Key Developments For StemCells Inc
StemCells Inc (STEM.O) (Consolidated Issue listed on NASDAQ Global Market)
StemCells, Inc. Closes $12.5 Million Equity Financing
StemCells, Inc. announced that it has closed the sale of 10 million shares of common stock and warrants to purchase four million shares of common stock, for gross proceeds of $12.5 million. The common stock and warrants were sold in units at a price of $1.25 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.40 share of common stock at an exercise price of $1.50 per share. The units were sold in a registered direct offering under the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). The Company received total proceeds, net of offering expenses and placement agency fees, of $11.9 million. The proceeds will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes.
StemCells, Inc. Announces $12.5 Million Equity Financing
StemCells, Inc. announced that it has entered into an agreement to raise approximately $12.5 million in gross proceeds through the sale of approximately 10 million shares of its common stock to selected institutional investors at a price of $1.25 per share. The investors will also receive warrants to purchase approximately four million shares of common stock at an exercise price of $1.50 per share. The shares and warrants are being offered as a registered direct offering under the Company`s effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). StemCells, Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $11.9 million. The offering is expected to close on November 2, 2009. The net proceeds of the financing will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes. Chardan Capital Markets, LLC served as the placement agent.
StemCells, Inc. To Initiate First Ever Neural Stem Cell Trial In Myelination Disorder
StemCells, Inc. announced that it will soon initiate with the University of California, San Francisco (UCSF) Children's Hospital a Phase I clinical trial to evaluate the therapeutic potential of StemCells' HuCNS-SC product candidate (purified human neural stem cells) to treat Pelizaeus-Merzbacher Disease (PMD), a myelination disorder that primarily affects infants and young children. In this trial, patients with a fatal form of PMD will be transplanted with the Company's HuCNS-SC cells to evaluate safety and to explore the ability of the cells to myelinate the patients' nerve axons.
StemCells, Inc. Announces Preclinical Data Demonstrates Protection Of Neurological Function In Batten Mouse
StemCells, Inc. announced the publication of preclinical data demonstrating for the first time that transplantation of its purified human neural stem cells delays the loss of motor function in a mouse model of infantile neuronal ceroid lipofuscinosis (NCL). NCL, commonly referred to as Batten disease, is a fatal neurodegenerative disorder in children. This paper, Neuroprotection of Host Cells by Human Central Nervous System Stem Cells in a Mouse Model of Infantile Neuronal Ceroid Lipofuscinosis, was published online today in the peer-reviewed journal Cell Stem Cell. The study highlights StemCells` novel neuroprotective approach to treating neurodegenerative diseases and the therapeutic potential of its neural stem cells. In this research, these cells were transplanted in a mouse model of infantile NCL and compared to a control (non-transplanted) group. The results demonstrate that the transplanted cells engraft, migrate throughout the brain and continuously secrete the missing lysosomal enzyme characteristic of NCL, which is needed to process cellular waste and keep neurons functioning and healthy. Compared with the control group, the mice that received the transplanted neural stem cells showed statistically significant reduction in cellular waste build-up, protection of critical host neurons and delayed loss of motor function.
StemCells, Inc. Announces Positive Phase I Batten Trial Results
StemCells, Inc. announced positive results from the first Phase I clinical trial of its proprietary HuCNS-SC product candidate, including demonstration of a favorable safety profile with evidence of engraftment and long-term survival of the HuCNS-SC cells. The Phase I trial was designed primarily to assess the safety of HuCNS-SC cells as a potential cell-based therapeutic. Six patients with advanced stages of infantile and late infantile neuronal ceroid lipofuscinosis (NCL), often referred to as Batten disease, were transplanted with HuCNS-SC cells and followed for 12 months. Overall, the Phase I data demonstrated that high doses of HuCNS-SC cells, delivered by a direct transplantation procedure into multiple sites within the brain, followed by twelve months of immunosuppression, were well tolerated by all six patients enrolled in the trial. The patients` medical, neurological and neuropsychological conditions, following transplantation, appeared consistent with the normal course of the disease. The independent Data Monitoring Committee (DMC), a multi-disciplinary group of experts in neurosurgery, transplant medicine, genetics, and neurology responsible for overseeing the safety of the trial, has also concurred with the Company`s assessment of the safety profile of the test product and procedure. StemCells will present the final study report to the FDA and plans to pursue future clinical development of HuCNS-SC as a potential treatment for infantile and late infantile NCL.
