NeoStem's Progentior Cell Therapy boosts business through new contract additions
New York-based NeoStem (AMEX:NBS) said Tuesday that Progenitor Cell Therapy, the US cell therapy company it acquired in January, has expanded the business through new contracts and extensions.
Since starting out as a provider of adult stem cell collection and storage services, New York-based NeoStem has since branched out into cell therapeutics, focused on using stem cells to help cure disease.
In January, the company acquired Progenitor, which has cell therapy manufacturing facilities, as well as processing and storage facilities for stem cells collected from the umbilical cord at birth, located on the east and west coast of the US. Progenitor has performed over 30,000 cell therapy procedures and has processed and stored over 18,000 cell therapy products.
"PCT has unique insight into the growth of the cell therapy industry as we help our clients advance their product candidates from early stage to late stage clinical trials," said NeoStem CEO, Dr. Robin Smith.
"We continue to see PCT as an enabling transaction that provides NeoStem with core expertise in cell-based manufacturing, enhanced regulatory affairs capabilities and clinical development."
No terms of the new contracts or extensions were disclosed.
Currently, NeoStem is working with Progenitor on the development of its VSEL platform, which uses very small embryonic-like stem cells for therapeutic use, as well as Athelos Corp's T-cell treatment for a range of auto-immune diseases. NeoStem owns 80% of Athelos through Progenitor.
"It is my strong belief that NeoStem will become a major provider of cell-based medicines in the future and we will continue to plan for growth in this area and position ourselves to fund such activities through a variety of means that could include the calling of our outstanding warrants, divestiture of assets or acquisition related or other financing," added Dr. Smith.
NeoStem also has operations in China, currently building a cell-based manufacturing lab in Beijing, as well as commercializing its cell therapies through a network of hospitals in the region. The US stem cell company also owns a majority-interest in Chinese generic antibiotics company Suzhou Erye.