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<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): March 15, 2007

                                  NEOSTEM, INC.
             (Exact name of registrant as specified in its charter)


        DELAWARE                   0-10909            22-2343568
     (State Or Other             (Commission         (IRS Employer
Jurisdiction Of                  File Number)       Identification No.)
                                Incorporation)

      420 Lexington Avenue, Suite 450
            NEW YORK, NEW YORK                      10170
--------------------------------------------------------------------------------
 (Address of principal executive offices)        (Zip Code)

       Registrant's telephone number, including area code: (212)-584-4814

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[_] Written communications pursuant to Rule 425 under the Securities
    Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



ITEM 7.01. REGULATION FD DISCLOSURE.

                  NeoStem,  Inc. is  furnishing  herewith  the  transcript  made
available on March 15, 2007 of an investor call held on March 14, 2007, included
as Exhibit 99.1 to this current report and incorporated herein by reference.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d)  EXHIBITS.

         Exhibit 99.1 Transcript from March 14, 2007 investor call.



<PAGE>


                                    SIGNATURE

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    NEOSTEM, INC.



                                    By: /s/ Catherine M. Vaczy
                                    --------------------------------
                                            Catherine M. Vaczy
                                            VP and General Counsel


Dated: March 16, 2007




<PAGE>




                                  EXHIBIT INDEX


EXHIBIT NUMBER    DESCRIPTION

Exhibit 99.1      Transcript from Investor call held on March 14, 2007.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5357456ex991.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1


                                 TRILOGY CAPITAL

                                 MARCH 14, 2007
                                 12:00 P.M. EDT



Moderator                 Ladies and gentlemen, thank you very much for standing
                          by. We do  appreciate  your  patience  today while the
                          conference assembled.  Good morning, good afternoon to
                          our audience.  Welcome to the NeoStem conference call.
                          At this point we do have all of your phone lines muted
                          or in a  listen-only  mode,  however,  after our guest
                          presentation  today  there will be  opportunities  for
                          your questions.  As a reminder,  today's call is being
                          recorded for replay  purposes.  Please stay on line at
                          the  conclusion  of our  conference  to  receive  that
                          replay information.

                          With that  being  said,  let's  get  right to  today's
                          agenda.  Here with our  opening  remarks is  Executive
                          Vice President of Trilogy Capital Markets, Mr. Michael
                          Briola. Please go ahead, sir.

M. Briola                 Thank you.  Hello,  everybody.  Before we get  started
                          today I'd like to read a brief  cautionary  statement.
                          This conference may contain forward-looking statements
                          made by senior  management  at  NeoStem  that  involve
                          risks and uncertainties, such as statement about their
                          plans,  objectives,   expectations,   assumptions,  or
                          future events.  These  statements  involve  estimates,
                          assumptions,  known and unknown risks,  uncertainties,
                          and performances or achievements  expressed or implied
                          by  the  forward-looking  statements.   Actual  future
                          results  and trends may differ  materially  from those
                          made in or  suggested by this call due to a variety of
                          factors.  Consequently,  you  should  not place  undue
                          reliance  on any  forward-looking  statements  made on
                          this call. We discussed  many of these and other risks
                          and  uncertainties in greater detail in recent filings
                          with the Securities and Exchange Commission.

Dr. Smith                 Now I'd  like to  introduce  Dr.  Robin  Smith,  Chief
                          Executive  Officer of NeoStem.  Robin.  Thank you, and
                          thank you for joining us. I appreciate  your continued
                          interest  in NeoStem  and also want to welcome all new
                          interested potential investors and strategic partners.

                          Over the past few months  NeoStem  has  experienced  a
                          very exciting new development,  but before we get into
                          those  let  me  give  you  some  important  background
                          information.  NeoStem  is  at  the  forefront  of  the
                          regenerative medicine revolution, what many believe to
                          be one of the biggest and most  promising  transitions
                          in medical  history.  We're the first company to offer
                          healthy adults the  opportunity to have their own stem
                          cells collected,  processed,  and banked in such a way
                          that they're available to them for future use. This is
                          a bio insurance for the general population.  Thanks to
                          our  proprietary  process,  anyone can store their own
                          stem  cells  for  long   periods  of  time  to  ensure
                          immediate  access in times of critical  medical  needs
                          for multiple times in the future.
<PAGE>

