Phase III Medical changes name to NeoStem; stockholders approve one-for-10 reverse stock split

By E. Janene Geiss

Philadelphia, Aug. 31 - Phase III Medical, Inc. announced that shareholders at Tuesday's annual meeting approved the change of the company's name to NeoStem, Inc. and approved a reverse split of the company's common stock at a ratio of one-for-10 shares.

The name change and reverse stock split became effective Thursday when the company began trading under its new trading symbol "NEOI" on the Over-the-Counter Bulletin Board, according to a company news release.

Since acquiring NeoStem in January, the company said it has focused its business on commercial development of NeoStem's services of collecting, processing and storing adult stem cells for autologous use, where donor and recipient are the same. The name change better describes the company's business, officials said.

Reasons for the reverse stock split are to raise the per share market price to facilitate future financing or to be able to use its capital stock in acquisitions, officials said. The split also will enable the company to consider a future Nasdaq or other listing for its shares.

NeoStem is a New York biotechnology company.

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