NeoStem Completes $11 Million Private Placement Financing to Support Expansion Activities in China, Further Development of NeoStem's VSEL Technology and Advancement of Medical Tourism I...( NEW YORK April 13 /- NeoStem Inc. (Am...)
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NeoStem Completes $11 Million Private Placement Financing to Support Expansion Activities in China, Further Development of NeoStem's VSEL Technology and Advancement of Medical Tourism Initiatives
Date:4/13/2009
NEW YORK, April 13 /PRNewswire-FirstCall/ -- NeoStem, Inc. (Amex: NBS) announced today that it has completed a private placement financing totaling $11 million from three Asia-based investors, including a private equity firm operating in partnership with strategic investors drawn from leading Asian families and businesses.
The financing consists of units priced at $12.50 per unit, with each unit consisting of one share of the Company's Series D Convertible Redeemable Preferred Stock and ten warrants each to purchase one share of common stock (resulting in an equivalent price of $1.25 per common share plus an attached warrant). The warrants have a per share exercise price equal to $2.50 and are callable by the Company if the common stock trades at a price equal to $3.50. Subject to the affirmative vote of the Company's shareholders and the rules of the NYSE Amex, the warrants will become exercisable for a period of five years and each share of Series D Convertible Redeemable Preferred Sock will automatically convert into ten shares of Common Stock.
The investing firms are RimAsia Capital Partners, LP, a pan-Asia private equity firm operating in partnership with a regional network of strategic investors drawn from leading Asian families and companies, investing $5 million; Enhance Biomedical Holding Corporation based in Shanghai, also investing $5 million and Elancrest Investments Ltd., a Singapore-based firm, investing $1 million. RimAsia Capital Partners previously invested $1.25 million in NeoStem, as was announced on September 3, 2008.
The funds will be used to support the development of NeoStem's VSEL (very small embryonic-like stem cells) technology licensed from the
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