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NeoStem Presented at NASDAQ MarketSite in New York to Discuss Entry Into Merger Agreement With Progenitor Cell Therapy
Date:9/27/2010

NEW YORK, Sept. 27 /PRNewswire-FirstCall/ -- NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with operations in the U.S. and China, appeared on Thursday at the NASDAQ  MarketSite in Times Square in connection with its announcement of the signing of a definitive merger agreement whereby NeoStem will acquire Progenitor Cell Therapy.  

The definitive merger agreement provides for the issuance of an aggregate of 11,200,000 shares of NeoStem common stock in exchange for all of Progenitor Cell Therapy membership interests. The bulk of these shares will be held in an escrow account for at least one year from closing and will not be available for sale.  Additional consideration includes warrants to purchase an aggregate of no less than 1,000,000 and a maximum of 3,000,000 additional shares of NeoStem common stock at $3, $5 and $7 exercise prices. Holders of greater than 50% of NeoStem's common stock and greater than 50% of PCT's membership interests have agreed to vote in favor of the merger.Dr. Smith discussed how this acquisition is a significant step in NeoStem's efforts to develop a "one-stop-shop" for global cell therapy and highlighted key considerations in the merging of the two companies, including:

  • In 2009, PCT generated over $8,000,000 in revenue.  Its business will be accretive to NeoStem's growing adult stem cell operations and PCT has demonstrated that cellular therapy can be a revenue generating business.
  • PCT's management will remain in place.  They bring over 100 years of collective experience in the business and science of cell therapy and its development.
  • Since its inception in 1999, PCT has performed over 30,000  cell therapy procedures in its cell therapy manufacturing facilities and processed and stored over 18,000 cell therapy products (including
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