Okyanos praises stem cell legislation, regulations

Mon, Sep 15th 2014, 11:45 AM

A stem cell treatment facility in Grand Bahama has welcomed last week's Stem Cell Research and Therapy Regulations, praising The Bahamas for providing the necessary legislative framework to advance stem cell research.
A statement from the Okyanos Heart Institute confirmed that the institute is still in "close communication" with the government over its application and approval.
"We are in close communication with all appropriate parties regarding the processing of our application and approval.
"Cell therapy is the next phase in the evolution of medicine. The Bahamas has joined other countries such as Japan, Singapore, the European Union, Australia and New Zealand in providing a legislative and regulatory jurisdiction, so that this very promising standard of care can be brought forward," reads the statement.
Okyanos, which aims to treat coronary artery disease through cardiac stem cell therapy, has already invested over $10 million in the facility. The institute currently employs 17 people and is in the process of hiring additional staff.
Parliament passed the landmark Stem Cell Research and Therapy Bill last year amid concerns over billionaire fashion designer Peter Nygard's influence on the legislation.
Last year, the government additionally undertook a "full review" of Okyanos' proposal after it was revealed that Okyanos CEO Matt Feshbach had declared bankruptcy and was battling the Internal Revenue Service (IRS) over a $3.8 million unpaid liability.
However, the government appears to have eased its concerns, with Prime Minister Perry Christie recently addressing the state of Okyanos' application in an interview earlier this month.
Speaking ahead of last week's tabling of the regulations, Christie said the institute would "most certainly" have its application processed in short order.
"Applications will begin to be processed. And where most certainly the group in Grand Bahama, that has spent over $10 million and is waiting for approval, [will] have its application processed," said Christie.
The stem cell regulations, tabled last week by Minister of Health Dr. Perry Gomez, would allow embryonic stem cell therapy only in "exceptional circumstances". The regulations further stipulate that all embryonic stem cells intended for therapy must be "previously derived", and prohibited the use of new human embryonic cells.
The regulations also call for the establishment of three regulatory bodies: the National Stem Cell Ethics Committee, Scientific Committee and Compliance Committee .
While the initial application fee for stem cell research stood at $2,500 in the tabled regulations, approved facilities would be required to pay an annual license fee ranging from $15,000 to $50,000.

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