NeoStem Announces Agreement with Progenitor Cell Therapy
News Apr 16, 2009
NeoStem, Inc. has announced that it will be moving its commercial adult stem cells processing and storage operations and utilizing exclusively Progenitor Cell Therapy, LLC (PCT).
In addition, Andrew L. Pecora, MD, FACP, CPE, who is Chairman and CEO of PCT, has agreed to join NeoStem's Advisory Board to work more closely with the company for future endeavors overseas.
Progenitor Cell Therapy is a client-based cell therapy services company that supports the development and commercialization of cellular therapies by providing current Good Manufacturing Practices (cGMP)-compliant services for pre-clinical and clinical development, manufacturing and eventual commercialization of cellular therapies for clients throughout the world.
This relationship will allow NeoStem to utilize the highest cGMP standard within the industry and associate itself further with clinicians, scientists, and business executives with significant accomplishments in both the general field of health care and specifically within the field of cell-based therapeutics.
NeoStem and PCT believe that cGMP-compliant adult stem cell blood banking will be essential for the use of these stem cells in many of the more complex future therapies presently being developed. PCT, which has extensive experience in adult stem cell and cord blood processing, storage and distribution for clinical use, is one of the few multiple-cell therapy manufacturing facilities in the world to process and store cells in compliance with the FDA's cGMP standards.
In commenting about the potential relationship, Dr. Robin Smith, CEO, NeoStem, stated, "This relationship between our two companies is both exciting and another example of our drive to develop best practices for our growing clientele, including those worldwide as we expand our activities outside of the United States. In addition, we are thrilled that Andrew Pecora, MD, FACP. has agreed to join our prestigious board of advisors. His medical expertise and practical business experience fit well with the very distinguished medical leaders who have already joined our board."