Press Release Source: NeoStem, Inc. On Tuesday May 17, 2011, 9:20 am EDT
NEW YORK, May 17, 2011 /PRNewswire/ -- NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with product and service revenues, global research and development capabilities and operations in three distinct business units -- U.S. adult stem cells, China adult stem cells, and China pharmaceuticals -- announced today that an affiliated entity has entered into an agreement with Tianjin Nankai Hospital in the People's Republic of China (PRC) to offer NeoStem's licensed treatments for orthopedic applications.
In December 2010, NeoStem announced an agreement with Shijiazhuang Third Hospital in Hebei Province. This new agreement with Tianjin Nankai Hospital adds another location where Chinese citizens can receive adult stem cell treatments for arthritis and orthopedic conditions based on technology exclusively licensed by NeoStem for Asia.
Nankai Hospital is located in Tianjin, approximately 80 miles from Beijing, less than a 30 minute ride on the new high-speed train. Tianjin is a city with a population of over 14 million with a reputation for advanced industry and innovation and which boasts investment or branch offices estimated at over one-half of Fortune Global 500 companies and over 400 hospitals. Tianjin Nankai Hospital has approximately 1,100 patient beds, of which approximately 88 are dedicated to orthopedics. Following the completion of its planned new hospital building, orthopedic beds are expected to be expanded to approximately 1,000 beds.
Dr. Li Ping, President of Tianjin Nankai Hospital, said, "Offering NeoStem's licensed technology in our hospital means patients with orthopedic and arthritis conditions have the advantage of using their body's own cells for self-regeneration." Dr. Robin L. Smith, Chairman and CEO of NeoStem, said, "We are very excited about our new relationship with Tianjin Nankai Hospital, another large Chinese hospital to grow revenues from mature adult stem cell-based treatments."
About NeoStem, Inc.
NeoStem, Inc. is engaged in the development and manufacturing of cell-based therapies in the U.S. Its January 2011 acquisition of Progenitor Cell Therapy, LLC ("PCT") is central to the Company's strategic mission of capturing the paradigm shift to cell therapy. The acquisition of PCT gives NeoStem not only access to a world class contract manufacturing cell therapy company but provides a platform and expertise around the evaluation, development and regulatory requirements to develop autologous, allogeneic, immunomodulatory and vaccine-based therapeutics. NeoStem also holds the 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 owns 80% of Athelos Corporation, a company developing a T-cell therapeutic with potential in a range of auto-immune conditions such as graft versus host disease, asthma and diabetes. Furthermore, NeoStem is building its Chinese presence by establishing an operations lab for cell-based manufacturing in Beijing as well as commercializing cellular therapies in China through the establishment of a network of hospitals. NeoStem also owns a majority-interest in Suzhou Erye Pharmaceutical Company Limited, a world class manufacturing and distribution operation of 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 successful execution of the Company's strategy, including with respect to the expansion and success of the hospital network in China, about which no assurances can be given. The Company's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 6, 2011, as well as other periodic filings made with the Securities and Exchange Commission. The Company's further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
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