SEOUL, South Korea, Sept. 13, 2012 /PRNewswire/ --RNL Bio (www.rnl.co.kr) announced on Sep 11, 2012 that it signed the agreement with RST Biomedikal Sanayi A.S. (RST), a Turkish company, to license RNL Bio's stem cell technology. Turkey is the 6th country where RNL Bio's stem cell technology has entered. This is one of the major accomplishments that RNL BIO has long focused on establishing the so-called 'Stem Cell Silk Road' with South Korean stem cell technology to give hope to patients with intractable diseases in the world. RST as a licensee will pay the $5 million fee upfront within 60 days from the agreement and will continue to pay the running royalty of 15% of the revenue, which could be up to $ 200 million. RST will benefit from the geographical advantages of Turkey where Western, Arabic and Oriental cultures are crossed. It plans to establish a GMP facility and invite patients from Europe and Middle East early next year. Ilknur Erdemin, CEO of RST said, "We expect to improve public health and the quality of life in Turkey through stem cell therapy technology imported from RNL BIO in treating various intractable diseases. We will also grow Turkey to one … Continue reading
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