NEW YORK, Nov. 2, 2010 /PRNewswire-Asia/ -- NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with operations in the U.S. and China, today announced that Weihai Municipal Price Bureau, the local authority in charge of pricing for public medical services in China, approved the pricing for single side and bilateral arthroscopic orthopedic autologous adult stem cell based treatment being administered at Wendeng Orthopedic Hospital ("Wendeng Hospital"), one of the leading specialist orthopedic hospitals in China based in Wendeng, Shandong Province, China. Additionally, Weihai Municipal Labor Bureau Medical Insurance Office approved Wendeng Hospital's application for reimbursement effective November 1st, whereby patients are eligible to receive reimbursement for up to 80% of the cost of the orthopedic procedure under the new technology category.
NeoStem holds an exclusive royalty-bearing, perpetual and irrevocable license to use the Regenerative Sciences, Inc. stem cell-based orthopaedic technology in Asia, and is in the early stages of implementing operations designed to offer these orthopedic treatments in China through an initial network of hospitals, of which Wendeng Hospital is the first.
"Reimbursement for such procedures will allow individuals who cannot otherwise afford treatment to receive treatment while also benefiting from these innovative, less invasive therapies," said Dr. Robin Smith, Chairman and Chief Executive Officer of NeoStem.
Wendeng Hospital's Dr. Huang Xiangjie, who is Vice President, Clinical Affairs, said, "Our collaboration with affiliates of NeoStem has enabled us to offer to our patients the benefit of the latest technology from the U.S. in the treatment of a range of orthopedic conditions, and this latest development will enable us to expand significantly the universe of such patients to whom we can provide this service."
"We look forward to this as the beginning of a pipeline of stem cell-based regenerative medicine therapies that is a key element of NeoStem's growth strategy in both the United States and China. We are working towards similar arrangements for the treatment of additional medical conditions with other specialist hospitals in China," said Ian Zhang, Ph.D., MBA who joined the company in September as the new President and Managing Director of NeoStem (China), Inc.
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 is also the licensee of various stem cell technologies, including a worldwide exclusive license to VSEL(TM) 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 the future of VSEL(TM) Technology and adult stem cells as a viable treatment option, 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 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.
Phone: +1 (212) 584-4174
E-mail: rsmith@neostem.com
http://www.neostem.com
