Neostem, a company formerly known as Phase3Med, based in New York (USA) which collects and stores adult stem cells has been around for quite a while. One of their directors was here in Malaysia 3 years ago at one of the locally organized biotech symposiums and expressed a certain interest and admiration for the work that we have accomplished thus far.
LAS VEGAS MEDICINE
After a short hiatus about two years ago where there was a change in management and ownership, the company has started to make regular press announcements about their expansion of collection services in the US in collaboration with aesthetic doctors. Neostem held a press conference last Friday (Oct 23rd) which was sponsored by the Nevada Development Authority and the University of Nevada and a few local companies. Neostem used the opportunity to present to the Nevada Biotechnology and Bioscience Consortium to educate the region's medical and scientific community.
The collection site is apparently sited near the Nevada Cancer Institute and the Nevada Neurosciences Institute. Its CEO Robin Smith said that its expansion in Las Vegas was quite obvious given the large size of the city's population, its tourist attraction status and that tourists also visit for the health and spa-oriented services offered by the hospitality industry. Neostem's target clients for adult stem cell banking include anyone concerned with their long term health or well-being. They are also targeting people concerned about possible exposure to radiation.
MONEY MATTERS
Neostem listed on the American stock exchange on the same day as the Nevada announcement, is unfortunately already trading down and has a market capitalization of 14 million USD. The rapid expansion over the last three years has been loss-making for Neostem (approx. twenty million US dollars) according to its last audit in March. Most of it was operating expenses (expensive infrastructure and qualified personnel requirements).
However, medical director of the Las Vegas facility, Dr. Ivan Goldsmith expressed his enthusiasm to target both residents and tourists and convince them that storing their own stem cells for their future might be a better bet than the gaming tables.
He said: "The odds are far greater that you will eventually be a winner having your stem cells banked"
StemLife offers adult stem cell collection and banking in Malaysia and Thailand. If you're in the region and interested in this service, give us a call. :)
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