China Biopharmaceuticals Holdings, Inc. Shareholders Overwhelmingly Support Merger with NeoStem, Inc., a NYSE AMEX Listed Company Trading Under Symbol 'NBS'
NEW YORK, Oct. 29 /PRNewswire-FirstCall/ -- China Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP), an integrated bio-pharmaceutical company, based in the People's Republic of China, announced today that its shareholders have approved the acquisition of CHBP by NeoStem, Inc. (NYSE AMEX: NBS) by an overwhelming vote in favor of approximately 80% of all issued and outstanding shares. The approval was obtained at a Special Meeting of Stockholders held today.
The acquisition will add significant potential benefits to the growth prospects of Suzhou Erye Pharmaceuticals Company Ltd. ("Erye"), CHBP's primary asset, including:
The Merger will expand the business potential and drug development opportunities with the addition of NeoStem's innovative Stem Cell therapy treatments. The expanded channels of development and distribution should boost the Company's portfolio of over 100 drugs on seven GMP lines, while benefiting distribution channels globally.
Madame Zhang, General Manager of Erye, said, "This Merger will allow us to expand the business potential of Eyre's substantial lines of drugs, especially our proprietary small molecule drugs, and distribute them throughout China, realizing what we anticipate will be tremendous market potential. We look forward to a long and fruitful relationship with NeoStem and believe it will benefit from the large and growing China pharmaceutical market, which is expected to become the third largest drug market in the world (behind the US and Japan), and forecasted to triple in size by 2013. We are excited at the opportunity to become part of a listed publicly traded company and believe that this combination will prove beneficial to shareholders."
About NeoStem, Inc.
NeoStem is developing a network of adult stem cell collection centers that are focused on enabling people to donate and store their own (autologous) stem cells when they are young and healthy for their personal use in times of future medical need. The Company has also entered into research and development through the acquisition of a worldwide exclusive license to technology to identify and isolate VSELs (very small embryonic-like stem cells), which have been shown to have several physical characteristics that are generally found in embryonic stem cells and is pursuing other technologies to advance its position in the field of stem cell tissue regeneration. For more information, please visit: www.neostem.com.
About China Biopharmaceuticals, Inc.
China Biopharmaceuticals Holdings, Inc (Symbol: CHBP) is a vertically integrated pharmaceutical company dedicated to the discovery, development, manufacturing and marketing of small and large molecule pharmaceutical products, including medicines, vaccines, and active pharmaceutical ingredients for various categories of diseases. CHBP is a U.S.-listed public company with operating subsidiaries and senior management based in China. For further information, please visit our website at http://www.cbioinc.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. 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 Proxy Statement included as a part of the Registration Statement on Form S-4/A filed with the Commission on October 6, 2009 as well as periodic filings made with the Securities and Exchange Commission. In addition, the closing of the Merger is subject to the satisfaction of certain closing conditions as set forth in the Form S-4/A.
SOURCE China Biopharmaceuticals Holdings, Inc.