NEW YORK, Aug. 24 /PRNewswire-FirstCall/ -- NeoStem, Inc. (Amex: NBS), which is pioneering the pre-disease collection, processing and long-term storage of adult stem cells for future medical need, announced today that it has qualified as an Emerging Technology Company with the New York Department of Taxation and Finance, for the period ending December 31, 2009.
The Company has notified certain shareholders that, as a result of this designation, they may be eligible for up to a 20% tax credit from the State of New York relating to their direct investment in NeoStem.
In the letter, Robin Smith, M.D., MBA, NeoStem's Chief Executive Officer, also stated, referring to the Company's proposed acquisition of China Biopharmaceuticals Holdings, Inc., "I am pleased to report the acquisition process is progressing and we are on track for closing before year end."
As announced on November 3, 2008, NeoStem has signed an agreement to acquire China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP), together with a 51% controlling interest in Suzhou Erye Pharmaceutical Co. Ltd. ("Erye"), a sino-foreign joint venture and CHBP's operating subsidiary located in Suzhou China. In 2008, Eyre generated revenues of approximately $50 million and netted over $7 million. Erye has been in business for more than 50 years and manufactures over 100 drugs on seven GMP lines, including small molecule drugs. The closing of the acquisition is subject to the prior approval of the shareholders of each of NeoStem and CHBP as well as other customary closing conditions.
About NeoStem, Inc.
NeoStem is developing a network of adult stem cell collection centers that are focused on enabling people to donate and store their own (autologous) stem cells
|SOURCE NeoStem, Inc.|
Copyright©2009 PR Newswire.
All rights reserved