NeoStem's 2010 revenues rise as stem cell business grows
Biopharmaceutical company NeoStem (AMEX:NBS) said that its 2010 revenues grew 13% from the prior year.
The company's revenues for 2010, the first full year that includes sales from NeoStem's 51% stake in Chinese generic drug manufacturer Suzhou Erye Pharmaceutical, were $69.8 million.
That was up from 2009 pro forma revenues of $61.7 million.
Since starting out as a provider of adult stem cell collection and storage services, NeoStem has since branched out into cell therapeutics, using stem cells to help cure disease.
In January, the company acquired Progenitor Cell Therapy, which has cell therapy manufacturing facilities, as well as processing and storage facilities for stem cells collected from the umbilical cord at birth, located on the east and west coast of the US.
Through the acquisition, NeoStem also controls 80% of Athelos, a company focused on developing therapeutic cells to treat disorders of the immune system.
Aside from its US services and Chinese generic pharma company, NeoStem also has partnerships with two Chinese hospitals, giving it a foundation on which to build its China stem-cell therapy business.
In 2010, the company spent $16.4 million for the construction of a new pharmaceutical manufacturing facility at Suzhou Erye Pharmaceutical. At year-end, NeoStem had $15.6 million of cash and equivalents.
The company said in its statement that it expects to file its 10-K annual report this week.
As of 1:57 pm EST, the company's shares were up 0.6% to trade at $1.73.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
