NEW YORK, July 22, 2013 (GLOBE NEWSWIRE) -- NeoStem, Inc. (NYSE MKT:NBS) ("NeoStem" or the "Company"), a leader in the emerging cellular therapy market, announced today the appointment of Stephen W. Potter as Executive Vice President of the Company. Mr. Potter is a seasoned and successful senior executive with extensive management experience in the biotechnology and pharmaceutical industries. Stephen has served since February on NeoStem's Board of Directors and its Nominating and Governance Committee. Upon his appointment as Executive Vice President, Stephen resigned from the Company's Board of Directors.
"Stephen brings a history of success in cell therapy development and global operations and, combined with his existing working knowledge of both the research and operations of our Company, he will be a key figure in our future success," said Dr. Robin L. Smith, Chairman and CEO of NeoStem. "As NeoStem moves forward in growing its contract development and manufacturing services business, continues the development and looks ahead to the commercial launch of its therapeutic product pipeline, and evaluates multiple business development opportunities, we expect Stephen's demonstrated experience to have a significant impact on our Company's value."
"I am excited to join the NeoStem team, working collaboratively with its management and advisors, to drive significant value for the Company," said Mr. Potter. "I believe that cell therapies will play a significant role in the fight against chronic disease. NeoStem has developed a unique platform of contract services as well as developing its own pipeline of cell therapy products and I am pleased to work with Dr. Robin Smith and the Company's top notch team in the building of a world class, highly competitive and profitable business."
Most recently, Mr. Potter served as Senior Vice President of Operations and Corporate Development for Osiris Therapeutics, Inc. where 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. He earned a B.S. from University of Massachusetts and an MBA from Harvard Business School.
About NeoStem, Inc.
NeoStem, Inc. is a leader in the emerging cellular therapy industry. Our business model includes the development of novel proprietary cell therapy product, as well as operating a contract development and manufacturing organization that provides services to others in the regenerative medicine industry. The combination of a therapeutic development business and revenue-generating service provider business provides the Company with capabilities for cost effective in-house product development and immediate revenue and cash flow generation.
For more information, 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 research and development and clinical evaluation efforts as well as efforts towards development of cellular therapies, including with respect to AMR-001, the future of the regenerative medicine industry and the role of stem cells and cellular therapy in that industry and the Company's ability to successfully grow its contract development and manufacturing business. The Company's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the "Risk Factors" described in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2013 and in the Company's periodic filings with the SEC. The Company's further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.
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