New York, N.Y. April 30, 2014 — NeoStem, Inc. (NASDAQ:NBS) and its subsidiary, Progenitor Cell Therapy, LLC (“PCT”), announced the execution of a Services Agreement with IRX Therapeutics, Inc. (“IRX”) under which PCT will provide services to support IRX’s development of IRX-2, a primary cell-derived biologic with multiple active cytokine components. IRX-2 is a cancer therapeutic designed to activate a patient’s immune system to broadly restore immunity and overcome cancer-induced immune suppression. IRX has engaged PCT for the manufacture of an intermediate component referred to as IRX-2 Drug Substance for human clinical trials.
“We are pleased to reengage with IRX, a leader in advanced therapies for treatment of cancers, continuing our multi-year relationship with this client,” said Dr. Robert A. Preti, President of PCT and Chief Scientific Officer of PCT and NeoStem. “We believe that PCT offers industry-leading experience and expertise that will continue to support IRX’s development of IRX-2 for human clinical trials.”
“We are excited to be working with one of the premier contract manufacturers, Progenitor Cell Therapy, in their Allendale facility. The expanded facility and experienced team will both help ensure that our product is manufactured to cGMP standards in a timely and efficient manner,” added Jeffrey Hwang, Chief Financial Officer and Acting Chief Operating Officer of IRX.
“This in an exciting time for PCT, with multiple new agreements with cell therapy companies, renewals of engagements, and advances in its services, including the expansion of PCT’s Engineering & Innovation Center,” said Dr. Robin L. Smith, Chairman and CEO of NeoStem. “We are proud of the work that PCT does to support the cell therapy industry.”