NeoStem Opens New Boston Area Facility
NEW YORK, Oct. 27 /PRNewswire-FirstCall/ -- NeoStem, Inc. (AMEX: NBS - News), NeoStem, Inc., which is pioneering the pre-disease collection, processing and long-term storage of adult stem cells for future medical need, announced today that it has closed on a private placement financing in the amount of $250,000. The funds will assist the Company in launching its adult stem cell collection network in the New York City market and increasing its research and development activities prior to receipt of the $800,000 in federal funds that have been earmarked by the Department of Defense through the FY09 Appropriations Bill to evaluate the efficacy and potential use of stem cell therapy for treating injuries suffered by U.S. military and first responders.
The private placement financing consists of units priced at $1.25 per unit with each unit consisting of one share of common stock and a warrant to purchase one share of common at $1.75. Dr. Robin Smith, Chairman and CEO of NeoStem commented, "We have felt that our stock price has been undervalued in light of recent stock market conditions and current credit crunch and this $250,000 private investment at above market prices helps to validate our sentiments. We believe we are in an exciting new phase of our development and we take comfort in the fact that this private placement, along with the $800,000 earmark from the US Department of Defense, show confidence in our technology and the importance that adult stem cell therapy may one day represent in medical treatment."
Dr. Smith also took this opportunity to comment on NeoStem's recently
expanded relationship with New England Cryogenic Center, Inc. "NECC has
been a leader in cryogenics for over 25 years and we have carefully chosen
their state of the art facility in which to establish our own stem cell
basic research and development capacity to seek to accelerate the
development of our very small embryonic li
|SOURCE NeoStem, Inc.|
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