NeoStem (NYSEAMEX:NBS) Monday issued a letter to its shareholders, highlighting accomplishments so far in 2012, and providing a look at what is ahead for the company in the second quarter of the year.
Shares of the company soared over 1 per cent Monday afternoon, trading at 63 cents as at 2 pm EDT.
company highlighted its recent sale of its 51 per cent ownership
interest in Suzhou Erye Pharmaceutical Co., saying that the sale will
bolster NeoStem’s balance sheet, increase its cash position by $12.28 million and allow it to focus on its cell therapy business.
Speaking to the value of the company, NeoStem said that liquidity in shares continues to rise with a three month trading average of over 1.1 million.
milestone so far this year, the company said that in January, its acute
myocardial infarction therapeutic product development team achieved its
forecasted goal of enrolling the first patient in the PreSERVE phase 2
said it will continue to open new clinical sites and expect to achieve
full enrollment over the next nine months or so and present top-line
data by the end of 2013.
The company said its progenitor cell
therapy CDMO service business continues to grow and has added new
clients in later stage clinical trials, making room for expansion into
commercial manufacturing contracts.
"We look forward to bringing
this expertise to bear on the European market as we seek to expand our
CDMO services to that region," said NeoStem's chairman and CEO Robin L. Smith.
noted a few staff changes in 2012, with Martin Schmieg joining the
company as VP of corporate development in June, and Jonathan
Sackner-Bernstein, MD, FACC coming on board in April as VP of clinical
development and regulatory affairs.
The company said it continues to make headway in integrating IT systems within its operations to maximize efficiencies.
With the closing of its Cambridge facility in September 2012, NeoStem said it believes that substantial cost savings will be achieved.
merging the company’s Cambridge team with progenitor cell therapy team,
the company said it will facilitate its ongoing work with its
immuno-cell therapy program through Athelos - a T-cell therapeutic
designed to treat immune mediated diseases.
The company said it
is pursuing additional strategic relationships with major pharmaceutical
and biotechnology companies in 2012.
Looking ahead, NeoStem
said the development of its pre-clinical VSELs technology program
continues to be funded substantially through U.S. Department of Defense
and National Institutes of Health grants.
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.
At the end of June, NeoStem snagged a research grant valued at $595,252 to develop stem cell technology against radiation exposure.
studies 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.
company continues to develop and build on its core capabilities in cell
therapy to capitalize on the paradigm shift that is occurring in
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.