China-based biopharma company NeoStem has announced the closing of concurrent offerings. An underwritten registered offering of 6,337,980 common units at $1.45 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.5 of a share of common stock with a per share exercise price of $1.85. Cowen and Company acted as sole book-running manager and Maxim Group and National Securities Corporation acted as co-managers for this offering. A registered direct offering of 10,582,011 preferred units. Each unit consists of one share of series E 7 percent senior convertible preferred stock convertible at $2.0004, maturing May 20, 2013, a warrant to purchase 0.25 of a share of common stock with a per share exercise price of $2.0874 and 0.0155 shares of common stock. Cowen and Company and LifeTech Capital, a division of Aurora Capital, acted as co-placement agents for this offering. From the two offerings, which ran concurrently, the company received $19,190,071 in gross proceeds, prior to deducting underwriting discounts and commissions, placement agent fees and offering expenses payable by the company. "These funds will give NeoStem the ability to proceed with its acquisition of Progenitor Cell Therapy and focus on growing the cord blood and adult stem cell banking, cellular manufacturing and therapeutic business, as well as expand our businesses in Asia and other countries," said Dr Robin Smith, CEO, NeoStem. "Additionally, the company will be able to continue development of its proprietary intellectual property and acquire new technology; and we look forward to sharing our progress with respect to these initiatives, over the upcoming year. $2,500,000 of the proceeds will be placed in escrow, pursuant to the terms of the offering," Dr Smith added.