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NeoStem Provides Second Quarter Update
Date:8/16/2010

NEW YORK, Aug. 16 /PRNewswire-FirstCall/ -- NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company")  an international biopharmaceutical company with product and service revenues, global research and development capabilities and operations in three distinct business units, U.S. adult stem cells, China adult stem cells, and China pharmaceuticals is today providing results of its second quarter 2010.

Second Quarter Results

  • Quarterly revenues were $19.4 million, up 26% compared to the pro forma results from the same period in 2009, and 23% higher than the first quarter of 2010.  The Company experienced a 25% increase in revenue in the first half of 2010 compared to the pro forma revenue results from the first half of 2009.
  • The Company had cash and cash equivalents of approximately $11 million at June 30, 2010.
  • Net cash used in operating activities for the second quarter was $842,000.
  • During the first half of 2010, the Company invested $8.6 million in capital expenditures related to our continuing expansion into China.

  • Erye began relocation of its operations to its new state-of-the-art manufacturing facility in early 2010 with the first of the State Food and Drug Administration (SFDA) approvals of four production lines at the new plant.  These production lines account for the manufacture of the materials for approximately 90% of last year's revenues. The expanded facility should enable Erye to increase its production capacity to respond to forecasted rising demand in China's growing pharmaceutical market with the expectation of stronger sales as 2010 unfolds.  Erye's development pipeline continues to advance, including SFDA approval to manufacture the sterile active pharmaceutical ingredient of the anti-infective cloxacillin sodium and proton pump inhibitor omeprazole announced earlier this year  for which c
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    SOURCE NeoStem, Inc.
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