ImageThe US-based Advanced Cell Technology and Korean biotechnology company CHA Biotech said that the recently announced joint venture between both the companies would be named “Stem Cell and Regenerative Medicine International.”

The partnership between Seoul-based CHA and Massachusetts-based Advanced Cell Technology is an indication of the accelerating globalization of biotechnology, the release said. The formation of the new international joint venture to develop stem cell technologies based on Advanced Cell Technology’s proprietary hemangioblast cell technology was announced December 1, 2008.

The new company will be located in Worcester, Massachusetts and will focus on development of human blood cells and other clinical therapies. It is majority owned by CHA. Advanced Cell will exclusively license all of its hemangioblast technology to the joint venture.

Dr Robert Lanza, Head of Advanced Cell’s retinal program and the joint venture’s Chief Scientific Advisor, said the new name captures the essence and scope of what the company is focused on in the most simple and obvious way.