NeoStem Appoints Stephen W. Potter to Board of Directors
NEW YORK, Feb. 11, 2013 (GLOBE NEWSWIRE) -- NeoStem, Inc. (NYSE MKT:NBS)
("NeoStem" or the "Company"), an emerging leader in the fast growing cell
therapy market, today announced that the appointment of Stephen W. Potter to
its Board of Directors.
Mr. Potter is a seasoned senior executive with extensive management experience
at biotechnology and pharmaceutical companies. Most recently, Mr. Potter
served as Senior Vice President of Operations and Corporate Development for
Osiris Therapeutics, Inc. During his tenure at Osiris, he worked as a member
of the senior leadership that achieved approval of the first-ever stem cell
drug therapy, Prochymal®. He was also responsible for the launch and overall
management of the Bio-Surgery business unit and had operational oversight for
multiple functional areas including manufacturing, human resources, IT, legal,
and business development.
Prior to his tenure at Osiris, Mr. Potter served as Senior Vice President of
Corporate and Business Development at Genzyme Corporation. Over his ten years
at Genzyme, he was the senior leader for its global corporate and business
development team that provided strategic and transaction support, including
support for many of Genyzme's cell therapy opportunities. Mr. Potter has also
held positions at DuPont Pharmaceuticals, E.I. Dupont de Nemours and Company,
Inc., and Booz Allen & Hamilton. Mr. Potter earned a B.S. from University of
Massachusetts and an MBA from Harvard Business School.
"For such an industry expert to select NeoStem is another validation of the
company's multi-faceted business strategy that combines a state-of-the-art
contract development and manufacturing subsidiary with a medically important
and advancing pipeline of cell therapy products, positioning the Company to
benefit from the rapidly emerging cell therapy industry," said Dr. Robin L.
Smith, Chairman and CEO of NeoStem. "As the field of cell therapy continues to
emerge, with NeoStem as a recognized leader, Stephen Potter's successful track
record of launching products, formulating and implementing business strategies
and executing high profile and high value transactions will provide key
insights and meaningful guidance as our portfolio advances into and through
Mr. Stephen W. Potter stated, "I look forward to sharing my experience in
corporate and business development at companies like Osiris, Genzyme, and
DuPont to help NeoStem execute its strategy, identify and evaluate new
opportunities, and move its product candidates forward."
About NeoStem, Inc.
NeoStem, Inc. continues to develop and build on its core capabilities in cell
therapy, capitalizing on the paradigm shift that we see occurring in medicine.
In particular, we anticipate that cell therapy will have a significant role in
the fight against chronic disease and in lessening the economic burden that
these diseases pose to modern society. We are emerging as a technology and
market leading company in this fast developing cell therapy market. Our
multi-faceted business strategy combines a state-of-the-art contract
development and manufacturing subsidiary, Progenitor Cell Therapy, LLC
("PCT"), with a medically important cell therapy product development program,
enabling near and long-term revenue growth opportunities. We believe this
expertise and existing research capabilities and collaborations will enable us
to achieve our mission of becoming a premier cell therapy company.
Our contract development and manufacturing service business supports the
development of proprietary cell therapy products. NeoStem's most clinically
advanced therapeutic, AMR-001, is being developed at Amorcyte, LLC
("Amorcyte"), which we acquired in October 2011. Amorcyte is developing a cell
therapy for the treatment of cardiovascular disease and is enrolling patients
in a Phase 2 trial to investigate AMR-001's efficacy in preserving heart
function after a heart attack. Athelos Corporation ("Athelos"), which is
approximately 80%-owned by our subsidiary, PCT, is collaborating with
Becton-Dickinson in the early clinical exploration of a T-cell therapy for
autoimmune conditions. In addition, pre-clinical assets include our VSEL^TM
Technology platform as well as our mesenchymal stem cell product candidate for
regenerative medicine. Our service business and pipeline of proprietary cell
therapy products work in concert, giving us a competitive advantage that we
believe is unique to the biotechnology and pharmaceutical industries.
Supported by an experienced scientific and business management team and a
substantial intellectual property estate, we believe we are well positioned to
For more information on NeoStem, please visit 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 or
its partners' successful development of AMR-001 and other cell therapeutics,
the size of the market for such products, its competitive position in such
markets, the Company's ability to successfully penetrate such markets and the
market for its contract development and manufacturing business, and the
efficacy of protection from its patent portfolio, as well as the future of the
cell therapeutics industry in general, including the rate at which such
industry may grow. The Company's actual results could differ materially from
those anticipated in these forward- looking statements as a result of various
factors, including but not limited to matters described under the "Risk
Factors" in the Company's Annual Report on Form 10-K filed with the Securities
and Exchange Commission on March 20, 2012 and in the Company's other periodic
filings with the Securities and Exchange Commission, all of which are
available on its website. The Company does not undertake to update its
forward-looking statements. The Company's further development is highly
dependent on future medical and research developments and market acceptance,
which is outside its control.
CONTACT: Trout Group
Lauren Kwiecinski, Senior Associate
NeoStem Inc. Logo
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