Following a major certification, shares of Celularity Inc. (NASDAQ: CELU) were up 7.76% to trade at $1.25 in after-hours at the last check.
What accreditation has CELU received?
This month, Celularity (CELU) revealed that its business models, commercial-stage biomaterial products, and clinical and investigational-stage cellular therapy projects have acquired Halal Certification. By receiving this accreditation, Celularity has proven that its goods have undergone a thorough evaluation to see whether they are permitted or acceptable under Islamic or Sharia law. The certificates give CELU the opportunity to cater to Islamic markets all around the world and were granted by Circle H International, Inc. (hereafter “Circle H”).
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The Middle East North Africa (MENA) area and Saudi Arabia will be the primary focus of CELU’s worldwide expansion plan, which is supported by this statement. A crucial first step and a significant milestone in CELU’s strategy to increase the potential markets for its cutting-edge cellular therapy prospects and biomaterial products is achieving vast influence Halal Certification. This accreditation makes it easier for Celularity to develop and expand in foreign markets since, according to Fortune Business Insights, 28.26% of the world’s population is Muslim.
Based on the international guidelines set out by its acclaimed Circle H Sharia Advisory Council, Circle H provided Halal Certifications (the Council). Islamic universities as well as well-known governmental and non-governmental organizations have acknowledged and backed Circle H and the Council. Religious leaders from these eminent institutions serve on Circle H’s board or provide advice to the Council about the development and support of the organization’s halal standards.
The post-partum placenta obtained from donors with informed consent acted as an ethical source of cells and other biomaterials, and CELU’s first-ever Halal Certification signifies that the cellular therapy candidates and biomaterials products identified in its Halal Certifications issued by Circle H have been evaluated and found to be compliant with Islamic law.
The MENA healthcare market is predicted to develop at a compound annual growth rate of 13.6% to reach $261.1 billion in 2023; growth is anticipated throughout the aesthetics, facial rejuvenation, and cell treatment categories. Large and quickly expanding halal healthcare markets may be found in Malaysia, Indonesia, and Pakistan, all of which are Islamic nations.
How would this enhance CELU’s growth?
According to the widely acknowledged Circle H criteria, Celularity (CELU) says it is the first cellular therapies and biomaterials firm to gain Halal Certification for its goods, services, and business models. Additionally, CELU’s business model has been examined and confirmed to be compliant with continuing Halal requirements and arranged in a way that complies with those standards, which are a crucial need in the worldwide markets for healthcare and pharmaceutical goods and services.