NeoStem to launch $16.5m public offering Print E-mail
By Deborah Sterescu - Proactiveinvestors.com   
Tuesday, 19 July 2011 17:55
Cell therapy company NeoStem (AMEX:NBS) announced Tuesday that it plans to raise $16.5 million through an underwritten public offering of its shares.

The company will issue 13.75 million units at $1.20 per unit. Each unit will consist of one common share and a warrant to purchas three quarters of a share at a per share price of $1.45.

NeoStem expects to receive $16.5 million in gross proceeds, prior to deducting underwriting discounts and commissions, as well as offering expenses.

The new funds will be used for working capital purposes, including research and development of cell therapeutic product candidates, expansion of business units and other general corporate purposes, it said.

Lazard Capital Markets and JMP Securities acted as joint bookrunners for the offering, while Morgan Joseph TriArtisan, Maxim Group and National Securities Corporation acted as co-managers.

The financing is expected to close around July 22, subject to customary closing conditions.

Since starting out as a stem-cell storage company, NeoStem has branched out into cell therapeutics, engaged in the development and manufacturing of cell-based therapies.

Its January 2011 acquisition of Progenitor Cell Therapy and its recent announcement of its plans to acquire Amorcyte position the company for further growth.


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