CEO of NeoStem, Inc. Says China Will Play a Key Role in Company's Future
LOS ANGELES, CA--(Marketwire - January 20, 2010) -
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NeoStem is engaged in the business of developing stem cell therapies, pursuing anti-aging initiatives and is operating a network of adult stem cell collection centers that are focused on enabling people to donate and store stem cells for their personal use in times of future medical need.
"We think therapy is what is going to drive our business model; our company has grown over the last two and a half years from a single line to being a real therapeutics company," says Smith. "Our recently announced expansion into China is just that. We purchased a pharmaceutical company doing $60 million in revenue and we own 51% of that."
"It pays off right away because we are going from $80K in revenue to $60 million. So it pays off in that regard, and it's very profitable. To continue to enhance that piece of the business as China is going through their health care reform is important. We are very well poised to accept some of those revenues and grow in that area. But on top of that we can bring new innovative drugs and technologies, with our expertise, right into China. Right into that pipeline. So we think that is a tremendous opportunity today."
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