Stem Cell Therapeutics Corp. Announces Q1 2011 Financial Results
29 June 2011 - 8:29AM
Marketwired
Stem Cell Therapeutics Corp. (TSX VENTURE: SSS) ("SCT" or the
"Company") today announced its results for the period ended March
31, 2011. The Company's loss for the three month period ended March
31, 2011 decreased by $867,428 to $438,029 ($0.00 per common share)
from the loss of $1,305,457 ($0.01 per common share) reported for
the three month period ended March 31 2010. The primary reasons for
the decrease is largely attributable to expense reductions, cost
management and reduced spending on clinical activities. As of March
31, 2011 the working capital of the Company was $4,081,063.
Although not previously included in a press release the company
issued company director Peter Milner 175,000 options on August 6,
2010 with an exercise price of $0.10. These options will expire no
later than August 6, 2015 subject to applicable vesting provisions.
These options were awarded in accordance with the Company's Stock
Option Plan.
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. 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.
For further information on Stem Cell Therapeutics Corp., visit
www.stemcellthera.com.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Stem Cell Therapeutics Corp. Michael Cook CFO
403-245-5495 ext.229 mcook@stemcellthera.com Stem Cell Therapeutics
Corp. Allen Davidoff, PhD CSO 403-245-5495 ext.226
adavidoff@stemcellthera.com
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