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Biopharma Watch: NeoStem Prices Offerings

November 17, 2010 (FinancialWire) (Go to for all of today’s featured news.) — NeoStem, Inc. (NBS), a biopharmaceutical company with product and service offerings in U.S. adult stem cells, China adult stem cells, and China pharmaceuticals, said it has priced concurrent offerings for aggregate proceeds of around $19 million.

The company priced an underwritten registered offering of 6,337,980 common units at $1.45 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.5 of a share of common stock with a per share exercise price of $1.85.

It also priced a registered direct offering of 10,582,011 preferred units. Each unit consists of one share of series E 7% senior convertible preferred stock convertible at $2.0004, maturing May 20, 2013, a warrant to purchase 0.25 of a share of common stock with a per share exercise price of $2.0874 and 0.0155 shares of common stock.

From the two offerings, which are running concurrently, the company said it expects to receive $19 million in gross proceeds.

NeoStem said the funds will give it the ability to proceed with its acquisition of Progenitor Cell Therapy LLC, and focus on growing the firm’s cord blood and adult stem cell banking, cellular manufacturing and therapeutic business, as well as expand its businesses in Asia and other countries.

Additionally, the company will be able to continue to develop its intellectual property and acquire new technology.

NeoStem said it will place $2.5 million in escrow under the terms of the offering

The transactions are scheduled to close on or about November 19.

New York-based NeoStem is engaged in the development of stem cell-based therapies, pursuit of anti-aging initiatives 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  stem cells for their personal use in times of future medical need.


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