Phase III Medical Completes Acquisition of NeoStem, Inc., an Adult Stem Cell Company
Thursday January 26, 8:55 am ET
MELVILLE, N.Y.--(BUSINESS WIRE)--Jan. 26, 2006--Phase III Medical, Inc. (Phase III) (OTCBB:PHSM - News), has completed the acquisition of NeoStem, Inc., a company that specializes in the collection and storage of adult stem cells.
Pursuant to the terms of the acquisition, Phase III, through its wholly owned subsidiary, has purchased certain assets, properties and rights of NeoStem that relate to its adult stem cell collection and storage business in exchange for the issuance of 5,000,000 shares of the Company's common stock and the assumption of certain of NeoStem's liabilities.
Executives from NeoStem have joined with Phase III executives to form the management of the new enterprise, which will focus on the business of NeoStem, a commercial autologous (donor and recipient are the same) adult stem cell bank pioneering the pre-disease collection, processing and storage of stem cells that donors can access for their own present and future medical treatment. The new Company's objective is to be the leading provider of adult stem cells for therapeutic use in the burgeoning field of regenerative medicine, including treatment for heart disease, certain types of cancer and other critical health problems.
Mark Weinreb, President and CEO, Phase III, said, "We are extremely pleased to complete this acquisition and look forward to working hard in the coming year to drive growth and position our new Company for leadership in this critical new medical arena."
Larry May, previously CEO of NeoStem, Inc. and now a member of the Phase III management team, noted, "The merger of these two companies creates a company with great potential. The business knowledge and experience of Phase III management in the life science industry, combined with NeoStem's unique capabilities to collect and store adult stem cells, present an extraordinary opportunity to provide an important service in the emerging stem cell industry."
About Phase III Medical. Inc.
Phase III Medical, Inc. (OTCBB:PHSM - News), a Delaware corporation, is an innovative, publicly traded company that, through the acquisition of NeoStem, is positioned to become a leader in the adult stem cell field and to capitalize on the increasing importance the Company believes adult stem cells will play in the future of regenerative medicine. The management and board of directors and advisors of Phase III have collective experience in life science marketing, business management, and financial expertise, as well as significant technical, medical and scientific experience.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the Company's ability to develop the adult stem cell business, the future of regenerative medicine and the role of adult stem cells in that future, the future use of adult stem cells as a treatment option and the potential revenue growth of NeoStem's business. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Phase III Medical, Inc. ("the Company"), or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The Company' s ability to enter the adult stem cell arena and future operating results are dependent upon many factors, including but not limited to (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) the Company's ability to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control;(iv) scientific and medical developments beyond the Company's control and (v) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission which are available for review at www.sec.gov under "Search for Company Filings."
Consulting For Strategic Growth I, Ltd. ("CFSG") provides Phase III Medical Inc. with consulting, business advisory, investor relations, public relations and corporate development services. Independent of CFSG's receipt of cash compensation from Phase III Medical, CFSG may choose to purchase the Company's common stock and thereafter liquidate those securities at any time it deems appropriate to do so.
Contact:
Phase III Medical, Inc.
Mark Weinreb, 631-574-4955
Fax: 631-574-4956
mweinreb@phase3med.com
or
Consulting for Strategic Growth I
Stanley Wunderlich, 800-625-2236
Fax: 212-337-8089
info@cfsg1.com
biz.yahoo.com |
