ALLENDALE, N.J., July 18, 2011 /PRNewswire/ -- Progenitor Cell Therapy (PCT), an internationally recognized cell therapy services and development company, and a wholly-owned subsidiary of NeoStem, Inc. (NYSE Amex: NBS), an international biopharmaceutical company with operations in the U.S. and China, announced today that two existing clinical stage biopharmaceutical corporate clients have chosen to expand their development activities with PCT. One client will be moving into a final stage development program in oncology, leveraging PCT's expertise. Robert A. Preti, PhD, President of PCT said, "We are thrilled to provide support and leverage our expertise and dedicated service, comparable to what PCT has provided to Dendreon, Inc. in the recent past. For Dendreon, PCT facilitated the manufacturing and distribution of Provenge, a cell based therapy product for the treatment of prostate cancer that received FDA approval in 2010."
The newly signed agreement offers the potential for PCT to provide commercial manufacturing capacity into a multi-million dollar market should trials show that the target therapeutic fulfills its promise for patients suffering from certain types of cancer and related disorders.
In addition, PCT has received news that a second key client has extended its cGMP (current Good Manufacturing Practices) manufacturing agreement to provide for additional services for this client's development program to address disorders of the immune system. "Progenitor Cell Therapy and its management continue to receive validation that expertise in manufacturing is one of the critical elements in the development of cell therapies for the fields of regenerative medicine, immunology and oncology," said Dr. Robin Smith, CEO of NeoStem. Dr. Preti added, "We are pleased to be given the opportunity to continue our successful relationships with these clients and are grateful for the trust and confidence our clients have shown in PCT's services as we look to be true partners with our contract manufacturing clients who come to us for our expertise."
About Progenitor Cell Therapy
Progenitor Cell Therapy ("PCT") serves the developing cell therapy industry that includes biotechnology, pharmaceutical and medical products companies, health care providers, and academic investigators from licensed, state-of-the-art cell therapy manufacturing facilities in Allendale, New Jersey and Mountain View, California. PCT supports the research of leading academic investigators designed to expedite the broad clinical application of cell therapy. PCT's core strategy is to provide a global network of cell therapy manufacturing and storage facilities and an integrated and regulatory compliant distribution capacity for the evolving cell therapy industry to meet international commercial demands.
For more information, please visit: www.progenitorcelltherapy.com.
About NeoStem, Inc.
NeoStem, Inc. ("NeoStem") is engaged in the development and manufacturing of cell-based therapies. Its January, 2011 acquisition of Progenitor Cell Therapy ("PCT"), and its July 14, 2011 announcement of the signing of a merger agreement to acquire Amorcyte, Inc. ("Amorcyte"), position NeoStem to achieve its mission of capturing the paradigm shift to cell therapy.
PCT gives NeoStem not only access to a world class contract manufacturing cell therapy company but provides NeoStem a platform and expertise around the evaluation, development and regulatory requirements to develop autologous, allogeneic, immunomodulatory and vaccine-based therapeutics.
NeoStem also holds the worldwide exclusive license to VSEL(TM) Technology, which uses very small embryonic-like stem cells, shown to have several physical characteristics that are generally found in embryonic stem cells, and is pursuing the licensing of other technologies for therapeutic use. NeoStem owns 80% of Athelos Corporation, a company developing a T-cell therapeutic with potential in a range of auto-immune conditions such as graft versus host disease, asthma and diabetes. NeoStem's acquisition of Amorcyte, once the transaction is completed, will give the Company a Phase 2 asset for the treatment of Acute Myocardial Infarctions and a Phase 1 asset for Congestive Heart Failure. NeoStem will own 100% of the worldwide rights to the Amorcyte programs.
Furthermore, NeoStem is building its Chinese presence by establishing an operations lab for cell-based manufacturing in Beijing, as well as commercializing cellular therapies in China through the establishment of relationships with a network of hospitals.
NeoStem also owns a majority-interest in Suzhou Erye Pharmaceutical Company Limited, a world class manufacturing and distribution operation of generic antibiotics in China, with reported revenues of $69 million in 2010.
For more information, please visit: www.neostem.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward looking statements include statements herein with respect to the successful execution of the Company's strategy, including the integration of PCT's operations and the successful closing of the Amorcyte acquisition, about which no assurances can be given. The Company's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 6, 2011, its Form 8-K filed on July 14, 2011 as well as other periodic filings made with the Securities and Exchange Commission. The Company's further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
For more information, please contact:
Robin Smith, CEO
SOURCE NeoStem, Inc.