NEW YORK, Jan. 13, 2011 /PRNewswire/ -- NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with operations in the U.S. and China, today announced that its FY2010 Technology/Therapeutic Development Award application number PR101055 has been recommended for funding by the Department of Defense (DOD) Peer Reviewed Medical Research Program (PRMRP) of the Office of the Congressionally Directed Medical Research Programs (CDMRP).
The $1,700,000 award, which the Company will receive upon completion of the award process, will be applied towards funding the Company's proposal to continue a strategy aimed at employing the Company's VSEL™ Technology which uses a unique stem cell population, very small embryonic-like stem cells, to treat osteoporosis and improve bone health.
"The work proposed in this application has the potential to dramatically change the way in which osteoporosis and bone fracture is treated in the military and in the general population," said Dr. Russell Taichman, Professor of Dentistry, Department of Periodontics and Oral Medicine at the University of Michigan's School of Dentistry who will work with the Company on the study. Dr. Taichman added "Osteoporosis is a major medical condition affecting 75 million people worldwide and causing significant morbidity and mortality in the aging population and the increased incidence of fractures is the major cause of death from osteoporosis. In 2005, the estimated cost burden of fractures due to osteoporosis was $19 billion and that is expected to rise to over $25 billion by the year 2025. In addition to being a major concern for the general healthcare community, osteoporosis and related bone fractures have become a concern for the military with significant loss of duty time across all branches of the military due to related stress fractures."
Dr. Denis Rodgerson, NeoStem's Director of Stem Cell Science and Principal Investigator for the study commented, "We are honored to have been recommended for this award. It will enable us, together with Dr. Taichman as co-Principal Investigator and his colleague Dr. Laurie K. McCauley, Chair, Department of Periodontics and Oral Medicine at the University of Michigan's School of Dentistry and Professor of Pathology at the University of Michigan Medical School, to explore the significant potential for VSEL™ Technology to provide benefits in autologous, cell-based therapies for osteoporosis and other diseases of the bone."
Dr. Robin Smith, NeoStem's CEO commented, "We are thrilled that such a preeminent authority as the Department of Defense shares our excitement and vision regarding the clinical applications of our licensed technologies and continues to support the advancement of our VSEL™ Technology in multiple clinical applications."
NeoStem has a worldwide exclusive license to VSEL™ Technology which uses very small embryonic-like stem cells, a heterogeneous population of stem cells found in adult bone marrow that have properties similar to those of embryonic stem cells. NeoStem has shown that very small embryonic-like stem cells can be mobilized into the peripheral blood, enabling a minimally invasive means for collecting what NeoStem believes to be an important population of stem cells that may have the potential to achieve the positive benefits associated with embryonic stem cells without the ethical or moral dilemmas or the potential negative effects associated with embryonic stem cells.
About NeoStem, Inc.NeoStem, Inc. is engaged in the development of stem cell-based therapies, pursuit of anti-aging initiatives and building of a network of adult stem cell collection centers in the U.S. and China that are focused on enabling people to donate and store their own (autologous) stem cells for their person al use in times of future medical need. The Company also has licensed various stem cell technologies, including a worldwide exclusive license to VSEL™ Technology which uses very small embryonic-like stem cells, shown to have several physical characteristics that are generally found in embryonic stem cells, and is pursuing the licensing of other technologies for therapeutic use. NeoStem's majority-controlled Chinese pharmaceutical operation, Suzhou Erye, manufactures and distributes generic antibiotics in China. For more information, please visit: http://www.neostem.com.
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward looking statements include statements herein with respect to the successful execution of the Company's strategy, including the final receipt of the award described herein, as well as other advances in the Company's business, about which no assurances can be given. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2010 as well as other periodic filings made with the Securities and Exchange Commission. The Company's further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.For more information, please contact:NeoStem, Inc.Robin Smith, CEOPhone: +1-212-584-4174Email: email@example.com Web: http://www.neostem.com
|SOURCE NeoStem, Inc.|
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