NEW YORK, Nov. 3 /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 agreed to acquire a Hong Kong corporation, whose wholly-owned subsidiary, Beijing HuaMeiTai Bio-technology Limited Liability Company, has a series of contracts with Shandong New Medicine Research Institute of Integrated Traditional and Western Medicine LLC that establish control over Shandong's business, personnel and finance as though it were a wholly-owned subsidiary.
Shandong New Medicine Research Institute currently administers a multitude of treatments and is a leading provider of regenerative medical therapies in China which strategically fits into both NeoStem's existing business and intellectual property platform. Through the acquisition, NeoStem will align itself with Dr. Wang Taihua, founder of Shandong New Medicine Research Institute and a leading provider of regenerative therapies in China.
"We look forward to working with NeoStem in the support of both our efforts in providing new and innovative cell regenerative therapies and also bringing to the People's Republic of China enhanced technologies of collection and cryopreservation of regenerative cells," said Dr. Wang Taihua. "We are also particularly excited at the prospect of collaborating with NeoStem to vet new technologies and bring VSEL technology to the large population base of the PRC."
Robin Smith, MD, CEO of NeoStem said, "NeoStem is very excited at the
idea of bringing our expertise in cell extraction and preservation
protocols as well as advances in research and development and clinical
trial know-how to roll out in China thr
|SOURCE NeoStem, Inc.|
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