NeoStem's revenues rise as stem cell business grows Print E-mail
By Phil Cheng, ProActiveInvestors.Com   
Monday, 04 April 2011 19:53

Biopharmaceutical company NeoStem (AMEX:NBS) said that its 2010 revenues grew 13% from the prior year.

The company’s revenues for 2010, the first full year that includes sales from NeoStem's 51% stake in Chinese generic drug manufacturer Suzhou Erye Pharmaceutical, were $69.8 million.

That was up from 2009 pro forma revenues of $61.7 million.

Since starting out as a provider of adult stem cell collection and storage services, NeoStem has since branched out into cell therapeutics, using stem cells to help cure disease.

In January, the company acquired Progenitor Cell Therapy, 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.

Through the acquisition, NeoStem also controls 80% of Athelos, a company focused on developing therapeutic cells to treat disorders of the immune system.

Aside from its US services and Chinese generic pharma company, NeoStem also has partnerships with two Chinese hospitals, giving it a foundation on which to build its China stem-cell therapy business.

In 2010, the company spent $16.4 million for the construction of a new pharmaceutical manufacturing facility at Suzhou Erye Pharmaceutical. At year-end, NeoStem had $15.6 million of cash and equivalents.

The company said in its statement that it expects to file its 10-K annual report this week.

Shares closed at  $1.74 +0.02 (1.16%) on Monday.

 

 

“Proactiveinvestors is a leading news organisation and event business with offices in New York, Sydney, Toronto and London. The Company is a publisher and is not registered with the US Securities Exchange Commission or Ontario Securities Commission. Please read our full terms and conditions here http://www.proactiveinvestors.com/pages/terms




"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

Add this page to your favorite Social Bookmarking websites
Digg! Reddit! Del.icio.us! Mixx! Google! Live! Facebook! Technorati! StumbleUpon! MySpace! Yahoo!

blog comments powered by Disqus
 

Newsletter