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The financing consists of units priced at $1.20 per unit with each unitconsisting of one share of common stock and a warrant to purchase one share ofcommon stock at $1.75 per share.
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Robin Smith, MD, MBA, NeoStem's CEO, stated, "We are pleased to announcethis new financing, which included investments from both NECC and NeoStemmanagement. These funds will be instrumental in executing on our plan toeducate potential clientele about our services, particularly in the Northeastwhich we believe will be a powerful market. We look forward to working closelywith NECC, a strategic partner since October 2007 and located inMassachusetts, to provide extensive new stem cell processing and storagecapabilities on the East Coast as well as to embark on a marketing campaign toNECC customers."
On May 9, 2008, NECC was granted a license from the State of New York toprocess, store and use for research adult hematopoietic stem cells collectedfrom New York residents. NECC's New York licensure will provide NeoStem withgreatly expanded storage capacity for one of its largest potential markets andfacilitate expanded relationships with leading physician practices.
"We are excited to expand our laboratory offerings to NeoStem inconnection with this exciting new project and plan to offer NeoStem's servicesto our current clients who have elected to store their children's stem cellsat the time of birth and those customers who have recovered from cancer," saidJohn Rizza, CEO of New England Cryogenic Center.
Note: The securities sold in the private placement were sold withoutregistration under the Securities Act of 1933, as amended and may not beresold unless subsequently registered under the Act or pursuant to anexemption from registration under the Act.
About NeoStem, Inc.
NeoStem has a growing nationwide network of adult stem cell collectioncenters, enabling people to donate and store their own (autologous) stem cellswhen they are young and healthy for their personal use in times of futuremedical need. The Company has also recently entered into research anddevelopment through the acquisition of a worldwide exclusive license totechnology to identify and isolate VSELs (very small embryonic-like stemcells), which have been shown to have several physical characteristics thatare generally found in embryonic stem cells.
Forward-Looking Statements
This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995. Forward-lookingstatements reflect management's current expectations, as of the date of thispress release, and involve certain risks and uncertainties. The Company'sactual results could differ materially from those anticipated in theseforward-looking statements as a result of various factors. Factors that couldcause future results to materially differ from the recent results or thoseprojected in forward-looking statements include the 'Risk Factors' describedin the Company's periodic filings with the Securities and Exchange Commission.Contact: NeoStem, Inc. Robin Smith, Chief Executive Officer T: 212-584-4180 E: [email protected] www.neostem.com
SOURCE NeoStem, Inc.
