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NeoStem Raises Additional Funds from Principals of Suzhou Erye Pharmaceuticals Company Ltd. and U.S. Institutional and Private Investors, Bringing the Total Recent Financings to Over $15 Million; Funds Will Support Expansion Activities in the United State
Date:7/1/2009

NEW YORK, July 1 /PRNewswire-FirstCall/ -- NeoStem, Inc. (NYSE Amex: NBS) announced today that it has raised additional gross funds of over $4 million from institutional and private investors. These funds, together with the $11 million private placement from three Asia-based investors announced April 13, 2009, bring the total investment obtained by NeoStem in the past two and half months to over $15 million. In addition, affiliates of Suzhou Erye Pharmaceuticals Company, Ltd. have increased their overall investment in the Company to over $1,000,000. As part of its China expansion activities, NeoStem is anticipating, subject to approval of its shareholders, on closing before year end on the acquisition of a 51% interest in Suzhou Erye through a merger with its current 51% owner.

The funds will be used to support NeoStem's continuing initiatives in VSEL (very small embryonic-like) stem cell technology licensed from the University of Louisville and to advance NeoStem's expansion activities in China, as well as other general corporate purposes. A portion of the funds also will be used to expand U.S.-based operations and add seasoned management to the NeoStem team with experience in clinical drug development in pharmaceutical and biotechnology industry and administration of overseas based clinical trials.

The terms and conditions of the current financing are the same as those of the earlier April round. Units are priced at $12.50 per unit, with each unit consisting of one share of the Company's Series D Convertible Redeemable Preferred Stock, convertible into ten shares of common stock and ten warrants each to purchase one share of common stock. 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 v
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SOURCE NeoStem, Inc.
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