NeoStem Provides Results for 2010 and an Update on Recent Activities
NEW YORK, April 1, 2011 /PRNewswire/ -- NeoStem, Inc. (NYSE Amex: NBS) ("NeoStem" or the "Company"), an international biopharmaceutical company with operations in the U.S. and China, is today providing unaudited results for 2010 and an update of recent activities:Revenues for the year ended December 31, 2010 were $69.8 million compared with $11.6 million for 2009. 2010 was the first full year that results for the Company's 51% owned subsidiary, Suzhou Erye Pharmaceutical Co. Ltd. ("Erye"), were included in the Company's results. For the year ended December 31, 2010, revenues increased 13% over the 2009 pro forma revenue of $61.7 million. For the year ended December 31, 2010, the Company invested $16.4 million in capital expenditures primarily related to the construction of a new pharmaceutical manufacturing facility at Erye. Net cash used in operating activities for the year ended December 31, 2010 was $8.5 million compared to $8.4 million for the year ended December 31, 2009. Cash and cash equivalents at December 31, 2010 were $15.6 million.
The Company's Annual Report on Form 10-K for 2010 containing full audited financial statements for 2010 is expected to be filed next week.
NeoStem continues to focus on revenue drivers which can be seen by the January 2011 acquisition of Progenitor Cell Therapy, LLC ("PCT") which generates revenues in the US from the manufacturing, development and storage of cells and cell therapies. The Company views this acquisition as a foundation to achieve its strategic mission of capturing the paradigm shift to cell therapy. While NeoStem's origins began in the adult stem cell therapy, collection and storage service business, the PCT acquisition begins a new dimension in the Company's business model. NeoStem today, with 85 US based employees, brings to bear