NEW YORK, Nov. 2, 2010 /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 Weihai Municipal Price Bureau, the local authority in charge of pricing for public medical services in China, approved the pricing for single side and bilateral arthroscopic orthopedic autologous adult stem cell based treatment being administered at Wendeng Orthopedic Hospital ("Wendeng Hospital"), one of the leading specialist orthopedic hospitals in China based in Wendeng, Shandong Province, China. Additionally, Weihai Municipal Labor Bureau Medical Insurance Office approved Wendeng Hospital's application for reimbursement effective November 1st, whereby patients are eligible to receive reimbursement for up to 80% of the cost of the orthopedic procedure under the new technology category.
NeoStem holds an exclusive royalty-bearing, perpetual and irrevocable license to use the Regenerative Sciences, Inc. stem cell-based orthopedic technology in Asia, and is in the early stages of implementing operations designed to offer these orthopedic treatments in China through an initial network of hospitals, of which Wendeng Hospital is the first.
"Reimbursement for such procedures will allow individuals who cannot otherwise afford treatment to receive treatment while also benefitting from these innovative, less invasive therapies," said Dr. Robin Smith, Chairman and Chief Executive Officer of NeoStem.
Wendeng Hospital's Dr. Huang Xiangjie, who is Vice President, Clinical Affairs, said, "Our collaboration with affiliates of NeoStem has enabled us to offer to our patients the benefit of the latest technology from the U.S. in the treatment of a range of orthopedic conditions, and this latest development will enable us to expand significantly the universe o
|SOURCE NeoStem, Inc.|
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