                          There are tremendous  clinical and economic advantages
                          to  using   your  stem   cells  for   transplantation,
                          otherwise  known as autologous  stem cells.  You don't
                          have to worry about your body rejecting the cells,  as
                          they  recognize  them as being  your  own.  The use of
                          adult stem cells as a viable  treatment option is well
                          documented,  dating back to the '60s,  with the advent
                          of bone marrow  transplantation  for cancer  patients.
                          Today,  scientists,   pharmaceutical   companies,  and
                          various  medical  practitioners  around  the world are
                          discovering  new  and  innovative  therapies  for  the
                          treatment  of  some  of  today's   most   debilitating
                          diseases  using  stem  cells.  In  fact,  new  studies
                          describing  the clinical  benefits of adult stem cells
                          in the treatment of diseases are being published quite
                          frequently.   Life  saving   progress  has  been  made
                          studying the use of adult stem cells for the treatment
                          of heart disease,  lupus, multiple sclerosis,  cancer,
                          diabetes, and many other critical health problems.

                          While the use of adult stem cells for the treatment of
                          disease is not new,  the  infrastructure  necessary to
                          collect  and store  these cells for the future has not
                          existed.   NeoStem   scientists  and  clinicians  have
                          developed a safe, non-invasive method to do just that.
                          It is  important  to note that our process does not in
                          any way  involve  the highly  controversial  embryonic
                          stem cells.  Rather,  we enable our  customers to bank
                          their own adult  stem  cells as a form of what we call
                          bio  insurance.  By this we mean that  adults can bank
                          their  stem cells  while  healthy  and access  them if
                          needed in the future to treat disease.

                          NeoStem believes that bio insurance will some day be a
                          key term used by the  general  population  to describe
                          the  storage of stem cells.  Conceptually,  any or all
                          adults who can afford our  service  should  bank their
                          stem  cells  for  future  use.   Based  on  scientific
                          literature  we believe that the diseases  that now are
                          showing  promise  for the use of  being  treated  with
                          adult stem cells have a prevalence  of over 50 million
                          people  in the  United  States.  Thanks in part to our
                          proprietary process,  patients no longer need to worry
                          about  whether  or not they can find a donor when stem
                          cell  transplantation  becomes  necessary.   Based  on
                          scientific literature,  under 20% of people who need a
                          bone marrow  transplant today are able to find a donor
                          match in time.  Respective  clients include any adults
                          or  their  family  members  concerned  with  long-term
                          health,  well-being,  or that may be at high  risk for
                          radiation  exposure.  We believe  that early  adopters
                          will most likely be from  segments  of the  population
                          who are educated  regarding the benefits of adult stem
                          cell and can afford  our  services.  But our  research
                          suggests that insurance companies in the future may be
                          willing  to pay to bank  stem  cells in order to lower
                          overall health care costs.
<PAGE>

                          Supporting  this  progressive  view  is  the  powerful
                          scientific  results  being  published  from adult stem
                          cell research, bone marrow derived stem cells, is that
                          the  unique   regenerative   capabilities   make  them
                          different  from stem cells  taken from other  areas of
                          the human body. These cells, which are considered very
                          potent, are early enough in development that they have
                          the potential to become cells of most adult organs and
                          tissues,  including  but not limited to muscle,  hair,
                          liver, and nerve cells, just to name a few. Because of
                          these special  characteristics many scientists believe
                          that stem cells can become the basis for  breakthrough
                          cures and treatments.  We believe stem cell technology
                          has the potential to create one of the century's  most
                          revolutionary findings in medical care.

                          The  potential  of stem cells to help  regenerate  the
                          body and tissue and combat  disease and injury is well
                          recognized by the medical community.  This has been in
                          the oncology world,  where  physicians have used adult
                          stem cells to repopulate  the immune system as part of
                          the  treatment for  leukemia,  lymphoma,  and multiple
                          myeloma,  as well as  radiation  exposure.  While  the
                          media has focused on the controversies  over embryonic
                          stem  cells,  the fact is that  there  are a number of
                          sources of  functional  stem cells that do not involve
                          embryo or fetuses.

