NeoStem closes share public offering; expects $6.9 million in net proceeds

Feb 19 2010

NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with operations in the U.S. and China, announced today the closing of its previously announced 5,000,000 share public offering and the exercise of the over-allotment option in full by the underwriters for an additional 750,000 shares of the Company's common stock, bringing the total shares offered to 5,750,000.

The offering was priced at $1.35 per share. Including the over-allotment, the Company expects to receive net proceeds from the offering, after underwriting discounts, commissions and expenses, of approximately $6.9 million.

"We are pleased to be bringing in the Chinese New Year with this milestone and look forward to the near-term relocation of our pharmaceutical operations in China and launch of our stem cell therapies in China while we continue with our other stem cell initiatives in the U.S.," said Robin Smith, M.D., Chairman and CEO of NeoStem. "We are appreciative of the continued support of our existing investors as well as the additional support of new investors."

Roth Capital Partners, LLC served as sole book-running manager and Maxim Group and Gilford Securities acted as co-managers for the offering. Copies of the final prospectus relating to the offering may be obtained from Roth Capital Partners, LLC at 24 Corporate Plaza Drive, Newport Beach, CA 92660 or by telephone (800) 678-9147.