Prime Minister Perry Christie revealed yesterday that a developer has submitted a formal proposal to the government to build a stem cell research centre in New Providence.

The developer anticipates – through a joint venture – to build a mini hospital which will include stem cell therapy and research.

While speaking with reporters yesterday, the nation’s chief was tight-lipped on who the developer was but said that he is excited about the economic possibilities stem cell research could bring to The Bahamas.

“I am very excited about it. I anticipated that we were going to have discussions with companies like Genting that are involved in a conglomerate for medical research and that at some stage we anticipated that they would have offered something there [Bimini],” he said.

“That was expected. I mentioned it but this development down here, they have now put a formal proposal in. I want to leave it to them I don’t know what formal arrangements they have to make before they announce it. But I know that it is a proposal that will involve expansion here and it is the multi-sectional expansion that will bring exciting results for New Providence for The Bahamas.”

Prime Minister Christie and other government officials were recently involved in discussions with the University of Miami over stem cell research.

He gave an update on those discussions.

“They have now submitted to me of a sort of outline that they would wish to contribute to in The Bahamas and I think this outline prompted me to invite them to The Bahamas where a team of Ministry of Health officials and officials from my ministry will be able to meet with them to determine how we go about enabling them to contribute to the regime that we’re establishing that would govern stem cell,” he said.

“They indicated that they are already investigating using stem cell – seven diseases and they would wish also really to engage in research here and much to my surprise to even extend and expand their involvement in The Bahamas then brings it into an economic interest.”

But that’s not the only body that the government is holding discussions with.

“We have met with other professor types leading personalities – people who bank stem cells for the United States, people who are involved heavily and we are talking to all of them from Canada as well.”

Stem cells are considered “mother” cells that can duplicate any cell in the body.

It is credited to treating a myriad of diseases and disabilities including Parkinson’s disease, amyotrophic lateral sclerosis, spinal cord injury, burns, heart disease, diabetes, and arthritis.