NEW YORK, March 10, 2014 (GLOBE NEWSWIRE) -- NeoStem, Inc. (Nasdaq:NBS) ("NeoStem" or the "Company"), a leader in the emerging cellular therapy industry, and its subsidiary, Progenitor Cell Therapy, LLC ("PCT"), an internationally recognized contract development and manufacturing organization, announced today that PCT has expanded both its Allendale, NJ and Mountain View, CA current Good Manufacturing Practice ("cGMP") facilities to significantly increase its engineering and process development laboratories, and controlled environment ("clean room") space available for client needs. Furthermore, the expansion in the Allendale, NJ facility features an ISO Class 6/1,000 clean room, enabling PCT to manufacture products intended for European distribution.
"The expansion of our facilities is well in line with the growing demand for PCT's contract development and manufacturing services," said Dr. Robert A. Preti, Chief Scientific Officer of NeoStem and President of PCT. "PCT has always prided itself on delivering excellent customer service and now we can offer our clients more capacity and options for solutions at our facilities to expedite the development and manufacture of their cell therapy products. The non-clean room expansion activities will both improve our capability to provide product development support, and importantly provide room for PCT's Engineering and Innovation Center to grow."
PCT's Allendale facility added two clean rooms for a total of five, an increase of 67%. One of these new clean rooms is ISO Class 7/10,000 and the other is ISO Class 6/1,000, meeting certain compliance requirements for product distribution into the European Union. Additionally, the facility expansion added a process development laboratory and effectively doubled available office space. At this point, approximately 22,000 of the Allendale facility's approximate 30,000 sq. ft. of space has been developed, allowing for the possibility of additional future expansion.
The Allendale facility expansion was designed by Poskanzer Skott Architects of Ridgewood, NJ, an award-winning design and planning firm recognized for its innovative and workable design solutions. "Our work for PCT has taken our firm's involvement in the high-tech/sciences sector to a new level," said the firm's co-founder, Barry Poskanzer, AIA. "We take great pride in the quality and longevity of our relationship with PCT, an exciting company doing cutting-edge work in support of medical advancements."
PCT's Mountain View facility expansion added a clean room for a total of six, an increase of 20%. The new room is a 250 sq. ft. ISO Class 7/10,000 clean room. This expansion brings the production area of the facility to approximately 17,000 sq. ft., reserving approximately 8,000 sq. ft. for future development.
"This investment into PCT's manufacturing facilities and the expansion of its capabilities demonstrates our commitment to support the significant growth and advancement of the regenerative medicine industry, both in the U.S. and in Europe," said Dr. Robin L. Smith, Chairman and CEO of NeoStem.
About NeoStem, Inc.
NeoStem, Inc. 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 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
Progenitor Cell Therapy (PCT), a wholly owned subsidiary of NeoStem, Inc., is a leading contract development and manufacturing organization in the cellular therapy industry. For over 15 years, PCT has provided pre-clinical and clinical cGMP development and manufacturing services to more than 100 clients, advancing regenerative medicine product candidates from the development stage all the way through to human testing. PCT has two cGMP-compliant, state-of-the art facilities in New Jersey and California to serve the cell therapy industry and offers manufacturing of cell therapy-based products, engineering and innovation services, process and product development, cell and tissue processing, collection and storage, regulatory consulting, facility design, validation, and due diligence evaluations. www.pctcelltherapy.com
About Poskanzer Skott Architects
Poskanzer Skott Architects is an established, award-winning design and planning firm recognized for its innovative and workable design solutions. The company has broad experience in the entire design process from concept to completion working on behalf of office, industrial, retail, multi-family, educational, health care and residential real estate clients, including the public, private and non-profit sectors. www.poskanzerskott.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 successful execution of the Company's business strategy, including with respect to the successful development of cellular therapies, including with respect to AMR-001 and regulatory T cells, the future of the regenerative medicine industry and the role of stem cells and cellular therapy in that industry and the Company's ability to successfully grow its contract development and manufacturing business. 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 March 11, 2013 and in the Company's periodic filings with the SEC. 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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