Progenitor Cell Therapy, a Wholly-Owned Subsidiary of NeoStem, Inc., Announces Additions to Management
Published: Oct 19, 2011
NEW YORK, Oct. 19, 2011 /PRNewswire/ -- Progenitor Cell Therapy ("PCT"), a wholly-owned subsidiary of NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), today announced key additions to its management team to meet the demands associated with its contract development and manufacturing activities, including those associated with NeoStem's other subsidiaries, which add to the PCT client list. NeoStem is an international biopharmaceutical company with a focus on cell-based therapeutic development, and, through its acquisition of PCT, is solidifying its position as a leader in the development and manufacturing of cell therapies. The Company's strategic combination of revenues with manufacturing through its subsidiary, PCT, and global reach has positioned the Company for important advances in the cell therapy industry. The success of PCT's client business has allowed the Company to expand its management and technical staff in order to grow revenue and advance these cell therapies towards commercialization.
Timothy Fong, PhD, MBA, formerly of BD Biosciences, is joining PCT as Vice President, Technology and Product Development. David O'Neill, MD, formerly of New York University Medical Center, was recently appointed Director of Research and Development for the Company.
Dr. Fong brings with him significant experience from his previous position as Technical Director of the Cell Therapy Research Team, BD Biosciences, where, as part of the cell therapy enablement team, he was responsible for the development and manufacturing of conjugated antibody reagents for use in cell sorting for clinical cell therapeutic products. Prior to that role, Dr. Fong led a team at BD Biosciences in the development of a T Regulatory cell product for the treatment of GvHD and autoimmune diseases. This technology has since been licensed by NeoStem's Athelos subsidiary. While at NYU Medical Center, Dr. O'Neill led the design, construction, and validation of a new cGMP aseptic manufacturing facility at the NYU Cancer Institute and led the pre-clinical development, cGMP manufacturing, quality assurance and immune monitoring work for a novel autologous dendritic cell immunotherapy for malignant melanoma.
"Our acquisition of PCT is proving to be not only accretive but also generating a cost savings for NeoStem while accelerating our mission to be a global leader in cell therapy," said Dr. Robin L. Smith, Chairman and CEO of NeoStem. "We are thrilled that such high caliber industry veterans have chosen to join PCT to assist us with our client-focused development and manufacturing and our growing portfolio of cellular therapeutic candidates." "Dr. Fong and Dr. O'Neill lend their considerable expertise to PCT's clients and to NeoStem's preclinical and clinical development programs," said Dr Robert Preti, President and Chief Scientific Officer of PCT. "These key additions will add to our reputation in the industry as the "go-to" company to enable effective development and manufacturing of cellular therapeutics for our expanding client base."
About NeoStem, Inc.
NeoStem is a leader in the development and manufacturing of cell therapies. The Company's strategic combination of revenues with manufacturing through its subsidiary, Progenitor Cell Therapy, LLC and global reach has positioned the company for breakthroughs in the cell therapy industry. The acquisition of Amorcyte, Inc., closed on October 17, 2011, positions NeoStem to achieve its mission of capturing the paradigm shift to cell therapy. NeoStem is also pursuing a T-cell therapeutic with potential in a range of auto-immune conditions and development of its VSEL Technology platform. For more information on NeoStem, 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 business strategy, including with respect to the Company's successful development of cell therapeutics, as well as the future of the cell therapeutics industry. 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 prospectus supplement filed with the Securities and Exchange Commission on September 30, 2011. 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:
Gitanjali Jain Ogawa, Vice President
Robin Smith, CEO
SOURCE NeoStem, Inc.