U.S. Markets open in 2 hrs 36 mins

NeoStem CFO May taking on new role at company

NEW YORK (AP) -- NeoStem's chief financial officer was named to the new position of vice president of strategic initiatives on Monday.

Two years ago, the Vatican announced an unusual partnership with NeoStem Inc. to promote the use of adult stem cells for treating disease, rather than focusing research on embryonic stem cells.

Larry May, who has long been the CFO, said he is working with incoming CFO Robert Dickey as he takes over.

Dickey most recently served as senior vice president at Hemispherx Biopharma Inc., a company that is developing treatments for chronic fatigue syndrome and influenza. Before that, he was senior vice president, CFO and business unit manager at umbilical cord stem cell therapeutics company StemCyte Inc.