The company says the method it has developed eliminates the need for embryos and foetuses, rich sources of stem cells that can develop into any cell type.
The use of early embryos has been a major stumbling block in the use of stem cells.
"TriStem has been claiming for years that it can take a half litre of anyone's blood, extract the white blood cells and
make them revert to a stem cell-like state," New Scientist magazine said on Wednesday.
"The company has now finally provided proof that at least some of its claims might be true," it added.
The company used the technique to turn white blood cells into stem cells found in bone marrow and injected them into
mice to produce different types of blood cells. It's due to report its findings in the a peer-review journal in March.
But some leading stem-cell researchers are sceptical about the company's claims and say more proof is needed.
The company has been granted permission to use the technology to treat a dozen patients with a bone marrow disorder called aplastic anaemia in an unnamed country, according to the magazine.
"Senior government research collaborators in the country hosting the trial have asked for the location to be kept secret
for now," it added.
Scientists at TriStem plan to use stem cells derived from tissue-matched donors for the trial. The results are due by
"Within a week, we should find if the cells have taken," said Dr Ilham Saleh Abuljadayel, a co-founder of the company.