New York-Based NeoStem, Inc. Officially Launches R&D Facility in Cambridge
Massachusetts Lieutenant Governor Timothy Murray joins life sciences leaders for ribbon-cutting ceremony
CAMBRIDGE, MA (April 23, 2010)- Today NeoStem, Inc (NYSE Amex: NBS) (“NeoStem” or the “Company”), an international biopharmaceutical company with operations in the U.S. and China, officially launched its new facility in Cambridge, Massachusetts. Company officials were joined at the ribbon cutting ceremony by Lieutenant Governor Timothy Murray, Massachusetts Life Sciences Center President & CEO Susan Windham-Bannister, and MassBio President Bob Coughlin.
NeoStem has product and service revenues, global research and development capabilities and operations in three distinct business units: U.S. adult stem cells, China adult stem cells, and China pharmaceuticals. These business units are expected to provide platforms for the accelerated development and commercialization of innovative technologies and products in both the U.S. and China. In the U.S. NeoStem is a leading provider of adult stem cell collection, processing and storage services enabling healthy individuals to donate and store their stem cells for personal therapeutic use.
NeoStem’s current network of U.S. adult stem cell collection centers is focused primarily on the Southern California, Southwest and Northeast markets with the goal of expanding its coverage to ten centers in the US by the end of 2010. The new Cambridge location includes the Company’s first Massachusetts collection facility.
“The Massachusetts Life Sciences Initiative has been successful in attracting both national and international life science companies to Massachusetts,” said Lieutenant Governor Timothy Murray. “We enthusiastically welcome NeoStem to the Commonwealth and to the diverse group of expanding companies that have helped make Massachusetts a global leader in the life sciences.”
“We are excited to announce the official launch of our adult stem cell collection center and R&D facility in Cambridge and are pleased to work with the well-known and reputed Massachusetts Life Sciences Center and to be a part of the State’s highly supportive Massachusetts Life Sciences initiative,” commented Dr. Robin Smith, Chairman and CEO of NeoStem, Inc. “We look forward to contributing to the further advancement of adult stem cell research through our work at the Cambridge facility and to giving the general adult population in Massachusetts the opportunity to have their stem cells collected and stored to help protect their future health.”
“We are pleased to welcome NeoStem to the world’s leading life sciences Supercluster,” said Dr. Susan Windham-Bannister, President & CEO of the Massachusetts life Sciences Center, the quasi-public agency charged with implementing the state’s ten-year, $1 billion Life Sciences Initiative. “With our talented workforce and our vibrant research community, NeoStem will find all of the resources they need to succeed here in Massachusetts.”
“NeoStem’s expansion here in the Commonwealth is more proof that Massachusetts continues to rise to the top for the world’s most innovative life sciences companies seeking to grow and expand,” said Robert Coughlin, President & CEO of MassBio. “We’re excited to welcome the NeoStem team and know they will find success in our world-leading cluster.”
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 VSELTM 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.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is a quasi-public agency of the Commonwealth of Massachusetts tasked with implementing the Massachusetts Life Sciences Act, a ten-year, $1 billion initiative that was signed into law in June of 2008. The Center’s mission is to create jobs in the life sciences and support vital scientific research that will improve the human condition. This work includes making financial investments in public and private institutions that are advancing life sciences research, development and commercialization as well as building ties between sectors of the Massachusetts life sciences community. For more information, visit www.masslifesciences.com.
MassBio, a not-for-profit organization that represents and provides services and support for the Massachusetts biotechnology industry, is the nation's oldest biotechnology trade association. Founded in 1985, MassBio is committed to advancing the development of critical new science, technology and medicines that benefit people worldwide. Representing over 600 biotechnology companies, academic institutions, research hospitals, and service organizations involved in life sciences and health care, MassBio works to advance policy and promote education, while providing member programs and events, industry information, and services. www.massbio.org.
Forward-Looking Statements regarding NeoStem
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect NeoStem 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 new R&D facility in Cambridge, the expansion of the collection network and the development of stem cell therapies, about which no assurances can be given. NeoStem’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 NeoStem’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2010, as well as other periodic filings made with the Securities and Exchange Commission. NeoStem’s further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
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