Cell therapy focused biotech NeoStem (NYSE:NBS) increased revenues by 13 per cent in its latest quarter.
Revenue rose to $22.1 million from $19.6 million while the underlying
loss for the three months to March was $2.7 million, excluding non-cash
Total net losses were US$9.2 million (US$9.7 million).
is aiming to become a single source for the collection, storage,
manufacturing, therapeutic development and transportation for cells for
Currently it is focusing on progressing its stem cell therapeutic
contract manufacturing business, Progenitor Cell Therapy (PCT).
Stem cells are those that can self-renew, differentiate and mature
into specialised cells such as blood cells or muscle cells and are
currently a hot topic in biomedicine.
PCT was named by Baxter International (NYSE:BAX)
in February as the manufacturer for a phase three stem cell trial for
patients with the coronary artery disease chronic myocardial ischemia
Amorcyte, which NeoStem
acquired in October 2011, is developing a cell therapy, AMR-001, for
the treatment of cardiovascular disease that aims to prevent heart
tissue damage following a heart attack. AMR-001 is currently in phase II
also has a network of stem cell therapeutic providers in China, as well
as a 51 per cent ownership interest in a Chinese generic pharmaceutical
manufacturing company Suzhou Erye Pharmaceutical.
NeoStem is looking to sell its stake in Suzhou to bolster its cell therapy business.
The company raised $6.8 million gross through a share placing in April.