. For more information, visit www.celularity.com.
About Genting
Genting Berhad is principally an investment holding and management company. While the Company was incorporated in 1968 and listed in 1971, the Genting Group was founded in 1965 when its Founder, the late Tan Sri Lim Goh Tong started the journey to realise his vision of building a mountaintop resort in Malaysia. Today, the Genting Group comprises Genting Berhad and its listed companies; Genting Malaysia Berhad, Genting Plantations Berhad and Genting Singapore Limited, as well as its wholly owned unlisted subsidiaries Genting Energy Limited and Resorts World Las Vegas LLC.
Led by Tan Sri Lim Kok Thay, the Group is involved in leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, life sciences and biotechnology activities, with operations spanning across the globe, including in Malaysia (the Group’s country of origin), Singapore, Indonesia, India, China, the United States of America, Bahamas, the United Kingdom and Egypt. In the core leisure and hospitality business, the Genting Group markets and offers a suite of products under a number of premier brands including Genting, Resorts World, Genting Grand, Genting Club, Crockfords and Maxims. The Genting Group has tie ups with established names such as Universal Studios, Premium Outlets, Zouk, Hard Rock Hotel, Hilton, Hyatt and other renowned international brand partners.
For more information, visit www.genting.com.
Celularity Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include express or implied statements regarding the market opportunity for Celularity’s products; growth in the Asia Pacific stem cell market; Celularity’s ability to export products into the Sanur Special Economic Zone or elsewhere, among others. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to: Celularity’s liquidity situation; the volatility in Celularity’s stock price; inherent risks in biotechnological development, including with respect to the development of novel advanced biomaterials; and the regulatory approval process domestically and abroad; along with those risk factors set forth under the caption “Risk Factors” in Celularity’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on July 30, 2024, and other filings with the SEC. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity’s current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity’s views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contact:
Carlos Ramirez
Senior Vice President, Celularity Inc.
Carlos.ramirez@celularity.com
Media Contacts:
Raquel Cona / Michaela Fawcett
KCSA Strategic Communications
rcona@kcsa.com / mfawcett@kcsa.com
