Stem Cell Therapeutics Corp. Announces Year End 2009 Financial Results
April 13 2010 - 4:38PM
Marketwired
Stem Cell Therapeutics Corp. ("SCT") (TSX VENTURE: SSS) today
announced its financial results for the period ended December 31,
2009.
Operating Highlights from 2009 and the period ending April 13,
2010:
-- Presented positive final results for the BETAS Phase IIa clinical safety
study in stroke in February 2009, including all U.S. and Canadian
patient data
-- Received FDA approval to proceed with the modified REGENESIS Phase IIb
acute ischemic stroke trial
-- Initiated and began enrolling patients in India and Canada for the
modified REGENESIS Phase IIb acute ischemic stroke trial
-- Completed enrollment in modified REGENESIS Phase IIb acute ischemic
stroke study; Q1 10
2010 Objectives
-- Report Top-line REGENESIS Phase IIb data; Q2 10
-- Complete preclinical study for hemorrhagic stroke; H2 10
-- Complete 'end of Phase II' meeting with FDA; H2 10
-- Initiate and enroll patients in a Phase IIa TBI clinical study; H1 10
-- Initiate MS clinical Proof-of-Concept study; H2 10
Capital Position
As of December 31, 2009, the working capital (current assets
minus current liabilities) of the Company was $4,100,869
($5,803,377 as of December 31, 2008).
Outstanding securities as of December 31, 2009 totaled
152,905,004 common shares, 34,070,983 common share purchase
warrants and 14,012,500 common share options. On April 13, 2010
there were 153,005,004 common shares, 33,970,983 common share
purchase warrants and 14,012,500 common share options
outstanding.
Financial Review
The Company's loss for the year ended December 31, 2009
decreased by $902,624 to $4,656,893 ($0.03 per common share) from
the loss of $5,559,517 ($0.05 per common share) reported for the
year ended December 31, 2008. The primary reason for the decrease
in loss was a decrease in general and administration expense,
management and consulting fees, research and development expenses,
professional fees and because there was no deemed interest paid in
the year. The decrease in these expenses was partially offset by
the recording of a foreign exchange loss, as well as a decrease in
interest income and an increase in stock option expense.
Dr. Alan Moore, President & CEO of SCT commented as
follows:
"2009 was a game-changing year for us as a Company. Working with
the FDA and Health Canada to lift the clinical hold and then
completing enrollment in the key phase IIb modified REGENESIS study
were major accomplishments putting the Company in a strong position
heading into 2010.
Additionally, the commitment that senior management showed to
the Company in 2009, through their salary reductions and deferring
any bonus payments, has resulted in us maintaining a strong
financial position to complete our work in 2010."
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp.
is a Canadian public biotechnology company (TSX VENTURE: SSS)
focused on the development and commercialization of drug-based
therapies to treat central nervous system diseases. SCT is a leader
in the development of therapies that utilize drugs to stimulate a
patient's own resident stem cells. The Company's programs aim to
repair neurological function lost due to disease or injury. SCT's
extensive patent portfolio of owned and licensed intellectual
property supports the potential expansion into future clinical
programs in numerous neurological diseases such as traumatic brain
injury, multiple sclerosis, Huntington's disease, Alzheimer's
disease, and ALS.
These securities have not been registered under the United
States Securities Act of 1933, as amended, or the securities laws
of any state, and may not be offered or sold within the United
States or to, or for the account or benefit of U.S. persons unless
an applicable exemption from U.S. registration requirements is
available.
Except for historical information, this press release may
contain forward-looking statements, which reflect the Company's
current expectation regarding future events. These forward-looking
statements involve risk and uncertainties, which may cause but are
not limited to, changing market conditions, the successful and
timely completion of clinical studies, the establishment of
corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the
regulatory approval process and other risks detailed from time to
time in the Company's ongoing quarterly and annual reporting.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Stem Cell Therapeutics Corp. Alan Moore, PhD President
and CEO 403-245-5495 ext.224 amoore@stemcellthera.com Stem Cell
Therapeutics Corp. Angelika Goncalves DaSilva Operations Manager
403-245-5495 ext. 221 adasilva@stemcellthera.com
www.stemcellthera.com
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