Exhibit 99.1

PRESS RELEASE

NeoStem Signs Definitive Agreement to Acquire Controlling Interest in a Leading
Chinese Pharmaceutical Company


NEW YORK, Nov 03, 2008-- NeoStem, Inc. (Amex: NBS), which is pioneering the
pre-disease collection, processing and long-term storage of adult stem cells for
future medical need, announced today that it has agreed to acquire China
Biopharmaceuticals Holdings, Inc. (OTC Bulletin Board: CHBP). It is anticipated
that this acquisition will expand the capabilities and worldwide reach of
NeoStem. Suzhou Erye Pharmaceutical Co. Ltd. ("Erye"), the primary subsidiary of
China Biopharmaceuticals is located in Suzhou, China and is currently tracking
to generate revenues of approximately $50 million (US) and net over $7 million
(US) in 2008. NeoStem will have a 51% controlling interest in Erye who currently
manufactures over 100 drugs on seven GMP lines, including small molecule drugs.
Erye has been in business for more than 50 years and is respected for its
quality, service and reliability. Erye has begun its three year expansion and
relocation program which is anticipated to enhance revenues, profits, and
manufacturing capabilities in one of the fastest growing medical markets, the
Peoples Republic of China.

"We are excited to work with NeoStem to bring new technologies and enhance our
drug pipeline. Our facility relocation will allow us to expand manufacturing of
small molecule drugs and distribute into China realizing what could be a
tremendous market potential," said Madame Jiang, General Manager of Erye.

Robin Smith, MD, CEO of NeoStem further commented, "We are excited about our
collaboration with Suzhou Erye Pharmaceutical Co. Ltd. as it will open new
markets, distribution channels and capabilities for production of stem cell
related products in the world's fastest growing economy."

The consideration to be paid by NeoStem to effect the merger consists of the
issuance of a combination of 13.0 million shares of common stock, up to 4.4
million warrants to purchase shares of common stock and 7.0 million shares of
convertible preferred stock. This acquisition is subject to the approval of the
shareholders of NeoStem, Inc. and China Biopharmaceuticals Holdings, Inc.,
regulatory approvals, as well as the satisfaction of other customary conditions
and is expected to close in the 1st calendar quarter of 2009. The merger will be
more fully described in a Current Report on Form 8-K to be filed with the
Securities and Exchange Commission within four business days of the signing of
the definitive agreement.



About NeoStem, Inc.

NeoStem is developing a network of adult stem cell collection centers that are
focused on enabling people to donate and store their own (autologous) stem cells
when they are young and healthy for their personal use in times for future
medical need. The Company has also recently entered into research and
development through the acquisition of a worldwide exclusive license to
technology to identify and isolate VSELs (very small embryonic-like stem cells),
which have been shown to have several physical characteristics that are
generally found in embryonic stem cells.

About China Biopharmaceuticals Holdings, Inc.

China Biopharmaceuticals Holdings, Inc is a vertically integrated pharmaceutical
company dedicated to the discovery, development, manufacturing and marketing of
small and large molecule pharmaceutical products, including medicines, vaccines,
and active pharmaceutical ingredients for various categories of diseases. CHBP
is a U.S.-listed public company with operating subsidiaries and senior
management based in China.

For more information, please visit: www.neostem.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
reflect management's current expectations, as of the date of this press release,
and involve certain risks and uncertainties. The Company's actual results,
including the successful closing of the acquisition transaction, could differ
materially from those anticipated in these forward-looking statements as a
result of various factors. Factors that could cause future results to materially
differ from the recent results or those projected in forward-looking statements
include the "Risk Factors" described in the Company's periodic filings with the
Securities and Exchange Commission. The Company's further development is highly
dependent on future medical and research developments and market acceptance,
which is outside its control.

  Contact:
    NeoStem, Inc.
    Robin Smith, Chief Executive Officer
    T: 212-584-4180
    E: rsmith@neostem.com
    www.neostem.com