NEW YORK, June 8, 2015 (GLOBE NEWSWIRE) -- Caladrius Biosciences, Inc. (Nasdaq:CLBS) ("Caladrius" or the "Company"), a cell therapy leader with a late-stage clinical program for immuno-oncology, today announced the finalization of its corporate name change from NeoStem, Inc. to Caladrius.
"Coming on the heels of the recent $17.7 million grant awarded to us from the California Institute for Regenerative Medicine in support of our currently enrolling Phase 3 trial studying CLBS20, also known as NBS20, as a therapy for metastatic melanoma, our new identity as Caladrius Biosciences reflects our position as a leader in the innovation, development and manufacture of cell-based individualized medicine," said Dr. David J. Mazzo, Chief Executive Officer of Caladrius.
PCT (Progenitor Cell Therapy, LLC), a wholly-owned subsidiary of Caladrius and an industry-recognized single source premier cell therapy service provider, has been renamed "PCT, a Caladrius company" with no change to its focus on process development, engineering and manufacturing for clients across the cell therapy industry.
The product candidates in the Company's therapeutic pipeline will be referred to under new names:
- CLBS20, also known as NBS20, the Company's lead product candidate, currently enrolling in the Intus Phase 3 trial for the treatment of metastatic melanoma;
- CLBS10, formerly NBS10, an ischemic repair treatment of damaged heart muscle after acute myocardial infarction in late phase 2; and
- CLBS03, formerly NBS03D, which is poised to enter Phase 2 in a study for the preservation of beta cell function in adolescents with type 1 diabetes.
Caladrius remains listed on the NASDAQ stock exchange and now will trade under ticker symbol CLBS. The new website for Caladrius is www.caladrius.com; PCT, a Caladrius company, can be found on the web at www.pctcaladrius.com.
In Roman mythology, the Caladrius is a bird that visits the ill and is said to be able to absorb patients' illnesses and fly away, dispersing the illness and healing both itself and the patient. In that same spirit of recovery, Caladrius Biosciences is committed to its mission of bringing new, innovative and treatment paradigm-changing medical therapies to market, and in so doing, improving patients' lives and creating value for its shareholders.
About Caladrius Biosciences, Inc. (formerly NeoStem, Inc.)
Caladrius Biosciences, Inc. is among the first of a new breed of immunotherapy companies with proven expertise and unique experience in cell process optimization, development, and manufacturing. Caladrius is a cell therapy leader with late-stage clinical programs based on a proprietary platform technology for immuno-oncology, as well as additional platform technologies for ischemic repair and immunomodulation, and capabilities that support other cell therapy developers. This integrated approach supports the industry in bringing significant life-improving medical treatments to market. www.caladrius.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 timing and success of the proposed public offering. 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, among others, the uncertainties related to market conditions, the completion of the public offering on the anticipated terms or at all, the final terms of the proposed offering, and the satisfaction of customary closing conditions related to the proposed public offering. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the factors described under the heading, "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2015 and those described in the Company's other periodic filings with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements.