NeoStem to redeem all $3.4 million 7% senior convertible preferreds

Move intended to simplify company's capital structure

By Tali David

Minneapolis, Oct. 17 - NeoStem, Inc. plans to redeem all outstanding shares of its series E 7% senior convertible preferred stock, totaling $3.4 million, according to a news release.

Through the redemption of the series E preferred stock, the company said it will remove a significant overhang and simplify NeoStem's capital structure.

"The redemption of the series E preferred stock is another example of a step taken by us to improve common stockholder value," Robin Smith, chairman and CEO of NeoStem, said in the release.

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.

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