NeoStem's Subsidiary, Progenitor Cell Therapy, Launches Web-Based Service for Real-Time Cell Therapy Product Tracking
NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) -- NeoStem, Inc. (NYSE MKT:NBS) ("NeoStem" or the "Company"), a leader in the emerging cellular therapy market, today announced that the Company's contract development and manufacturing ("CDMO") subsidiary, Progenitor Cell Therapy ("PCT"), has launched a new service offering, using a custom developed Internet/Web application to further its position as a technology leader for cell therapy. The new service, an automated software system called "PCTFORME.COM", resides in a highly secure, cloud based computing environment, available 24/7, and serves to enhance PCT's service offering to its growing client base. This service has been launched for a major client and is now available for all of PCT's existing and future stem cell clients.
PCTFORME allows PCT's clients to securely access patient details on-line and provides for real time product ordering, processing and retrieval via automated communications between PCT's clients and laboratory staff. The system is expected to significantly enhance communication by enabling easy tracking of current processing, increasing PCT's efficiencies and streamlining the process for the ordering of patient cells for infusion. PCTFORME is HIPAA compliant and built on a proven Microsoft software platform and supporting cloud based hardware infrastructure.
Robert A. Preti, PhD, President and Chief Scientific Officer of PCT, said, "The need to service the demand, in both volume and variety of procedures, continues to grow as PCT serves our client base. The efficiencies gained in order entry, cell product inventory management, and real time procedure result reporting is expected to improve patient care through enhanced communication, control and transparency. In this regard, PCTFORME represents a patient product management breakthrough in stem cell processing."
"As the field of cell therapy continues to emerge, we believe technology will enable us to reduce costs, better service our clients and build scalable operations to be ready for the future when cell therapy becomes standard of care in medical practice," said Dr. Robin L. Smith, Chairman and CEO of NeoStem. "Our management is focused on evaluating, developing and incorporating such technologies into our state-of-the-art contract development and manufacturing business to assist our clients, as well as our clinical development subsidiaries, with their cell therapy product development, and in preparation to launch them into the clinic."
About NeoStem, Inc.
NeoStem, Inc. ("NeoStem" or the "Company") is a leader in the emerging cellular therapy industry. Our business model includes the development of novel proprietary cell therapy products as well as operating a contract development and manufacturing organization ("CDMO") providing services to others in the regenerative medicine industry. The combination of a therapeutic development business and revenue-generating service provider business provides the Company with capabilities for cost effective in-house product development and immediate revenue and cash flow generation. www.neostem.com
About Progenitor Cell Therapy, LLC ("PCT")
PCT, a wholly owned subsidiary of NeoStem, Inc., is a leading CDMO in the cellular therapy industry. Since its inception in 1997, PCT has provided pre-clinical and clinical current Good Manufacturing Practice ("cGMP") development and manufacturing services to over 100 clients advancing regenerative medicine product candidates through rigorous quality standards all the way through to human testing. PCT has two cGMP, state-of-the art cell therapy research, development, and manufacturing facilities in New Jersey and California, serving the cell therapy community with integrated and regulatory compliant distribution capabilities. Its core competencies in the cellular therapy industry include manufacturing of cell therapy-based products, product and process development, cell and tissue processing, regulatory support, storage, distribution and delivery and consulting services. www.pctcelltherapy.com
Forward-Looking Statements for NeoStem, Inc.
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 successful execution of the Company's business strategy, including with respect to the Company's or its partners' successful development of AMR-001 and other cell therapeutics, the size of the market for such products, its competitive position in such markets, the Company's ability to successfully penetrate such markets and the market for its contract development and manufacturing business, and the efficacy of protection from its patent portfolio, as well as the future of the cell therapeutics industry in general, including the rate at which such industry may grow. The Company's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors, including but not limited to matters described under the "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2013 and in the Company's other periodic filings with the Securities and Exchange Commission, all of which are available on its website. The Company does not undertake to update its forward-looking statements. The Company's further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
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