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news.Phase III Medical has completed the acquisition of NeoStem, a company that specializes in the collection and storage of adult stem cells.
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Phase III has issued five million shares of its common stock to NeoStem in exchange for certain assets, properties and rights that relate to NeoStem’s adult stem cell collection and storage business.
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 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 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,” said Larry May, previously CEO of NeoStem, and now a member of the Phase III management team.