NeoStem completes acquisition of Progenitor Cell Therapy
NeoStem, Inc. and Progenitor Cell Therapy LLC announced the closing of their previously announced merger transaction. NeoStem is an international biopharmaceutical company with a 51 per cent ownership interest in a profitable Chinese generic pharmaceutical manufacturing company and has stem cell operations in the US and China, while Progenitor Cell Therapy, LLC is a privately held cell therapy company with operations on the east and west coast of the US serving the cell therapy community with cGMP state-of-the art cell therapy manufacturing facilities, and processing and storage facilities for stem cells collected from the umbilical cord at birth.
PCT's revenue generating business will complement NeoStem's growing adult stem cell operations and PCT's management adds to NeoStem the over 100 years' collective experience of the PCT management team in the business and science of cell therapy and its development. Since its inception in 1999, PCT has served over 100 clients from around the world and has experience with more than 20 different cell based therapeutics. PCT has performed over 30,000 cell therapy procedures in its cell therapy manufacturing facilities, and processed and stored over 18,000 cell therapy products (including approximately 7,000 umbilical cord blood units, 10,000 blood and marrow derived stem cell units and 1,000 dendritic cell units) and arranged the logistics and transportation for over 14,000 cell therapy products for clinical use by over 5,000 patients.
Dr. Robin Smith, MD, MBA, CEO of NeoStem said, "The merger with PCT is a significant step toward NeoStem's goal of becoming a leader in the fast-growing Stem Cell Industry, generating revenues, and developing and licensing therapies to be used in the United States and abroad. We have purchased revenues and expertise, and reduced NeoStem's prior expense line as PCT was a vendor to NeoStem. We are developing a 'one-stop-shop' global network of cell therapy core competencies by adding cell therapy manufacturing and storage facilities as well as integrated regulatory compliant distribution capacity for the evolving cell therapy industry. The addition of PCT will allow NeoStem to focus on growing the cord blood and adult stem cell banking, cellular manufacturing and therapeutic business, as well as expanding our businesses in Asia and other countries, while continuing to develop our intellectual property and acquire new technology."
Dr. Andrew Pecora, PCT's CEO, will continue his involvement with the combined companies by shifting his role from PCT's chief executive officer to chief medical officer, and has been invited and has agreed to join the NeoStem board of directors. Dr. Pecora said, "Our merger with NeoStem will provide the rapidly developing cell therapy industry with a dynamic global development and manufacturing platform that can accelerate the pace of commercialization of future cell therapeutics."
LifeTech Capital, an investment banking firm focused on the life science industry, advised NeoStem by providing a valuation analysis of the transaction. LifeTech Capital is a division of Aurora Capital LLC.
PCT's revenue generating business will complement NeoStem's growing adult stem cell operations and PCT's management adds to NeoStem the over 100 years' collective experience of the PCT management team in the business and science of cell therapy and its development. Since its inception in 1999, PCT has served over 100 clients from around the world and has experience with more than 20 different cell based therapeutics. PCT has performed over 30,000 cell therapy procedures in its cell therapy manufacturing facilities, and processed and stored over 18,000 cell therapy products (including approximately 7,000 umbilical cord blood units, 10,000 blood and marrow derived stem cell units and 1,000 dendritic cell units) and arranged the logistics and transportation for over 14,000 cell therapy products for clinical use by over 5,000 patients.
Dr. Robin Smith, MD, MBA, CEO of NeoStem said, "The merger with PCT is a significant step toward NeoStem's goal of becoming a leader in the fast-growing Stem Cell Industry, generating revenues, and developing and licensing therapies to be used in the United States and abroad. We have purchased revenues and expertise, and reduced NeoStem's prior expense line as PCT was a vendor to NeoStem. We are developing a 'one-stop-shop' global network of cell therapy core competencies by adding cell therapy manufacturing and storage facilities as well as integrated regulatory compliant distribution capacity for the evolving cell therapy industry. The addition of PCT will allow NeoStem to focus on growing the cord blood and adult stem cell banking, cellular manufacturing and therapeutic business, as well as expanding our businesses in Asia and other countries, while continuing to develop our intellectual property and acquire new technology."
Dr. Andrew Pecora, PCT's CEO, will continue his involvement with the combined companies by shifting his role from PCT's chief executive officer to chief medical officer, and has been invited and has agreed to join the NeoStem board of directors. Dr. Pecora said, "Our merger with NeoStem will provide the rapidly developing cell therapy industry with a dynamic global development and manufacturing platform that can accelerate the pace of commercialization of future cell therapeutics."
LifeTech Capital, an investment banking firm focused on the life science industry, advised NeoStem by providing a valuation analysis of the transaction. LifeTech Capital is a division of Aurora Capital LLC.
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