The Star, 22 May, 2007

StemLife widens network

KUALA LUMPUR: StemLife Bhd has widened its overseas exposure with the signing of a memorandum of understanding (MoU) with Kazakhstan's National Centre for Biotechnology and The National Research Medical Centre. 

The company, which currently has overseas operations only in Thailand, told Bursa Malaysia yesterday the MoU was signed to develop cooperation between the parties on research in the field of stem cell application and medical therapeutics in Kazakhstan. 

It will also help promote and commercialise stem cell research and allow the setting up of a stem cell bank in the republic. 

Under the MoU, Stemlife will provide consultancy services in setting up the stem cell bank in Astana, the capital of Kazakhstan. 

Finance director Michael Lim told StarBiz this was a very “exciting” development for the company.  

As part of the company’s ongoing efforts to remain competitive, Lim said it would roll out a variety of new services this year. 

“We will continue to expand our range of services in line with exciting developments in stem cell therapies,” he said.  

Lim also said Stemlife was re-packaging its current services, providing more value to its clients. 

The company reported yesterday a net profit of RM2mil for its first quarter ended March 31 compared with RM405,000 for the same period last year. 

Revenue also jumped to RM5mil from RM2.6mil while earnings per share stood at 1.24 sen as opposed to 0.58 sen previously.  

“We expect our growth momentum to continue moving forward, on our various business strategies,” Lim said. 

At yesterday’s close, Stemlife shares were among the top gainers, putting on 26 sen to finish at RM2.96.