Published on February 12, 2010 at 3:31 AM
NeoStem, Inc.
(NYSE Amex: NBS) ("NeoStem" or the "Company"), an international
biopharmaceutical company with operations in the U.S. and China, announced
today that it priced a public offering of 5,000,000 shares of its common stock
at $1.35 per share. Net proceeds from the offering, after underwriting
discounts and commissions and expenses, will be approximately $5,697,500.
NeoStem has granted the underwriters an option to purchase up to an additional
750,000 shares to cover over-allotments, if any.
"We were pleased by the participation of new institutional investors as
well as the additional investment by our largest shareholder and other insider
participation," noted Dr. Robin Smith, Chairman and CEO. "We remain committed
to expanding our revenue opportunities in China, both through our
pharmaceutical business and soon to be launched adult stem cell initiatives.
The proceeds of this offering will help us reach our goals."
The Company intends to use the net proceeds from this offering for the
construction of manufacturing and lab facilities in China and the U.S., stem
cell-related research and development projects, development and licensing of
new pharmaceutical products in China, and for working capital and general
corporate purposes.
Roth Capital Partners, LLC served as sole book-running manager and Maxim
Group and Gilford Securities acted as co-managers for the offering. The
offering is subject to customary closing conditions and is expected to close
on February 18, 2010.
SOURCE NeoStem, Inc.