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NeoStem Appoints Grant Thornton LLP as New Independent Registered Public Accounting Firm
Date:8/23/2011

NEW YORK, Aug. 23, 2011 /PRNewswire/ -- NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with a focus on cell-based therapeutic development, announced today the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for fiscal year 2011. Grant Thornton LLP replaces Deloitte & Touche LLP.  The decision to appoint Grant Thornton LLP as its independent registered public accounting firm was approved by NeoStem's Audit Committee on August 16, 2011. Deloitte & Touche's report on NeoStem's financial statements for fiscal year 2010 did not contain any adverse opinion or disclaimer of opinion, and there have been no disagreements between the Company and Deloitte & Touche on any matter regarding accounting principles or practices, financial statement disclosure or auditing scope or procedure during the fiscal year that ended December 31, 2010 and the subsequent interim period through August 12, 2011.

"NeoStem is thrilled to be able to engage an organization such as Grant Thornton LLP, who has global reach yet an understanding of the microcap company's needs to be nimble, responsive and knowledgeable," said Dr. Robin Smith, NeoStem's CEO and Chairman of the Board of Directors. "We feel that the engagement of Grant Thornton is consistent with our goal of maintaining top quality while achieving our objective of cost efficiency.  We thank Deloitte & Touche for their service on NeoStem's behalf."

About NeoStem, Inc.NeoStem is engaged in the development and manufacturing of cell-based therapies in the U.S. Its January, 2011 acquisition of Progenitor Cell Therapy, and its July 13, 2011 agreement to acquire Amorcyte, Inc. (which is expected to close in the fourth quarter subject to shareholder approval) position NeoStem to achieve its mission of capturing the para
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SOURCE NeoStem, Inc.
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