NeoStem Acquires Amorcyte
New York biopharmaceutical company NeoStem (NYSE: NBS) says it signed a definitive merger agreement to acquire Amorcyte, an Allendale, NJ, biotech developing cell therapy treatments for cardiovascular disease. Amorcyte, a development stage company, has a product candidate, AMR-001, in the works for the treatment of acute myocardial infarction. NeoStem plans to commence a phase II clinical study on AMR-001 by first quarter 2012.
NeoStem issued 6.8 million shares of common stock and warrants to purchase 1.9 million shares to acquire Amorcyte. NeoStem will issue an additional 4.1 million shares upon the achievement of certain milestones regarding AMR-001. The deal is pending approval by Amorcyte and NeoStem shareholders.
The Amorcyte acquisition is the latest move by NeoStem to shift its focus to cell therapy. In January, NeoStem acquired Progenitor Cell Therapy, also of Allendale.