NeoStem, Inc.'s Suzhou Erye Pharmaceuticals Company Ltd.l Subsidiary Receives Approval for First Two Manufacturing Lines in its New Facility
Published: Feb 01, 2010
NEW YORK, Feb. 1 /PRNewswire-Asia-FirstCall/ -- NeoStem, Inc. ("NeoStem" or the "Company") , an international biopharmaceutical company with operations in the U.S. and China, announced that it recently was advised that its Suzhou Erye Pharmaceutical subsidiary ("Erye") received approval from the State Food and Drug Administration (SFDA) in China to manufacture solvent crystallization sterile penicillin and freeze dried raw sterile penicillin at their new facility which provides 50% and 100% greater manufacturing capacity, respectively, than its existing facility. Historically, these two lines have accounted for approximately 20% of Erye's sales.
NeoStem's Chairman and CEO, Robin Smith, commented, "This also is the beginning of Erye's relocation of operations to the new facility, which will continue through 2011, as the new production lines are completed and receive cGMP certification. Once Erye has completed its relocation to the new facility, and its new production lines are fully operational, it will have substantially increased its capacity from the current plant with the goal of becoming among the largest antibiotic producers in Eastern China."
About NeoStem, Inc.
NeoStem, Inc. is engaged in the development of stem cell-based therapies and building of a network of adult stem cell collection centers in the U.S. and China that are focused on enabling people to donate and store their own (autologous) stem cells for their personal use in times of future medical need. The Company is also the licensee of various stem cell technologies, including a 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's majority-controlled Chinese pharmaceutical operation, Suzhou Erye, manufactures and distributes generic antibiotics in China. For more information, please visit: http://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 affect of the two new manufacturing lines on the Company's revenue, 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 Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on January 29, 2010, as well as 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.
CONTACT: Robin Smith, CEO of NeoStem, Inc., +1-212-584-4180,
email@example.com; or Lei Huang, Account Manager, +1-646-833-3417,
firstname.lastname@example.org, or Crocker Coulson, President, +1-646-213-1915,
email@example.com, both of CCG Investor Relations, Inc.
Web site: http://www.neostem.com/