NeoStem revenue rises in first quarter

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 charges.
Total net losses were US$9.2 million (US$9.7 million).
NeoStem is aiming to become a single source for the collection, storage, manufacturing, therapeutic development and transportation for cells for cell-based medicine.
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 (CMI).
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 trials.
NeoStem 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.