Investor Aspire Capital commits to buy company's common shares
By Devika Patel
Knoxville, Tenn., June 3 - NeoStem, Inc. said it arranged a $30 million two-year equity purchase agreement with Aspire Capital Fund, LLC.
"The prior agreement worked very well to complement our business, fundraising and operational activities and enabled us to sell shares from time-to-time on market-based terms to a committed, long-time investor with substantial share ownership," chairman and chief executive officer Robin L. Smith said in a press release.
"As we have done in the past, we would intend to use the facility when we feel it is appropriate to help support the achievement of our clinical development pipeline and operational objectives and strengthen our cash position. This is a continuation of our relationship with Aspire that now goes back four years."
The New York-based company collects, processes and stores adult stem cells for autologous use in the treatment of cardiac disease, autoimmune disorders and other conditions.
| Issuer: | NeoStem, Inc.
|
| Issue: | Equity purchase agreement
|
| Amount: | $30 million
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| Tenor: | Two years
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
|
| Settlement date: | June 3
|
| Stock symbol: | Nasdaq: NBS
|
| Stock price: | $6.74 at close June 2
|
| Market capitalization: | $223.77 million
|
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