Stem Cell Therapeutics Corp.

Stem Cell Therapeutics Corp.

November 23, 2009 08:30 ET

Stem Cell Therapeutics Corp. Announces Third Quarter Financial Results

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2009) - Stem Cell Therapeutics Corp. ("SCT" or the "Company") (TSX VENTURE:SSS) today announced its financial results for the period ended September 30, 2009.

Financial Review

The Company's loss for the nine month period ended September 30, 2009 decreased by $957,537 to $3,369,200 ($0.03 per common share) from the loss of $4,326,737 ($0.04 per common share) reported for the nine month period ended September 30, 2008. The primary reasons for the decrease in loss were decreases in research and development costs, general and administration expenses, management and consulting fees, and deemed interest charges offset by an increase in the stock option expense and a decrease in interest income earned during the period.

Capital Position

As of September 30, 2009 the working capital (current assets minus current liabilities) of the Company was $3,279,422 ($5,803,377 as of December 31, 2008). Subsequent to the recent financing which closed on October 29, 2009, the working capital as of November 23, 2009 is estimated to be $4.3 million.

Outstanding securities as of September 30, 2009 totaled 134,680,497 common shares, 17,097,000 share purchase warrants, and 12,017,500 common share options.

Outstanding securities as of November 23, 2009 are 152,905,004 common shares, 34,070,983 common share purchase warrants, and 12,017,500 common share options.

Dr. Alan Moore, President and CEO, commented as follows:

"As we progress through the year we are pleased to report that the cost-cutting initiatives implemented in the first quarter have continued to keep the Company in a positive financial position. These savings, in addition to the funds recently raised, will ensure the Company's ability to complete the modified REGENESIS Phase IIb stroke trial."

SCT will be issuing an aggregate of 3,695,000 stock options to the Company's officers, Board of Directors, employees and Advisory Board members on November 24, 2009. The exercise price of the Options will be the closing price of November 23, 2009. These options will expire no later than November 24, 2014 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 (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 brain and nerve 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 such as traumatic brain injury, multiple sclerosis, Huntington's disease, Alzheimer's disease, and ALS.

For further information on Stem Cell Therapeutics Corp., visit

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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