Stem Cell Therapeutics Corp. Announces Q2 2011 Financial Results, Election of Board of Directors and Management Appointment
26 August 2011 - 3:36AM
Marketwired
Stem Cell Therapeutics Corp. (TSX VENTURE: SSS) ("SCT" or the
"Company") today announced its results for the period ended June
30, 2011. The Company's loss for the six month period ended June
30, 2011 decreased by $1,851,163 to $1,079,043 ($0.00 per common
share) from the loss of $2,930,206 ($0.02 per common share)
reported for the six month period ended June 30 2010. The primary
reasons for the decrease are largely attributable to expense
reductions, cost management and reduced spending on clinical
activities. As of June 30, 2011 the working capital of the Company
was $3,623,927.
At the annual general meeting held August 18, 2011 the board of
directors elected by shareholders was as follows: David GP Allan;
Dr James M DeMesa; Dr Henry Friesen CC, OM; R Dean Peterson; Dr
Niclas Stiernholm; Dr Calvin R Stiller CM, OO.
The Company announces the appointment of James Parsons as Chief
Financial Officer of the Corporation and also announces the
issuance of 125,000 share purchase options to Mr. Parsons
exercisable at C$0.10 per share. The options expire no later than
August, 22nd, 2016, 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 public biotechnology company principally developing for
commercialization 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 brain and nerve
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 stroke, 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.
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. Mr. David Allan Executive
Chairman DAllan@StemCellThera.com www.stemcellthera.com
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