                          Adult stem  cells are  typically  harvested  from bone
                          marrow,  the  blood of  adults,  known  as  peripheral
                          blood, or umbilical blood and placental  tissue.  Bone
                          marrow  has been the  cornerstone  of adult  stem cell
                          therapy.   This   procedure,   while   yielding  large
                          quantities of stem cells,  is highly  invasive.  Adult
                          stem  cells  can  also  be  derived  from  the  baby's
                          umbilical  cord and  placental  tissue,  but of course
                          that  can only be done at a time  when a mother  gives
                          birth.
<PAGE>

                          There is a third  and what  many  believe  is the most
                          promising way to harvest adult stem cells,  and that's
                          from an adult person's bloodstream.  The problem until
                          now has been related to  accessing  the cells that are
                          needed in high enough  quantities.  NeoStem's  process
                          typically  begins when a patient  requests or a doctor
                          identifies an  individual as a good  candidate for the
                          procedure. These patients are generally in good health
                          and their stem cells have experienced  fewer divisions
                          and have a lower  likelihood of damage.  Leveraging on
                          our  proprietary   technology,   NeoStem  is  able  to
                          substantially increase the number of stem cells in the
                          peripheral  blood by a  process  called  mobilization.
                          This method of  mobilization  uses Neupogen,  which is
                          given two days prior to the stem cell collection.  The
                          process then stimulates cells to migrate from the bone
                          marrow into the peripheral bloodstream for collection.
                          The  actual   collecting  of  stem  cells  involves  a
                          painless, non-invasive procedure. During the procedure
                          the patient is relaxed in a chair watching  television
                          or   otherwise   being   entertained,   the  blood  is
                          circulated  and  collected,  the stem  cells are taken
                          out, and the  remaining  red cells are returned to the
                          patient.  After the stem cells are collected,  they're
                          sent  to  NeoStem's   facility  for   processing   and
                          cryopreservation.  Should  the stem cells be needed by
                          the patient they are shipped for immediate use. As the
                          adult stem cell  industry  grows,  we believe  NeoStem
                          holds a first to market competitive  advantage.  We've
                          developed  a blend  of  technologies,  processes,  and
                          relationships   which  should  enable  us  to  rapidly
                          execute our business in a cost effective manner.

                          NeoStem's  visionary  business model is comprised of a
                          three-pronged   strategy.   The   first  is  from  the
                          collection of adult stem cells.  We have already begun
                          to develop multiple mutually beneficial  relationships
                          with  practitioners  and academic  medical  centers in
                          major  metropolitan  areas across the  country.  These
                          centers have the  equipment or trained  medical  staff
                          needed to perform  the  collections  and are wiling to
                          use an  outsourcing  agency if they  don't  have it in
                          place.  The  necessary  equipment  can  be  bought  or
                          leased,  and the  appropriate  staff  trained  through
                          NeoStem's   relationship   with   HemaCare,   a  major
                          therapeutic  apheresis  provider that's  accredited by
                          the American  Association  of Blood Banks.  The second
                          prong is generating  revenues  from the  processing of
                          these   cells.   The  cells  are   characterized   and
                          cryopreserved   in  multiple   packages  that  can  be
                          defrosted and used at different times in the future.

                          The third prong is the storage.  NeoStem's  innovative
                          process   includes   specialized   long-term   storage
                          techniques in multiple  packages,  as well as a secure
                          patient information system to ensure privacy.  Clients
                          get billed a storage fee annually, and that begins the
                          second anniversary of their collection.
<PAGE>

                          One of the most  compelling  aspects  of our  business
                          model is that it's not capital  intensive,  because we
                          don't depend on risky  biopharmaceutical  research and
                          development.  It's a service  model that's  completely
                          scalable and can be implemented immediately.  All fees
                          load to NeoStem  and do not  require  payment to third
                          parties.

                          To conclude this overview,  NeoStem's  first to market
                          competitive   advantage,   our  innovative  stem  cell
                          collection process, and non-capital intensive business
                          model are just some of the reasons why we believe that
                          an  investment  in  NeoStem is truly  compelling.  The
                          burgeoning  field  of  regenerative  medicine  and the
                          hundreds of adult stem cell  therapies  and late stage
                          clinical trials clearly support the role of stem cells
                          in treating diseases in the 21st century.

