On Thursday morning, therapeutics startup Celularity announced it had received approval from the U.S. FDA to begin clinical trials of its proposed stem cell therapy for coronavirus. The
human placenta contains stem cells (hematopoietic stem cells and mesenchymal stem cells). Umbilical cord blood, which contains a high concentration of hematopoietic stem cells, may be known as a crucial component in hematopoietic stem cell transplants.
Hematopoietic stem cells are the source of all blood. All cells circulating in blood vessels, including red blood cells, white blood cells, and platelets, are derived from hematopoietic stem cells.
Among these stem cells are immune cells called NK cells. NK cells are immune cells that attack and eliminate foreign substances, pathogens, and viruses that enter the body. A
clinical trial to assess the efficacy of this therapy for treating coronavirus infection has been planned, and the FDA (the U.S. government agency equivalent to Japan's Ministry of Health, Labor, and Welfare) has approved it. The therapy
is scheduled to be administered to up to 86 patients.

Quoted from:
[New York Times report]

Source:
[Forbs article]
https://www.forbes.com/sites/alexknapp/2020/04/02/fda-gives-green-light-to-test-a-treatment-against-covid-19-coronavirus-that-flattens-the-curve-in-patients/#7a55a1354b57

Quoted from:
[Video of a conversation between the developer and the Mayor of New York]