February 16, 2010 (FinancialWire) — NeoStem, Inc. (AMEX: NBS), an biopharmaceutical company with operations in the U.S. and China, said that it priced a public offering of five million shares of its common stock at $1.35 per share.

Net proceeds from the offering, after underwriting discounts and commissions and expenses, will be around $5,697,500. NeoStem has granted the underwriters an option to purchase up to an additional 750,000 shares to cover over-allotments, if any.

The company plans to use the net proceeds from this offering for the construction of manufacturing and lab facilities in China and the U.S., stem cell-related research and development projects, development and licensing of new pharmaceutical products in China, and for working capital and general corporate purposes.

China-based NeoStem is engaged in the development of stem cell-based therapies, pursuit of anti-aging initiatives and building of a network of adult stem cell collection centers in the U.S. and China that enable people to donate and store their own stem cells for potential personal use in times of future medical need. The company is also the licensee of various stem cell technologies.

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