Progenitor Cell Therapy
NeoStem also has a revenue generating arm of its business. Progenitor Cell Therapy (PCT), a contract development and manufacturing organization, generated over $2.5 million in revenue in Q1 2013. We recently signed two new client contracts and continue to build this contract development and manufacturing business. PCT has provided services to over 100 clients in its more than 14-year history, and is the only contract manufacturing organization to have worked with a client's product (Dendreon, Inc.'s Provenge) through all of the phases of clinical trials and ultimately to FDA approval. PCT offers its clients and NeoStem cell processing and development capabilities on both the East and West Coasts of the U.S and is pursuing plans to expand internationally.
PCT has built a strong foundation of services that cater to the entire industry. This reduces our reliance on the success of internal development platforms by capturing greater revenues from a growing industry. Furthermore, PCT's manufacturing revenues should increase significantly as a client progresses through Phase 1, 2, and 3 trials and into commercialization where larger numbers of cells are needed. With our internal cell therapy expertise, we are able to cost-effectively develop cellular therapies for chronic unmet medical needs both for clients and for our own internal development activities. This uniquely positions us to follow the most promising technologies in the sector, informing us as we pursue technologies that may be of interest to us to co-develop or even acquire. Management is focused on growing the business through increased services and product offerings, including automation technologies geared toward improving efficiencies and lowering cost of goods.
Expanded BoardWe are also focused on developing a team that includes leaders in the industry as we look ahead to achieving the next level of our development. In this regard, we are pleased to have added the expertise of Stephen Potter who joined the NeoStem Board of Directors in February. Stephen has been involved with the cellular therapy industry since its early days and was most recently the Senior Vice President of Operations and Corporate Development for Osiris Therapeutics, Inc. where he worked as a member of the senior leadership that achieved one of the first FDA approvals of a stem cell therapy. Previously, he was Senior Vice President of Corporate and Business Development at Genzyme Corporation.