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Research will first be carried out on mice but Dr de Grey predicted human trials within 10 years.
But Professor Alan Trounson, head of stem cell sciences at Monash University, dismissed the idea as wishful thinking.
"I'm not necessarily impressed that this is going to happen within the time frame he suggests," Prof Trounson said.
Prof Trounson said he expected average life-spans to keep increasing slowly in line with medical improvements.