The Okyanos Heart Institute, the Grand Bahama-based stem cell therapy facility, yesterday announced that it had expanded its treatment options beyond cardiac stem cell therapy as The Bahamas positions itself as a regional leader in stem cell therapy. Speaking with Guardian Business, Okyanos CEO Matt Feshbach revealed that the government had approved Okyanos to perform a wider array of procedures, treating autoimmune, orthopedic and rheumatoid arthritis-related ailments, following inspections.
"We had originally chosen to focus on cardiac cell therapy, but as the regulations were developed and the science and technology that we're working with has progressed it became very clear that these cells that we use from a person's own body fat can treat a number of conditions," said Feshbach.
The $10 million facility currently employs roughly 30 Bahamians and has treated over 40 patients from over half a dozen countries since it began offering cardiac cell therapy in October.
"We've had extremely high patient satisfaction and remarkable outcomes. We're now treating about one patient a day and we expect to increase the numbers
sequentially every month throughout the year. We also expect to hire more staff and further invest in leading edge technology to ensure that we have the highest standard of safety and care for our patients," Feshbach said.
Last year the government passed the regulations for the Stem Cell Research and Therapy Act 2013, which allows for embryonic stem cell therapy only in "exceptional circumstances", stipulating that all embryonic stem cells intended for therapy must be previously derived, and prohibiting the use of new human embryonic cells.
The regulations led to the creation of the National Stem Cell Ethics Committee, the Scientific Committee and the Compliance Committee to oversee the growing industry. Initial application fees 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.
Feshbach applauded the government's approach to stem cell therapy, arguing that The Bahamas had an appropriately rigorous regulatory framework that both protected patients and ensured that the country is at the forefront of the stem cell industry. In addition, Feshbach welcomed competition as the fledgling field grows in 2015.
"We feel that The Bahamas is the ideal place for legitimate stem cell research and therapy to take place. We welcome other providers that are compliant because it will lift the whole field," he said.

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