NEW YORK, Jan. 25 /PRNewswire-Asia-FirstCall/ -- NeoStem, Inc. ("NeoStem" or the "Company") (NYSEAmex: NBS), an international biopharmaceutical company with operations in the U.S. and China, announced that it recently was advised that its Suzhou Erye Pharmaceutical subsidiary ("Erye") received approval as of November 6, 2009 from the State Food and Drug Administration (SFDA) in China to manufacture and sell omeprazole 20mg capsules.
Omeprazole, a proton pump inhibitor (PPI), is the generic form of one of the most widely-prescribed drugs in the world for the treatment of peptic ulcer disease (PUD) and gastroesophageal reflux disease (GERD). China is estimated to have a 5% incidence of GERD among their general population of 1.3 billion people. Omeprazole is on China's National Medical Reimbursement Insurance List as being eligible for reimbursement by the government's healthcare programs.
NeoStem's Chairman and CEO, Robin Smith, commented, "omeprazole is the first of seven drugs in Erye's pipeline to be approved since the acquisition of our 51% interest in Erye and is an important addition to the company's product offerings. While there are many other manufactures in China approved to manufacture this generic, the large market in China is more than sufficient to provide a significant opportunity for Erye." "We are very excited about the omeprazole opportunity," said Madam Jian Zhang, Erye's General Manager, "It is an important part of our strategy to expand our offerings of generic drugs and we hope to be selling the drug during the summer."
NeoStem acquired its 51% interest in Erye through its acquisition of China Biopharmaceutical Holdings in October 2009.
About NeoStem, Inc.
NeoStem, Inc. 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 VSELTM 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. For more information, please visit: http://www.neostem.com .
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 market potential of omeprazole, 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 Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on January 19, 2010, as well as 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.
For more information, please contact: NeoStem, Inc. Robin Smith, CEO Phone: +1-212-584-4180 Email: email@example.com Web: http://www.neostem.com CCG Investor Relations, Inc. Lei Huang, Account Manager Phone: +1-646-833-3417 Email: firstname.lastname@example.org Web: http://www.ccgirasia.com Crocker Coulson, President Phone: +1-646-213-1915 Email: email@example.com
SOURCE NeoStem, Inc.