NEW YORK, May 29, 2015 (GLOBE NEWSWIRE) -- NeoStem, Inc. (Nasdaq:NBS) ("NeoStem" or the "Company"), a biopharmaceutical company developing novel cell-based individualized medicine therapies, today announced plans to change its corporate name to Caladrius Biosciences, Inc. ("Caladrius"), effective June 8, 2015.
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"The upcoming name change and rebranding of NeoStem are important steps to outwardly reflect what those in the industry and our clients already know about the company – that we are a leader in the innovation, development and manufacture of cell-based individualized medicine and immuno-oncology, with extensive experience in dozens of cell types as well as a pipeline using many cells of the immune system beyond stem cells," said Dr. David J. Mazzo, Chief Executive Officer of NeoStem. "The new corporate name reflects the company's integrated approach to cell therapy and creates a foundation for better market understanding of our position in the field."
PCT (Progenitor Cell Therapy , LLC), a wholly-owned subsidiary of NeoStem and an industry-recognized single source premier cell therapy service provider, will be renamed "PCT, a Caladrius company", also effective on June 8, with no change to its focus on process development, engineering and manufacturing for clients across the cell therapy industry.
In Roman mythology, the Caladrius is a bird that visits the ill and is said to be able to absorb patients' illnesses and fly away, dispersing the illness and healing both itself and the patient. In that same spirit of recovery, NeoStem is committed to pursuing the preservation and enhancement of human health though the development and manufacture of cell-based therapeutics that prevent, treat, or cure diseases by repairing and replacing damaged or aged tissue, cells and organs and restoring their normal function. A new company logo will be introduced to reflect this change.
NeoStem's current therapeutic pipeline, for which new names for product candidates will be announced, includes:
- NBS20, the Company's lead product candidate, currently enrolling in the Intus Phase 3 trial for the treatment of metastatic melanoma, for which the first patient was randomized in April 2015;
- NBS10, for the treatment of damaged heart muscle after acute myocardial infarction, for which six and twelve month follow-up results have been announced; and
- NBS03D, which has been FDA-cleared for a Phase 2 study for the preservation of beta cell function in adolescents with type 1 diabetes.
Caladrius will trade on the NASDAQ stock exchange under ticker symbol CLBS beginning on June 8, 2015.
About NeoStem, Inc. (Soon to be Caladrius Biosciences, Inc.)
NeoStem is a biopharmaceutical company pursuing the preservation and enhancement of human health globally through the development of novel cell-based individualized medicine therapeutics that prevent, treat or cure disease. The Company is developing therapies based on three platform technologies (immuno-oncology, ischemic repair and immunomodulation) with a focus on its lead, Phase 3 clinical program for NBS20 in immuno-oncology.
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 success of the proposed public offering. 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, among others, the uncertainties related to market conditions, the completion of the public offering on the anticipated terms or at all, the final terms of the proposed offering, and the satisfaction of customary closing conditions related to the proposed public offering. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the factors described under the heading, "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2015 and those described in the Company's other periodic filings with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements.
CONTACT: NeoStem, Inc. Eric Powers Manager of Communications and Marketing Phone: +1-212-584-4173 Email: firstname.lastname@example.org