NEW YORK, May 21 /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 a private placement financing in a total amount of $900,000, which includes a strategic investment from the New England Cryogenic Center, Inc. (NECC), one of the largest full-service cryogenic laboratories in the world.
The financing consists of units priced at $1.20 per unit with each unit consisting of one share of common stock and a warrant to purchase one share of common stock at $1.75 per share.
Robin Smith, MD, MBA, NeoStem's CEO, stated, "We are pleased to announce this new financing, which included investments from both NECC and NeoStem management. These funds will be instrumental in executing on our plan to educate potential clientele about our services, particularly in the Northeast which we believe will be a powerful market. We look forward to working closely with NECC, a strategic partner since October 2007 and located in Massachusetts, to provide extensive new stem cell processing and storage capabilities on the East Coast as well as to embark on a marketing campaign to NECC customers."
On May 9, 2008, NECC was granted a license from the State of New York to process, store and use for research adult hematopoietic stem cells collected from New York residents. NECC's New York licensure will provide NeoStem with greatly expanded storage capacity for one of its largest potential markets and facilitate expanded relationships with leading physician practices.
"We are excited to expand our laboratory offerings to NeoStem in
connection with this exciting new project and plan to offer NeoStem's
|SOURCE NeoStem, Inc.|
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