NEW YORK, April 26, 2011 /PRNewswire/ -- NeoStem, Inc. ("NeoStem" or the "Company") (NYSE Amex: NBS), an international biopharmaceutical company with operations in the U.S. and China, today announced that its majority owned Suzhou Erye Pharmaceutical Company Ltd. subsidiary ("Erye Pharmaceutical") received two awards at the Chempharm Brand Summit 2011 in China.
During the 4th Chempharm Brand Summit held in Chengdu city from April 21st - 23rd, 2011, select recipients in the pharmaceutical industry were recognized by industry leaders with awards to reward outstanding achievement in specific categories. Erye Pharmaceutical was awarded "Top 10 Anti-Infection Drug Award" and "Top 100 Brand Names Award".
Madame Jian Zhang, Erye Pharmaceutical's General Manager, commented, "We are honored to have received such awards at the Chempharm Brand Summit and believe that our business will expand as we continue to transition to our new manufacturing facility."
Erye expects to be fully transitioned to its new 53,000 square meter state-of-the-art manufacturing facility this year. This facility was built to be compliant with State Food and Drug Administration (SFDA) regulations and the latest current Good Manufacturing Practices (cGMP) global standards. Approval (SFDA – Certificate of Approval) of the lyophilized (freeze dried) powder for injection production line is expected shortly. Two additional production line approvals at the new plant (the oral active pharmaceutical ingredient (API) line and the capsule line) are expected by year end. Omeprazole for GERD was launched in 2010 and is currently being manufactured at the new plant. Production of the sterile API cloxacillin sodium which was approved in 2010 is scheduled to be launched and in production at the new facility once the cGMP line receives final SFDA approval. Erye Pharmaceutical has an additional five products in its pipeline and Erye Pharmaceutical and NeoStem continue to look for opportunities to in-license or acquire new drug opportunities to enhance the long-term growth potential of this business by fully utilizing the expanded capacity at the new facility.
The new plant is expected to significantly expand Erye's manufacturing capacity just in time to meet the rising demand in China's growing pharmaceutical market. "We are proud of Erye's many accomplishments to-date and believe the business is ideally positioned to capture the growth we see ahead," said Robin Smith, M.D., CEO of NeoStem.
About NeoStem, Inc.
NeoStem, Inc. is engaged in the development and manufacturing of cell-based therapies in the U.S. Its January 2011 acquisition of Progenitor Cell Therapy, LLC ("PCT") is central to the Company's strategic mission of capturing the paradigm shift to cell therapy. The acquisition of PCT gives NeoStem not only access to a world class contract manufacturing cell therapy company but provides a platform and expertise around the evaluation, development and regulatory requirements to develop autologous, allogeneic, immunomodulatory and vaccine-based therapeutics. NeoStem also holds the worldwide exclusive license to VSEL(TM) 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 owns 80% of Athelos Corporation, a company developing a T-cell therapeutic with potential in a range of auto-immune conditions such as graft versus host disease, asthma and diabetes. Furthermore, NeoStem is building its Chinese presence by establishing an operations lab for cell-based manufacturing in Beijing as well as commercializing cellular therapies in China through the establishment of a network of hospitals. NeoStem also owns a majority-interest in Suzhou Erye Pharmaceutical Company Limited, a world class manufacturing and distribution operation of generic antibiotics in China.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward looking statements include statements herein with respect to the timing and effect of the SFDA certifications of the new manufacturing lines and products on the Company's revenue, about which no assurances can be given. The Company's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 6, 2011, as well as other periodic filings made with the Securities and Exchange Commission. The Company's further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
SOURCE NeoStem, Inc.