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Biomed & Biotech: NeoStem To Receive $700,000 Army Contract

July 13, 2010 (FinancialWire) — NeoStem, Inc. (AMEX: NBS), an international biopharmaceutical company with operations in the U.S. and China, said that it has been awarded a $700,000 contract from the U.S. Army Medical Research and Materiel Command, Telemedicine and Advanced Technology Research Center.

The contract calls for evaluating the use of topically applied bone marrow-derived adult mesenchymal stem cells for rapid wound healing.

NeoStem previously reported that this funding was included in the Department of Defense FY09 Appropriations Bill and will begin receiving funds to initiate the program in 2010.

New York-based NeoStem is engaged in the development of stem cell-based therapies and building of a network of adult stem cell collection centers in the U.S. and China that are focused on enabling people to donate and store their own (autologous) stem cells for their personal use in times of future medical need. The company is also the licensee of various stem cell technologies, including a worldwide exclusive license to VSEL Technology, which uses very small embryonic-like stem cells, shown to have several physical characteristics that are generally found in embryonic stem cells, and is pursuing the licensing of other technologies for therapeutic use.

NeoStem's majority-controlled Chinese pharmaceutical operation, Suzhou Erye, manufactures and distributes generic antibiotics in China.

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