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NeoStem and Progenitor Cell Therapy Announce Entry Into Merger Agreement
Date:9/23/2010

NEW YORK and ALLENDALE, N.J., Sept. 23 /PRNewswire-FirstCall/ -- NeoStem, Inc. (NYSE Amex: NBS) an international biopharmaceutical company with operations in the U.S. and China and Progenitor Cell Therapy, LLC a privately held cell therapy company that serves the cell therapy industry from licensed, state-of-the art cell therapy manufacturing facilities in New Jersey and California  today jointly announced the signing of a  definitive merger agreement whereby NeoStem will  acquire Progenitor Cell Therapy.  The definitive merger agreement provides for  the issuance of an aggregate of 11,200,000 shares of NeoStem common stock and warrants to purchase an aggregate of no less than 1,000,000 and a maximum of 3,000,000 additional shares of NeoStem common stock in exchange for all of Progenitor Cell Therapy membership interests.

Holders of greater than 50% of NeoStem's common stock and greater than 50% of PCT's membership interests have agreed to vote in favor of the merger.  The closing of the merger is subject to various conditions, including the approval by NeoStem's stockholders of the issuance of NeoStem's securities in the merger.

PCT's revenue generating business would be accretive to NeoStem's growing adult stem cell operations and PCT's management would add to NeoStem the over 100 years collective experience of the PCT management team in the business and science of cell therapy and its development.  Since its inception in 1999, PCT has served over 100 clients from around the world and is experienced with more than 20 different cell based therapeutics.  PCT has performed over 30,000  cell therapy procedures in its cell therapy manufacturing facilities and processed and stored over 18,000 cell therapy products (including approximately 7,000 umbilical cord blood units, 10,000 blood and marrow derived stem cells and 1,000 dendr
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SOURCE NeoStem, Inc.
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