NeoStem acquires Progenitor Cell Therapy in a deal worth around $20 million

USA-based NeoStem (NYSE Amex: NBS) and Progenitor Cell Therapy have closed their previously announced merger transaction. NeoStem issued 11.2 million shares and warrants to purchase between 1 million to 3 million additional shares to the current owners of Progenitor, giving the deal a value of around $20million, observers have noted.

NeoStem is an international biopharmaceutical company with a 51% ownership interest in a profitable Chinese generic pharmaceutical manufacturing company and has stem cell operations in the USA and China, while Progenitor Cell Therapy is a privately held cell therapy company with operations on the east and west coast of the USA, 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.