SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): August 16,
2010
NEOSTEM,
INC.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
(State
or Other Jurisdiction
of
Incorporation)
|
0-10909
(Commission
File
Number)
|
22-2343568
(IRS
Employer
Identification
No.)
|
420 Lexington Avenue, Suite
450, New York, New York 10170
(Address
of Principal Executive Offices)(Zip Code)
(212)
584-4180
Registrant's
Telephone Number
Check
the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2.
below):
o Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
2.02.
|
Results
of Operations and Financial
Condition.
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On August
16, 2010, NeoStem, Inc., a Delaware corporation (the “Company”), issued a press
release relating to results of the second quarter ended June 30,
2010. A copy of this press release is being furnished as Exhibit 99.1 to this
Current Report on Form 8-K.
In
accordance with General Instruction B.2 of Form 8-K, the information in this
Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liability of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in such
a filing.
Forward Looking
Statements
This
Current Report on Form 8-K, including Exhibit 99.1, contains forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements typically
are identified by use of terms such as “may,” “will,” “should,” “plan,”
“expect,” “anticipate,” “estimate” and similar words, although some
forward-looking statements are expressed differently. Forward-looking
statements represent the Company’s management’s judgment regarding future
events. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, the Company can give no
assurance that such expectations will prove to be correct. All
statements other than statements of historical fact included in this Current
Report on Form 8-K are forward-looking statements. The Company cannot
guarantee the accuracy of the forward-looking statements, and you should be
aware that the Company’s actual results could differ materially from those
contained in the forward-looking statements due to a number of factors,
including the statements under “Risk Factors” contained in the Company’s reports
filed with the Securities and Exchange Commission.
|
Item
9.01.
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Financial
Statements and Exhibits.
|
(d) Exhibits
| Exhibit No. | Description | |
|
|
99.1
|
Press
Release dated August 16, 2010 (Exhibit 99.1 is furnished
as part of this Current Report on Form
8-K).
|
2
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, NeoStem has duly caused this Report to be
signed on its behalf by the undersigned hereunto duly authorized.
| NEOSTEM, INC. | |||
|
|
By:
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/s/ Catherine M. Vaczy | |
|
Name: Catherine
M. Vaczy
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|||
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Title: Vice
President and General Counsel
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|||
Date: August 16, 2010
3
NeoStem
Provides Second Quarter Update
NEW YORK,
August 16 /PRNewswire-Asia-FirstCall/ -- NeoStem, Inc. (NYSE Amex: NBS)
("NeoStem" or the "Company”) an international biopharmaceutical
company with product and service revenues, global research and development
capabilities and operations in three distinct business units, U.S. adult stem
cells, China adult stem cells, and China pharmaceuticals is today
providing results of its second quarter 2010.
Second
Quarter Results
|
·
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Quarterly
revenues were $19.4 million, up 26% compared to the pro forma results from
the same period in 2009, and 23% higher than the first quarter of
2010. The Company experienced a 25% increase in revenue in the
first half of 2010 compared to the pro forma revenue results from the
first half of 2009.
|
|
·
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The
Company had cash and cash equivalents of approximately $11 million at June
30, 2010.
|
|
·
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Net
cash used in operating activities for the second quarter was
$842,000.
|
|
·
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During
the first half of 2010, the Company invested $8.6 million in capital
expenditures related to our continuing expansion into
China.
|
Erye
began relocation of its operations to its new state-of-the-art manufacturing
facility in early 2010 with the first of the State Food and Drug Administration
(SFDA) approvals of four production lines at the new plant. These
production lines account for the manufacture of the materials for approximately
90% of last year’s revenues. The expanded facility should enable Erye to
increase its production capacity to respond to forecasted rising demand in
China's growing pharmaceutical market with the expectation of stronger sales as
2010 unfolds. Erye’s development pipeline continues to
advance, including SFDA approval to manufacture the sterile active
pharmaceutical ingredient of the anti-infective cloxacillin sodium and proton
pump inhibitor omeprazole announced earlier this year for
which commercialization is anticipated to begin by the end of 2010. Erye has an
additional five products in its pipeline and is working with NeoStem to evaluate
opportunities to in-license or acquire new drug opportunities to enhance the
long-term growth potential.
The
Company believes it is well positioned to recognize both near- and long-term
revenue opportunities through stem cell therapeutics. Adult stem cell
collection and storage as well as orthopedic treatment has commenced through
Neostem’s collaborators in China and Taiwan. In the United States,
NeoStem continues to work with thought leaders to deploy and advance an
innovative group of stem cell technologies including the VSELTM
Technology in an effort to develop treatment for a wide range of
diseases.
Recent
Milestones
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·
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Exclusive
collaboration with the Vatican’s Pontifical Council for Culture to expand
adult stem cell research and raise awareness of the importance of adult
stem cell research and therapies and the Pontifical Council has undertaken
to commit $1 million to seed the joint
initiatives;
|
|
·
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$700,000
contract from the U.S. Army Medical Research and Materiel Command,
Telemedicine and Advanced Technology Research Center (USAMRMC-TATRC)
to advance adult stem cell therapies in treating traumatic wounds [Army
Medical Research Acquisition Activity contract number:
(W81XWH-10-2-0039)] by evaluating the use of topically applied
bone marrow-derived adult mesenchymal stem cells (MSCs) for rapid wound
healing and preliminary assessment of VSEL™
Technology;
|
|
·
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Sponsored
research agreement (SRA) with the
Schepens Eye Research Institute, an affiliate of Harvard Medical
School, to study the development of therapies for both age-related macular
degeneration (AMD) and Glaucoma using NeoStem’s proprietary VSEL™
Technology.
|
About
NeoStem, Inc.
NeoStem,
Inc. is engaged in the development of stem cell-based therapies, pursuit of
anti-aging initiatives 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 also has licensed various stem cell
technologies, including a worldwide exclusive license to VSEL™ 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
..
Forward-Looking
Statements
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
strategy, accelerating Erye's sales growth in 2010 and successful transfer of
Erye's production lines to the new facility, growth in revenues from the
Company’s China operations, as well as other advances in the Company’s business,
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 Annual Report
on Form 10-K filed with the Securities and Exchange Commission on March 31, 2010
and Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on May 17, 2010, as well as other 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:
+1-212-584-4174
Email:
rsmith@neostem.com
Web: http://www.neostem.com