Stem Cell Therapeutics Corp. Announces Year End 2007 Financial Results
CALGARY, ALBERTA–( EMWNews – March 31, 2008) – Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) (“SCT”) today announced its financial results for the period ended December 31, 2007.
Throughout 2007, SCT achieved the following significant milestones:
– Closed a $2 million private placement on February 1, 2007 and a second $2 million private placement on March 27, 2007.
– Appointed four leading stroke and stem cell scientists to SCT’s Scientific Advisory Board (SAB).
– Released positive interim results for the Phase IIa clinical safety study in stroke in April 2007.
– Appointed Mr. Scott Tannas, Founder, President & CEO, Western Financial Group to the Board of Directors.
– Completed a bought-deal public offering in November with a group of investment dealers that raised $12.075 million in gross proceeds.
– Appointed Dr. Francesco Bellini, Chairman, President & CEO, Neurochem Inc. to the Board of Directors.
Subsequent to year-end, SCT has:
– Released formal results from the Phase IIa study in February 2008 that demonstrated favourable safety and efficacy outcomes from the trial.
– Initiated the process to begin a Phase IIb Canadian-based, prospective, and randomized, double-blind, placebo controlled study of NTxTM-265 in acute ischemic stroke patients, scheduled to complete enrolment at the end of 2008.
Upcoming 2008 Milestones
– Complete enrolment in the Phase IIb clinical stroke study for NTxTM-265
– Initiate Phase IIa clinical study for Traumatic Brain Injury
– Complete animal efficacy studies for Multiple Sclerosis
Dr. Alan Moore, President & CEO of SCT commented as follows:
“2007 was a busy year of meeting milestones, raising money, expanding our portfolio to include traumatic brain injury and multiple sclerosis, completing a phase IIa BETAS stroke trial and preparing for the phase IIb REGENESIS stroke trial. We will continue to move ahead through 2008 with the same vigor to achieve our clinical and corporate milestones with the ultimate objective of increasing shareholder value.”
As of December 31, 2007 the working capital (current assets minus current liabilities) of the Company was $9,138,263 ($408,938 as of December 31, 2006).
Outstanding securities as of December 31, 2007 totaled 103,409,864 common shares 6,120,000 class B shares, 25,912,500 common share purchase warrants and 7,885,556 common share options.
The Company’s loss for the year ended December 31, 2007 increased by $693,652 to $5,453,581 ($0.08 per common share) from the loss of $4,759,929 ($0.09 per common share) reported for the year ended December 31, 2006. The primary reason for the increase in loss was an increase in professional fees, management and consulting fees, general and administration and stock option expenses. The increase in these expenses was partially offset by the decrease in research and development costs and increase of interest income. The decrease in research and development expenses was primarily the result of a decrease in NTxTM-265 technology development expenses, due primarily to the need to complete recruiting in the phase IIa clinical trial before beginning the phase IIb program. Research and development expenses amounted to $1,849,952 during 2007, compared to $2,159,527 in 2006.
About NTxTM-265: NTxTM-265 is a therapeutic regimen of two approved and clinically well-defined drugs, human Chorionic Gonadotropin (hCG) and Erythropoietin (EPO), targeting the treatment of stroke. The objective of the regimen is to stimulate the growth and differentiation of new neurons to replace the brain cells that were lost or damaged by the stroke. Animal studies have shown a significant recovery in motor function after receiving the NTxTM-265 regimen 24-48 hours post stroke. Similar results have been found in SCT’s phase IIa clinical safety trial, as reported on February 20, 2008. SCT has initiated a multi-centre, double-blind, placebo-controlled Phase IIb clinical study for NTxTM-265 with primary endpoints of efficacy which is scheduled to complete enrolment by the end of 2008.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp. is a Canadian public biotechnology company (TSX-V: 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. The company’s extensive patent portfolio of owned and licensed intellectual property supports the potential expansion into future clinical programs in numerous neurological diseases.
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.
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