NeoStem (AMEX:NBS), a cell therapy company, has snagged a research grant valued at $595,252 to develop stem cell technology against radiation exposure.
Shares of the company popped 9.60 per cent reaching 46 cents each on the American Stock Exchange on Monday morning.
National Institute of Allergy and Infectious Diseases (NIAID), a
division of the National Institutes of Health, awarded the grant to NeoStem.
NeoStem, in the first year, will get $295,252 and $300,000 in the projects second year.
will be headed by Denis O. Rodgerson, director of stem cell science and
by Mariusz Ratajczak, head of the stem cell biology program at the
James Graham Brown Cancer Centre at the University of Louisville.
Ratajczak is the co-inventor of the very small embryonic-like stem cell, or VSEL technology. NeoStem has a worldwide exclusive license to VSEL technology. Stem cells are taken from bone marrow opposed from embryos.
is pleased the NIAID is funding this cutting edge technology that we
hope will reinvent the treatment landscape for acute radiation
syndrome," NeoStem chief executive Robin Smith said in a statement Monday.
"We plan to continue to pursue grants to fund our VSEL technology platform development with non-dilutive capital."
The grant will fund studies to investigate VSEL’s potential as a counter-measure to radiological and nuclear threats.
therapy derived from a patient’s own stem cells will be developed to
help patients who have been exposed to radiation due to a nuclear
accident, and to treat cancer patients whose immune systems have been
compromised due to radiation therapy.
Radiation can kill a
person in one to six weeks after exposure. VSELs might be an ideal cell
therapy to regenerate the body’s immune system and repair other tissues
damaged by radiation exposure, the company said.
show that VSELs are resistant to lethal radiation which destroys other
immune system restoring stem cells in the body. This makes autologuous
treatment post-exposure possible, it said.
continues to develop and build on its core capabilities in cell therapy
to capitalize on the paradigm shift that is occurring in medicine.
is focused on accelerating the development of proprietary cellular
therapies and becoming a single source for collection, storage,
manufacturing, therapeutic development and transportation of cells for
cell based medicine and regenerative science globally.