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NeoStem Provides Third Quarter Update
Date:11/12/2010

NEW YORK, Nov. 12, 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, is today providing results of its third quarter 2010.

Third Quarter Results

  • Revenues for the nine months ended September 30, 2010 were $51.7 million, compared to $157,700 for the comparable period of 2009.  Revenues for the three months ended September 30, 2010 were $16.5 million compared to $85,100 for the same period in 2009.
  • For the nine months ended September 30, 2010 revenues increased 14% over the 2009 pro forma revenue of $45 million.
  • Net cash used in operating activities for the nine months ended September 30, 2010 was $3.2 million compared to $9.5 million for the comparable period in 2009.  
  • During the first nine months of 2010, the Company invested $12.5 million in capital expenditures primarily related to our continuing expansion into China.

  • In early 2010, Erye began relocating its operations to its new state-of-the-art manufacturing facility.  While the facility is not yet operating at peak efficiency, it has already begun to see increased production from the two cGMP approved lines for the manufacturing of penicillin and cephalosporin powder for injection that have historically accounted for over 70% of Erye's revenues. At its peak, the new facility is expected to provide an increase in production capacity of more than 50% over the old facility.

    Additionally, the Company has begun to generate revenues from its pipeline of licensed stem cell-based regenerative medicine therapies; a key element of NeoStem's growth strategy in both the United St
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    SOURCE NeoStem, Inc.
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