NEW YORK, Nov. 16, 2010 /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 today announced the pricing of concurrent offerings.
An underwritten registered offering of 6,337,980 common units at $1.45 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.5 of a share of common stock with a per share exercise price of $1.85. Cowen and Company, LLC acted as sole book-running manager and Maxim Group LLC and National Securities Corporation acted as co-managers for this offering.
A registered direct offering of 10,582,011 preferred units. Each unit consists of one share of series E 7% senior convertible preferred stock convertible at $2.0004, maturing May 20, 2013, a warrant to purchase 0.25 of a share of common stock with a per share exercise price of $2.0874 and 0.0155 shares of common stock. Cowen and Company, LLC and LifeTech Capital, a Division of Aurora Capital, LLC, acted as co-placement agents for this offering.
From the two offerings, which are running concurrently, the company expects to receive $19 million in gross proceeds, prior to deducting underwriting discounts and commissions, placement agent fees and offering expenses payable by the company. These funds will give NeoStem the ability to proceed with its acquisition of Progenitor Cell Therapy LLC, and focus on growing the cord blood and adult stem cell banking, cellular manufacturing and therapeutic business, as well as expand our businesses in Asia and other countries. Additionally, the company will be able to continue to develop its intellectual property and acquire new te
|SOURCE NeoStem, Inc.|
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