                          Now,  I'd like to talk about  some of the most  recent
                          milestones  that have been achieved.  First among them
                          is  NeoStem's  recent  announcement  that we'd entered
                          into an agreement to expand our nationwide  network of
                          cutting-edge adult stem cell collection  centers.  Our
                          newest center will open in Las Vegas, Nevada, allowing
                          us  to  continue  to  leverage  our  first  to  market
                          competitive  advantage in what we anticipate will be a
                          multi-billion   dollar   field  of  adult   stem  cell
                          therapies.   This  new  center   will  serve   clients
                          interested in having their stem cells banked,  as well
                          as patients of health  care  professionals  working in
                          areas such as cancer,  diabetes,  multiple  sclerosis,
                          lymphoma, and heart disease.

                          Prospective  clients  for our new Las  Vegas  facility
                          will  include  anyone  with  their  long-term  health,
                          well-being,  or risk of radiation  exposure.  We chose
                          Las Vegas because it provides an ideal destination for
                          international travelers looking for the opportunity to
                          enhance their bio insurance  while  vacationing in the
                          United States.  The new center,  which is scheduled to
                          open before  summer,  will be among the first to offer
                          the  collection  of adult stem cells,  the process and
                          storage  for adult ... for  therapies  in the  future.
                          This  launch  is a  continuation  of a  very  exciting
                          period for the expansion of NeoStem. This new facility
                          exemplifies  the  growth  which  we are  hopeful  will
                          continue  into the  future,  with a robust  nationwide
                          network.  We believe that the nationwide  network will
                          be fueled by the  growing  interest  expressed  by the
                          health care  community  with regards to the  promising
                          science of adult stem  cells.  The Las Vegas  facility
                          will  also  serve to  further  compound  our  first to
                          market competitive advantage from our proprietary stem
                          cell collection.
<PAGE>

                          An integral  part of  NeoStem's  business  plan is the
                          five year agreement with HemaCare. This agreement will
                          provide  NeoStem  the  collection   services  for  the
                          procurement  of adult  stem  cells for the  purpose of
                          long-term storage.  HemaCare is a well-known  provider
                          of blood  products,  and  services  the United  States
                          health care industry. We expect this relationship will
                          foster  NeoStem's  growth by increasing our adult stem
                          cell  collection  capacity  and  helping to expand our
                          collection  infrastructure  through  HemaCare's mobile
                          units   and   freestanding    facilities   remain   in
                          California.

                          This covers  everything I wanted to discuss today. I'd
                          like to open the  discussion  by the moderator to form
                          the questions.

Moderator                 Indeed,  I'd be happy  to.  Thank you very  much,  Dr.
                          Smith,  for your  time and that  update  today.  We do
                          appreciate  that. To ask a question  please press star
                          one on your touchtone  phone. In the interest of time,
                          we do ask each  questioner to limit  themselves to one
                          initial  question.   If  time  allows,  feel  free  to
                          re-queue by pressing star one.

                          The first participant in queue is Greg Hunt, a private
                          investor. Please go ahead, sir.

G. Hunt                   Hello. Thank you a lot, Dr. Smith. I wanted to ask you
                          a little bit more about the nature of the cells  being
                          autologous  cells,  and I guess  that's at the core of
                          the NeoStem business model.  Maybe you can explain for
                          me a little  bit more  about  what is known  about the
                          advantages or the  potential  advantages of autologous
                          cells over I guess what would be called alien cells or
                          other people's cells.

Dr. Smith                 Sure, great question.  Autologous means that the donor
                          and the  recipient  are both the same. In other words,
                          we  collect  stem  cells for you for your use,  so the
                          person  doesn't have to worry about the body rejecting
                          the  cells,  you  don't  have to spend a  lifetime  of
                          taking   immunosuppressive   drug  therapy,  which  is
                          expensive,  and by  suppressing  your immune system it
                          puts  you at risk for  getting  infections  and  other
                          diseases.  You also  don't have to worry  about  Graft
                          versus  Host  disease,  which means your body sees the
                          cells that you're  taking in and rejects  them because
                          they're not your own. And lastly,  the body recognizes
                          these cells as your own and the  engraftment  means it
                          takes  it  in  better   and   there's   much  more  an
                          accelerated  growth because the body doesn't see these
                          cells  as  being  foreign.  So  there  are  a  lot  of
                          advantages for the long-term  health of using your own
                          stem cells, otherwise known as autologous.
<PAGE>

G. Hunt                   Thank you.

Moderator                 Next we'll go to the line of Derek Findley,  a private
                          investor as well. Please go ahead.

