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Press Release - NeoStem, Inc. (NBS-NYSE Amex) |
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We have two sides of our business. We have a majority interest in a pharmaceutical company that produces over 100 drugs. 95% are antibiotic finished goods that are distributed throughout China. It is a very profitable business with over $60 million in revenue in 2009. It is a great platform for growth because China is going through healthcare reform and is putting $124 billion into healthcare over the next couple of years, increasing access points of care… - Dr. Robin L. Smith, M.D., MBA (NBS) (Interview published June 18, 2010) |
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NeoStem Raises $5 Million in Registered Direct Offering
NEW YORK, June
25 /PRNewswire-Asia-FirstCall/ -- NeoStem, Inc. (NYSE On the conclusion of the direct offering, Dr. Robin Smith, Chairman and CEO noted, "We were pleased by the participation of new institutional investors. We remain committed to expanding our revenue opportunities in China, both through our pharmaceutical business and recently launched adult stem cell initiatives." The Company intends to use the net proceeds from this offering for the construction of lab facilities in China, stem cell-related research and development projects, development and licensing of new pharmaceutical products in China, and for working capital and general corporate purposes and the Company's future growth through potential acquisitions. Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the Company's exclusive placement agent in connection with the offering. The Company expects to use the net proceeds for general working capital purposes. The offering is expected to close on or around June 30, 2010, subject to customary closing conditions. The shares and warrants in this offering are being issued under a shelf registration statement declared effective by the Securities and Exchange Commission (the "SEC") on May 11, 2010. A prospectus supplement related to the public offering will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from Rodman & Renshaw, LLC, 1251 Avenue of the Americas 20th Floor, New York, NY 10020 or by calling (212) 356-0549. An electronic copy of the prospectus is also available on the SEC's web-site at http://www.sec.gov . For more detailed information on this financing, please refer to the Company's Form 8-K and related exhibits to be filed with the SEC on or around June 25, 2010. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About NeoStem, Inc. NeoStem, Inc. is engaged in the development of stem cell-based therapies, pursuit of anti-aging initiatives and building of a network of adult stem cell collection centers in the U.S. and China that enable people to donate and store their own (autologous) stem cells for potential personal use in times of future medical need. The Company is also the licensee of various stem cell technologies, including a worldwide exclusive license to VSEL(TM) Technology, which uses very small embryonic-like stem cells shown to have several physical characteristics that are generally found in embryonic stem cells, and is pursuing the licensing of other technologies for therapeutic use. NeoStem's majority-controlled Chinese pharmaceutical operation, Suzhou Erye, manufactures and distributes generic antibiotics in China. For more information, please visit: http://www.neostem.com .
Forward-Looking Statements
This
press release contains forward-looking statements within the meaning
of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the date
of this press release, and involve certain risks and uncertainties.
Forward looking statements include statements herein with respect to
the success of lab construction, new stem cell projects and new
pharmaceutical development and licensing, about which no assurances
can be given. The Company's actual results could differ materially
from those anticipated in these
For more information, please contact:
NeoStem, Inc. Robin Smith, CEO Phone: +1-212-584-4174 Email: rsmith@neostem.com
CCG Investor Relations, Inc. Crocker Coulson, President Phone: +1-646-213-1915 Email: crocker.coulson@ccgir.com
SOURCE NeoStem, Inc. -0- 06/25/2010 /CONTACT: Robin Smith, CEO of NeoStem, Inc., +1-212-584-4174, or rsmith@neostem.com; or at CCG Investor Relations, Inc., Crocker Coulson, President, +1-646-213-1915, or crocker.coulson@ccgir.com, for NeoStem / /Web Site: http://www.neostem.com / (NBS)
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