NeoStem Closes Divestiture of Its Ownership Interest in Suzhou Erye: Adds $12.3 Million in Non-Dilutive Cash to and Removes Over $30 Million of Debt From its Balance Sheet
New York 13, 2012 - (NeoStem) - "NeoStem, Inc., an emerging market leader in the fast growing cell therapy industry, today announced that the Company has completed the divestiture of its 51% ownership interest in Suzhou Erye Pharmaceutical Co. Ltd., a China-based generic pharmaceutical company. The divestiture provides NeoStem with $12,280,000 in cash and removes from the Company’s balance sheet over $30 million in short and long-term debt obligations." Read Full Article
