Collections to Begin at ProHEALTH Facility by End of First Quarter
NEW YORK, Feb. 5 /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, today announced receipt of a provisional license for comprehensive tissue procurement services for the collection of adult stem cells from the New York State Department of Health for the ProHEALTH Care Associates, LLP stem cell collection facility. ProHEALTH Care Associates is a multi-specialty network of over 100 physicians serving over 500,000 patients located in Long Island. ProHEALTH has gained particular renown by becoming the official medical provider of major regional sports franchises and events including the NY JETS, the NY Islanders, and the US Open Tennis Championships.
Robin Smith, MD MBA, NeoStem's Chairman and Chief Executive Officer stated: "The licensing of this facility is a milestone in our development. We have spent the past year signing agreements with collection centers and development groups to position us for revenue growth in 2008. We will now begin to benefit from our achievements. ProHEALTH is one of the largest and most prominent multi-specialty practices in the NY metropolitan region.
Dr. David Cooper, Chief Executive Officer of ProHEALTH, said: "This alliance is a testament to our commitment to provide our patients with the leading edge of medical technology. We believe NeoStem's proprietary methodology for collecting and storing autologous adult stem cells will give patients in our community the ability to take advantage of stem cell therapies offered today, as well as new therapies in development."
Dr. Smith added: "We anticipate the opening of additional collection facilities in 2008 and we will continue to build out our nation-wide network of collection centers. We are executing on our business plan and promoting the health and welfare of those individuals who chose to donate their own stem cells and store them with us."
ProHEALTH Care Associates, LLP is the largest multi-specialty practice in New York State, with over 100 physicians caring for over 500,000 patients. ProHEALTH Corp. manages the LLP, as well as the ProHEALTH Ambulatory Surgery Center, all located in Lake Success, N.Y.
About NeoStem, Inc.
NeoStem is managing a growing nationwide network of adult stem cell collection centers, enabling people to donate and store their own (autologous) stem cells when they are young and healthy for their personal use in times of future medical need. The Company has also recently entered the research and development and therapeutic arenas, through the acquisition of a worldwide exclusive license to an early-stage technology to identify and isolate rare stem cells from adult human bone marrow, called VSELs (very small embryonic- like stem cells), which have been shown to have several physical characteristics that are generally found in embryonic stem cells.
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995, including statements concerning the ability of NeoStem, Inc.
("the Company") to develop the adult stem cell business, to develop the
VSEL technology, the future of regenerative medicine and the role of adult
stem cells and VSELs in that future, the future use of adult stem cells and
VSELs as a treatment option and the potential revenue growth of the
Company's business. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company, or industry results,
to be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking statements. The
Company's ability to enter the adult stem cell arena, its success in such
arena and future operating results are dependent upon many factors,
including but not limited to (i) the Company's ability to obtain sufficient
capital or a strategic business arrangements to fund its expansion plans;
(ii) the Company's ability to build the management and human resources and
infrastructure necessary to support the growth of its business; (iii)
competitive factors and developments beyond the Company's control; (iv)
scientific and medical developments beyond the Company's control; (v) the
Company's inability to obtain appropriate state licenses or any other
adverse effect or limitations caused by government regulation of the
business; (vi) whether any of the Company's current or future patent
applications result in issued patents; and (vii) other risk factors
discussed in the Company's periodic filings with the Securities and
Robin Smith, Chief Executive Officer, 212-584-4180
|SOURCE NeoStem, Inc.|
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