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$2.5 M in Warrant and Option Exercise, NeoStem (NYSE Amex: NBS)

NBS raised approximately $2.5 M from a combination of option and warrant exercises and the drawdown of its equity financing facility, further strengthening their financial position. 

The new funding included $700 K gross proceeds from the exercise of a warrant by a greater than 5% shareholder that is affiliated with Erye management, Fullbright Finance Limited, to purchase NBS’s common stock (these shares are restricted for sale under a lock up agreement executed in February) and gross proceeds of $1.8 M from the issuance of common stock at $2.63 per share under an equity financing facility from Commerce Court Small Cap Value Fund, Ltd.

They also appointed Deloitte & Touche LLP since acquiring a controlling interest in Suzhou Erye Pharmaceutical Company Ltd in 10/09 to embrace the highest financial reporting standards,” said Robin Smith, MD; NeoStem’s Chief Executive Officer and Chairman of the Board. “Our US GAAP qualified accounting and financial personnel have been working closely with Erye to assist their personnel with strengthening their internal controls and we are pleased to report strides being made in this effort.”