NEW YORK, Jan. 13, 2011 /PRNewswire/ -- NeoStem, Inc. (NYSE Amex: NBS ) ("NeoStem" or the "Company"), an international biopharmaceutical company with operations in the U.S. and China, today announced that its FY2010 Technology/Therapeutic Development Award application number PR101055 has been recommended for funding by the Department of Defense (DOD) Peer Reviewed Medical Research Program (PRMRP) of the Office of the Congressionally Directed Medical Research Programs (CDMRP).
The $1,700,000 award, which the Company will receive upon completion of the award process, will be applied towards funding the Company's proposal to continue a strategy aimed at employing the Company's VSEL™ Technology which uses a unique stem cell population, very small embryonic-like stem cells, to treat osteoporosis and improve bone health.
"The work proposed in this application has the potential to dramatically change the way in which osteoporosis and bone fracture is treated in the military and in the general population," said Dr. Russell Taichman, Professor of Dentistry, Department of Periodontics and Oral Medicine at the University of Michigan's School of Dentistry who will work with the Company on the study. Dr. Taichman added "Osteoporosis is a major medical condition affecting 75 million people worldwide and causing significant morbidity and mortality in the aging population and the increased incidence of fractures is the major cause of death from osteoporosis. In 2005, the estimated cost burden of fractures due to osteoporosis was $19 billion and that is expected to rise to over $25 billion by the year 2025. In addition to being a major concern for the general healthcare community, osteoporosis and related bone fractures have become a concern for the military with significant loss of duty time across all branches of the military due to related stress fractures."