ALLENDALE, N.J. and WASHINGTON, May 13, 2013 (GLOBE NEWSWIRE) -- NeoStem, Inc. (NYSE MKT:NBS), a leader in the emerging cellular therapy industry, and its subsidiary, Progenitor Cell Therapy, LLC ("PCT"), an internationally recognized contract development and manufacturing organization, announced today that PCT has entered into a Cell Therapy Processing Customer Agreement with MedStar Georgetown University Hospital in Washington, D.C. to provide autologous and allogeneic cellular therapy services for cellular products provided by MedStar Georgetown University Hospital ("MGUH") and deliver resulting cellular therapy products to MGUH for patient care.
In April, Georgetown's Lombardi Comprehensive Cancer Center, part of MedStar Georgetown University Hospital, and the John Theurer Cancer Center, part of Hackensack University Medical Center ("HackensackUMC") in Hackensack, N.J., announced the establishment of an oncology affiliation arrangement between them to enhance patient access to innovative clinical trials, and is a significant step towards developing a clinical, translational and basic science cancer research consortium.
In its agreement with PCT, MedStar Georgetown University Hospital will use the services of PCT for processing and storage of peripheral blood progenitor cells, donor leukocytes, bone marrow and cord blood, as well as requested assaying and storage of cellular therapy product, and retrieval and transportation logistics.
"Akin to our relationship with HackensackUMC, whose engagement of PCT began over thirteen years ago, we look forward to developing a strong association with Georgetown," said Robert A. Preti, Ph.D., President and Chief Scientific Officer of PCT. "Our agreements with HackensackUMC and MedStar Georgetown University Hospital enable us to continue to play a vital part in patient care for cancers and other hematologic disorders, and to continue to provide cell products to our entire client base. Since its founding, PCT has provided cell therapy products for infusion into over 6,000 patients."
Dr. Robin L. Smith, NeoStem's Chairman and Chief Executive Officer, stated that, "NeoStem is committed to supporting and enabling the development of emerging cell therapy products. We, as well as our clients, are developing innovative therapies using the cells of our body to treat chronic diseases such as cancers, autoimmune conditions and cardiovascular disease. We are thrilled to be working with prestigious institutions such as MedStar Georgetown University Hospital and HackensackUMC to support their bone marrow transplant programs. PCT's exceptional client retention rate validates the management's commitment to Quality and Service as we look forward to future growth with our clients outside of the United States."
The Georgetown Lombardi Comprehensive Cancer Center at MedStar Georgetown University Hospital is the Washington, D.C. metropolitan region's only comprehensive cancer center, a designation from the National Cancer Institute (NCI) demonstrating its scientific excellence and the capability to integrate multi-disciplinary, collaborative research approaches to focus on the problem of cancer.
The John Theurer Cancer Center at HackensackUMC is a nationally renowned, award-winning cancer center with a strong clinical program of excellence. HackensackUMC is ranked among the 50 best hospitals in the United States and the John Theurer Cancer Center is the highest ranked cancer center in New Jersey in the 2012-13 U.S. News & World Report Best Hospitals ranking.
About John Theurer Cancer Center at Hackensack University Medical Center
John Theurer Cancer Center at HackensackUMC is New Jersey's largest and most comprehensive cancer center dedicated to the diagnosis, treatment, management, research, screenings, preventive care, as well as survivorship of patients with all types of cancer.
Each year, more people in the New Jersey/New York metropolitan area turn to the John Theurer Cancer Center for cancer care than to any other facility in New Jersey. The 14 specialized divisions feature a team of medical, research, nursing and support staff with specialized expertise that translates into more advanced and focused care for all patients. The John Theurer Cancer Center provides comprehensive multidisciplinary care, state of the art technology, access to clinical trials, compassionate care and medical expertise—all under one roof. Physicians at the John Theurer Cancer Center are members of Regional Cancer Care Associates, one of the nation's largest professional hematology/oncology groups. For more information please visit jtcancercenter.org.
About NeoStem
NeoStem, Inc. ("NeoStem" or the "Company") is a leader in the emerging cellular therapy industry. Our business model includes the development of novel proprietary cell therapy products as well as operating a contract development and manufacturing organization ("CDMO") providing services to others in the regenerative medicine industry. The combination of a therapeutic development business and revenue generating service provider business provides the Company with unique capabilities for cost effective in-house product development and immediate revenue and cash flow generation. www.neostem.com
Forward-Looking Statements for NeoStem, Inc.
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 business strategy, including with respect to the Company's research and development and clinical evaluation efforts for cellular therapies, including with respect to AMR-001, the future of the regenerative medicine industry and the role of stem cells and cellular therapy in that industry and the Company's ability to successfully grow its contract development and manufacturing business. 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 11, 2013 and in the Company's periodic filings 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.