D. Findley                Hello,  Dr. Smith.  Thank you for talking to us today.
                          My question is regarding your potential target market.
                          Who do you  see as the  description  of the  potential
                          clients that you would have?

Dr. Smith                 When you look at who the target market is today,  it's
                          really those  individuals who are interested in health
                          and  can  afford  the  service  to pay  outside  their
                          traditional health care insurance.  It's those who are
                          interested in their long-term viability, vitality, who
                          may have an  individual in their family who has one of
                          the diseases,  such as heart  disease or cancer.  It's
                          also  individuals who are educated and understand what
                          stem cells are, such as those who have banked them for
                          their  children when giving  birth.  Who's going to be
                          there to take care of their kids if something  happens
                          to them?

                          Additionally,  there are individuals  that have family
                          histories that are very high risk for disease down the
                          road, some autoimmune diseases,  some cancers, who are
                          really  looking for ways to protect ... and even at an
                          early  stage of disease  are  concerned  that if their
                          disease  progresses  they want to be prepared and have
                          the bio insurance for the future.

Moderator                 Next we'll go to the line of Ashley  Black,  a private
                          investor. Please go ahead.

A. Black                  Thank you for taking my question.  I was  wondering if
                          you could  share  more  about  NeoStem's  go to market
                          strategy.

Dr. Smith                 We really feel this is a push-pull  strategy.  We have
                          to get out there and  educate the  consumers  of adult
                          stem cells what the therapeutic uses are being studied
                          today,  what  the  results  are and  where we feel the
                          market will go, and that they can actually  have their
                          stem cells banked.  And then the other part of that is
                          to work  with  academic  institutions  working  on the
                          translational  research so that as they're  collecting
                          cells and  wanting to move  further  into the  cutting
                          edge research, that they have the ability to work with
                          us so  that  the  stem  cells  can be  banked  for the
                          future,  so that they can be looked upon in the future
                          and  used  for  their  patients  as  diseases  go into
                          remission and then end up coming back.
<PAGE>

                          Very often what we're  finding is that these stem cell
                          therapies put people into remission,  but that doesn't
                          mean it  cures  the  disease,  you  still  have  heart
                          disease,  you still have the autoimmune  diseases,  so
                          likely  you'll need  therapies  in the  future.  So by
                          being able to bank your stem  cells,  they'll be there
                          for you for  multiple  treatments.  That's  the  other
                          strategy, is to work with the academic medical centers
                          who are working on the actual therapeutics.

                          Lastly,  we need  physicians  to be able to offer  the
                          service to their patients and realize that they can do
                          this in their offices and in their practice in a safe,
                          non-invasive  way,  outside of the  traditional use of
                          having  to go into the  person's  bone  marrow  in the
                          hospital  setting  to get the  stem  cells.  So it's a
                          push-pull  strategy  between  the  consumers  and  the
                          academic institutions and physicians.

Moderator                 Thank you, Dr. Smith.  With Emerging Growth  Equities,
                          we have a question now from the line of Raymond Myers.

R. Myers                  Thank you for taking the question. Robin, I understand
                          that the market for stem  cells and  various  types of
                          stem cell therapies is expanding very rapidly.  One of
                          the  products  that I noticed was  launched at the big
                          Orthopedics   conference,   the  AAOS,  and  was  also
                          discussed  quite a bit at the second  annual Stem Cell
                          Summit,  was a product  by  Osiris  Therapeutics--it's
                          called   Prochymal--for   bone  healing.  It  utilizes
                          mesenchymal stem cells, and it created quite a stir in
                          the  Orthopedics  community,  and  at  the  stem  cell
                          conferences,   as  being  one  of  the   leading   new
                          commercial  uses for stem cells. I was hoping that you
                          could contrast your  autologous stem cell banking from
                          the  mesenchymal  stem  cells  that are being  used in
                          these new products.

