NeoStem Obtains Exclusive Worldwide License for Innovative Stem Cell Technology
and Applications to Heal Chronic Wounds
NEW YORK, May 4 /PRNewswire-AsiaNet/ --
NeoStem, Inc. (NYSE Amex: NBS), which is pioneering the pre-disease
collection, processing and long-term storage of adult stem cells for future
medical need, announced today it has signed an agreement to license the exclusive
worldwide rights to an innovative product and procedure using autologous bone
marrow-derived stem cells to promote the healing of chronic wounds.
The licensed technology, with pending patent applications, has been developed
by Vincent Falanga, M.D., Chairman of the Department of Dermatology and Skin
Surgery at Roger Williams Medical Center, Providence, R.I. Dr. Falanga is also
Professor of Dermatology and Biochemistry at Boston University School of
Medicine, a Fellow of the American College of Physicians, and a past President of
the Wound Healing Society, the leading scientific organization focused on this
specialty.
Dr. Falanga’s stem cell product under development, Primcel, is a mesenchymal
stem cell (MSC) product. Early clinical studies indicate that Primcel can be
used to accelerate or jump start healing of chronic wounds. Dr. Falanga’s work
seeks to develop a prepackaged product, ready for physician use in a clinical
setting, consisting of three applications over a 12-week period.
Dr. Robin Smith, CEO of NeoStem, said, “We are very pleased to sign this
agreement with Dr. Falanga. Acquisition of the exclusive worldwide rights to
this innovative wound healing technology will help advance NeoStem as a leader in
the field of stem-cell tissue regeneration.”
Dr. Smith added, “In October 2008, we announced that the U.S. Department of
Defense appropriated $800,000 in funds for NeoStem to evaluate the potential use
of adult stem cell therapy for treating wounds suffered by members of the U.S.
military and first responders. We hope this effort will lead to groundbreaking
medical findings that ultimately save troops from amputations and immobilization
from injuries sustained while fighting for our country. The award is required to
be distributed to NeoStem by October 2010 and will be in the net amount of
$681,000.”
“Moreover,” she continued, “chronic wounds are a major unmet medical need for
both civilians and military personnel. For example, in 2003, in the United
States, 120,000 diabetic patients required treatment for a chronic wound and
75,000 required lower extremity amputations related to unhealed wounds, costing
the healthcare system in excess of $4 billion. Radiation exposure, severe burns,
and crush injuries of the bone are other causes of chronic open wounds. Our goal,
through the DOD grant, is to determine if there are multiple sources of
autologous stem cells to effectively treat wounds, and Dr. Falanga’s bone marrow
procedure is an important step in that direction. Other procedures to be
explored may use mobilized peripheral blood stem cells or VSELs, for example.”
About NeoStem, Inc.
NeoStem is developing a network of adult stem cell collection centers that
are focused on enabling people to donate and store their own (autologous) stem
cells when they are young and healthy for their personal use in times of future
medical need. The Company has also entered into research and development through
the acquisition of a worldwide exclusive license to technology to identify and
isolate VSELs (very small embryonic-like stem cells), which have been shown to
have several physical characteristics that are generally found in embryonic stem
cells and is pursuing other technologies to advance its position in the field of
stem cell tissue regeneration.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
reflect management's current expectations, as of the date of this press release,
and involve certain risks and uncertainties. The Company's actual results,
including the realization of potential benefits from the acquisition of its new
licensed technology, could differ materially from those anticipated in these
forward-looking statements as a result of various factors. Factors that could
cause future results to materially differ from the recent results or those
projected in forward-looking statements include the "Risk Factors" described in
the Company's Annual Report on Form 10-K for its fiscal year ended December 31,
2008 and the Company's other periodic filings with the Securities and Exchange
Commission. The Company's further development is highly dependent on future
medical and research developments and market acceptance, which is outside its
control.
CONTACT:
NeoStem, Inc.
Robin Smith, Chief Executive Officer
T: 212-584-4180
E: rsmith@neostem.com
SOURCE: NeoStem, Inc.
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