NeoStem extracts adult stem-cells from willing participants to store in collection centers across the U.S. and China, and developing research and technologies that will allow the new regenerative science to be fully implemented in patients to combat and treat a variety of ailments. I wrote a great article on the future of these exciting scientific breakthroughs after interviewing NeoStem’s CEO Dr. Robin Smith which can be found here.
NeoStem released press today detailing some recent business developments. The company reported the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for fiscal year 2010, as ratified by its shareholders. In an effort to embrace the highest reporting standards and increase transparency in what can sometimes be a confusing business, the company hired the firm after the company acquired a controlling interest in Suzhou Erye Pharmaceutical Company, or Erye, last year.
Adding to the need for optimum financial accounting standards is the recent investment in NeoStem by means of drawdown on an equity financing facility inked with Commerce Court Small Cap Value Fund, a fund that focuses on and is familiar with the biopharmaceutical industry and investments, of approximately $1.8M from stock issuance. Additional funding will further strengthen the company’s financial position with $700K in gross proceeds from a warrant that has been exercised by a greater than 5% shareholder that is affiliated with Erye management, Fullbright Financial Limited. The two sources contributed a total approximate value of $2.5M in financing, providing additional flexibility to execute the company’s growth strategy.
NeoStem continually provides forward looking guidance. “We will provide the investment community with updates in the future on key events, including the progress of the transfer of production line to the new Erye facility and developments in our recently announced collaboration with the Pontifical Council for Culture”, said Dr. Smith.
To view this article at World Market Media click on the link below: http://www.worldmarketmedia.com/779/section.aspx/1758/post/neostem-inc-amex-nbs-140m-marketcap-announces-recent-business-developments
Disclosure: no positions