Thursday, January 04, 2007
TAMPA, Fla. & NEW YORK--(BUSINESS WIRE)--Jan 4, 2007 - UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and NeoStem, Inc. (OTCBB:NEOI), a provider of adult stem cell collection, processing and storage services, today announced that they have signed a strategic alliance.
"NeoStem, Inc. is pleased to execute this strategic alliance with UTEK in moving forward to expand our proprietary position in the adult stem cell collection and storage arena as well as the burgeoning field of regenerative medicine," said Dr. Robin Smith, M.D., M.B.A., Chief Executive Officer of NeoStem, Inc. The Company is focused on providing adults with a bio-insurance product - "your adult stem cells for your use".
"UTEK looks forward to working with NeoStem, Inc. to identify potential technology acquisition opportunities that fit its strategic vision," commented Clifford Gross, Ph.D., Chief Executive Officer of UTEK Corporation.
Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.
About NeoStem, Inc.
NeoStem, Inc. is a publicly traded company positioned to become a leader in the adult stem cell field and to capitalize on the increasing importance that adult stem cells are expected to play in the future of regenerative medicine. Using its proprietary process, NeoStem provides the infrastructure, methods and systems that allow adults to have their stem cells safely collected and conveniently banked for future therapeutic use, as needed, in the treatment of such life-threatening diseases as diabetes, heart disease and radiation sickness that may result from a bio-terrorist attack. Adult stem cell therapy has also been used for many years in treating blood cancer. Further potential uses include regenerative therapies for wound healing, autoimmune diseases such as multiple sclerosis and lupus, and age-related degenerative musculoskeletal diseases. For more information about NeoStem, Inc., please visit its website at www.neostem.com.
About UTEK Corporation
UTEK(R) is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition, UTEK offers companies the tools to search, analyze and manage university intellectual properties. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.
Certain matters discussed in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the statement includes words such as "expects," "should," "believes," "anticipates" or words of similar nature. Similarly, statements that describe UTEK's or NeoStem's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain known and unknown risks and uncertainties, including the financial performance of UTEK or NeoStem, the valuation of UTEK's investment portfolio, the identification of appropriate technology acquisition opportunities for NeoStem and the execution on such opportunities, which could cause actual results to differ materially from those currently anticipated. Although UTEK and NeoStem believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and neither UTEK nor NeoStem undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.
NeoStem's ability to enter the adult stem cell arena and future operating results are dependent upon many factors, including but not limited to (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) the Company's ability to build the management and human resources and infrastructure necessary to support the growth of its business and obtain appropriate state licenses; (iii) competitive factors and developments beyond the Company's control; (iv) scientific and medical developments beyond the Company's control; and (v) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission which, are available for review at www.sec.gov under "Search for Company Filings."
UTEK Corporation, Tampa
Tania Bernier, 813-754-4330 x 223 (USA)
Consulting for Strategic Growth 1
Stan Wunderlich, 800-625-2236
Bankside Consultants (UK)
Steve Liebmann or Simon Bloomfield, + 44 (0) 20-7367-8883
Robin Smith, M.D., M.B.A., 212-584-4180