November 24, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — NeoStem, Inc. (AMEX: NBS) said it has concurrent offerings, raising around $19 million in gross proceeds.

The company closed an underwritten registered offering of 6,337,980 common units at $1.45 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.5 of a share of common stock with a per share exercise price of $1.85.  

Cowen and Co. (NASDAQ: COWN) acted as sole book-running manager.

NeoStem also closed a registered direct offering of 10,582,011 preferred units. Each unit consists of one share of series E 7% senior convertible preferred stock convertible at $2.0004, maturing May 20, 2013, a warrant to purchase 0.25 of a share of common stock with a per share exercise price of $2.0874 and 0.0155 shares of common stock.  

Cowen and Co. and LifeTech Capital, a division of Aurora Capital, acted as co-placement agents for this offering.

From the two offerings, which ran concurrently, the company received $19,190,071 in gross proceeds, prior to deducting underwriting discounts and commissions, placement agent fees and offering expenses payable by the company.

NeoStem said that the funds will give it the ability to proceed with its acquisition of Progenitor Cell Therapy LLC, and focus on growing its cord blood and adult stem cell banking, cellular manufacturing and therapeutic business, as well as expand our businesses in Asia and other countries.

New York-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 are focused on enabling people to donate and store their own (autologous) stem cells for their personal use in times of future medical need.

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