NeoStem Receives Approval for Stem Cell Treatment

| About: Caladrius Biosciences, (CLBS)

NeoStem (NBS) announced its arthroscopic orthopedic treatment, which uses autologous adult stem cells, was approved by Weihai Municipal Price Bureau at Wendeng Orthopedic Hospital. At the same time, reimbursement for the procedure was approved by Weihai Municipal Labor Bureau Medical Insurance Office. Patients are eligible to receive reimbursement for up to 80% of the procedure’s cost.

The stem cell procedure was developed by Regenerative Sciences Inc. NeoStem holds a license to the technology in Asia, and it is signing up hospitals that will offer the procedure. Wendeng Hospital is the first to do so.

Weihai is a prefecture-level city in China's most northeastly province, Shandong.

NeoStem is building a network of adult stem cell collection centers in the US and China that will allow people to donate and store their own (autologous) stem cells for use in times of future medical need. It has in-licensed several stem cell technologies, such as the orthopedic treatment. The company also owns worldwide rights to VSELTM Technology, which uses very small embryonic-like stem cell that have several physical characteristics found in embryonic stem cells.

Last year, NeoStem purchased a majority stake in Suzhou Erye, which manufactures and distributes generic antibiotics in China.

Disclosure: none.

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