The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A stem cell provider yesterday branded The Bahamas “one of the cornerstones” for its global expansion plans as it unveiled ambitions to “double” its staff presence here within the next 12 months.

Dr Matthias Bernow, head of Swedish-headquartered Cellcolabs, speaking to Tribune Business while on a commercial visit to this nation said the country’s regulatory framework “sets them apart” from rival stem cell and medical tourism competitors because it does not impose “any undue hindrances” on the industry.

Praising The Bahamas for striking what he described as striking the correct balance between regulation and fostering entrepreneurs, he confirmed that the stem cell therapy researcher and treatment provider has already established a physical presence in this nation via its subsidiary, Cellcolabs Clinical (Bahamas).

Armed with its own Bahamian laboratory and staff, and a local physician partner in Dr Darius Bain at Live Well Bahamas, Cellcolabs produces Mesenchynal Stem Cells (MSCs) - said to be of “high quality” because they are produced from the bone marrow of healthy donors - and transports these to The Bahamas for use in research and patient treatment.

Dr Bernow, confirming to this newspaper that Cellcolabs has the necessary permits and approvals to operate in The Bahamas, said it first began working with Dr Bain some one-and-a-half years ago in 2022 and treated its first patient last October. That number, he added, has grown to 100 over the past 12 months and the company has submitted its first report to local regulators.

Describing The Bahamas as the company’s “second home”, given that it was the first territory outside Sweden where it expanded to and became licensed, Dr Bernow added that this nation’s operation is providing the “blueprint” for further global expansion ambitions as it moves into jurisdictions such as Abu Dhabi in the United Arab Emirates (UAE).

Disclosing that the company became interested in The Bahamas before it upgraded the stem cell and regenerative regulatory regime via the recently-passed Longevity and Regenerative Therapies Bill, he said: “We’re happy to be here in The Bahamas where you have a very good regulatory framework for stem cells.

“The entrepreneurial and regulatory framework, it’s very sturdy. It’s a lot like the European framework and the US framework, but The Bahamas has many things that sets them apart. That makes it interesting for companies like ourselves as you allow patient-funded clinical trials.

“That’s a way for us to accelerate the research which we would not be able to fund otherwise. It’s a way for patients to make sure they get the treatment and a way for us all to accelerate the research and learn more.”

Dr Bernow said Cellcolabs was formed in Sweden in 2021 after physicians discovered stem cells could be used to treat seriously ill COVID patients during the pandemic. Focused on what he described as the “highest quality” stem cells, the company initially was unable to harvest or manufacture enough to the standard desired.

Having overcome this problem, Dr Bernow said its “mission is to democratise access to stem cells” worldwide including for Bahamians who may benefit from such treatments. Its clinical trials and research, according to Cellcolabs’ website, are focused in particular on preventing cardiovascular (heart) disease; musculoskeletal injuries, especially those suffered by athletes; aging frailties; and osteoarthritis.

“It’s one of the cornerstones,” the Cellcolabs chief told Tribune Business of The Bahamas. “We have the production in Sweden, a presence in new markets and, to me, The Bahamas is a second home. This is the first market where we were licensed, and now we are in Abu Dhabi in the UAE.

“This is where we first set foot, got started and the blueprint for many of the operations. This will be very big over time. I just look at The Bahamas as really our second home.” Dr Bernow said this nation’s regulatory framework had proven attractive to Cellcolabs even before the latest Bill was passed into law by Parliament to further upgrade and enhance the supervisory regime.

“We knew about that,” he explained of the new Act, “but actually even before that you had a very good framework and progressive country. It was interesting to us even before that. I think it gives The Bahamas a practical advantage over many other countries.

“Japan was one of the first regimes, but The Bahamas has taken a slightly different track which is even smarter to some extent. Other countries have contacted us to ask how is your Bahamas operation going, or are there people in The Bahamas operation that we can speak to? You are progressive in a smart and responsible way....

“You have a good, responsible framework without putting any undue hindrances in the way. It’s like the European and US, but a bit smarter, which makes all the difference in terms of making it accessible and valuable but regulated by the National Ethical Stem Cell Committee. It’s really smart what you have done.”

That committee has been renamed as the National Longevity and Regenerative Therapy Ethics Review Committee under the new Act. Nevertheless, Dr Bernow said Cellcolabs Clinical (Bahamas) already has a physical presence in The Bahamas and is is responsible for the clinical trials, receiving, freezing and storing them in its laboratory once received from Sweden.

“We have our own staff here on the ground,” he said. “We’re growing all the time. We’re expanding. We have five staff and are looking to expand quite a bit over the next 12 months, so we will take on a lot of staff. We’ll add quite a few over the next year. We’ll probably double the amount in the next 12 months.

“We started working with Dr Bain one-and-a-half years ago, and treated the first patient in October last year. We have already treated more than 100 patients and submitted our first safety report to the Committee.... We hope to employ people, and build the community here and grow employment. We hope to lower prices and make it available for everyone in need.”

Voicing hope that The Bahamas’ business becomes “substantial”, he added: “I really, really hope it becomes big and I think there is truly the potential for it. I have no clear number for you, but we are in the millions of dollars here in terms of the investment to get it into place.”

Cellcolabs is currently renting its laboratory space from Doctors Hospital, Dr Bernow said, and sharing its work with Dr Bain and Live Well Bahamas with plans to develop its own buildings and infrastructure moving forward.