Dr. Smith                 In the stem  cells  that we  collect  are  mesenchymal
                          cells. Mesenchymal cells are a little bit further down
                          the line of differentiation,  so they couldn't be used
                          to repopulate your immune system, and they couldn't be
                          used to build pancreatic islet cells for diabetes.  So
                          they're  a very  specific  cell  type  that's  already
                          committed to themselves  down to the muscle  cartilage
                          area. So although  people are looking at, and there is
                          much hope--and if you look it's really estimated to be
                          a billion dollar business just in the Orthopedic arena
                          for using stem cells--people are starting to find that
                          by taking them from the adults you don't have to worry
                          about trying to multiply the cells and if you can take
                          it you don't have to worry about rejection as well. So
                          although  there are companies that are looking for the
                          therapeutics,  we feel that we're very  poised to work
                          with them and avoid the issues of rejecting the cells,
                          the issues of having to replicate  them so that we can
                          help  make  these   tissue   types  for   wellness  in
                          Orthopedics  as well as autoimmune  diseases,  cardiac
                          and others.
<PAGE>

R. Myers                  So then the key  difference,  the biggest one I see is
                          that mesenchymal  cells cannot be used to reconstitute
                          the immune system,  which is the key issue with cancer
                          and radiation.

Dr. Smith                 Yes,  and it also can't be used to make  nerve  tissue
                          and other  endocrine type tissues.  So they're already
                          down a lineage  path where they can't become many cell
                          types, but just very specific cells.

R. Myers                  Thank you.

Moderator                 Next we go to the line of Dr.  Monica Gavin with Azani
                          Medical Spa. Please go ahead.

Dr. Gavin                 Hello.  Has  NeoStem  done any  marketing  research on
                          actual   numbers  of  calling  people  with  household
                          incomes of $250,000  and above with a college  degree,
                          and  they've  actually  explained  the  program or the
                          focus group explained the program, "What would be your
                          likelihood of getting this done?" Do you have any such
                          data?

Dr. Smith                 NeoStem  has  spent the last  really  year or two even
                          prior to being purchased by Phase Three looking at the
                          demographics and looking at the typical profile family
                          or individual  who'd be interested in stem cells.  And
                          although  we feel  that it is  related  to  economics,
                          because  you have to be able to afford to pay it,  but
                          there are many  individuals  who are high  health care
                          risks who are not of such a high economic  bracket who
                          feel it very  important.  I think  the  best way to do
                          this is to look at the  model  of cord  blood  and see
                          that a lot of the newborn parents, it's actually up to
                          30% of live  births  are  banking  stem cells from the
                          cord  blood,  and  that's  not as high as an  economic
                          household  income as you're stating.  They're doing it
                          for their children so that, God forbid, their children
                          get leukemia in the future, the treatment is available
                          for them.

Moderator                 We have a question from a private investor, Dr. Smith,
                          it's Mitchell Blatt. Please go ahead.
<PAGE>

M. Blatt                  Hello,  Dr.  Smith.  I  was  wondering,   the  current
                          collection  and storage  facilities--and  I understand
                          that you're  opening up a new facility,  or attempting
                          to,  in Las  Vegas--what  do you  see as your 12 to 24
                          rollout plans to other states?

Dr. Smith                 Our management  team is going to be very aggressive in
                          building out throughout the United States and building
                          nationwide.  However,  it's not in the  public  domain
                          yet, and so we can't talk about ... at this time.

Moderator                 And with that,  Dr. Smith,  I'll turn the call back to
                          you for any closing remarks.

Dr. Smith                 We thank you for  participating  in today's call.  I'd
                          like  to  tell   you  how   pleased   we  are  at  the
                          groundbreaking  work  we've  laid  out  to  date,  and
                          hopefully   it  will   continue  to  lead  to  a  very
                          successful  future  for  us  and  the  health  service
                          industry.  We have a great  management  team in place,
                          and we're  continuing to add to our  management  group
                          with ... in the  industry.  And we hope you'll keep an
                          eye on NeoStem  and follow our  progress in the coming
                          months. Thank you for your time today.

Moderator                 Ladies and gentlemen, your host is making today's call
                          available  for  digitized  replay,  it's  for one full
                          month  starting  at 3:30 p.m.  eastern  daylight  time
                          March 14th all the way through 11:59 p.m.  April 14th.
                          To access AT&T's  Executive replay service please dial
                          800-475-6701.   At  the  voice  prompt  enter  today's
                          conference ID of 866639.

                           That does conclude our NeoStem call for today.  Thank
                           you very much for your participation,  as well as for
                           using AT&T's Executive  TeleConference  Service.  You
                           may now disconnect.


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