CALGARY, ALBERTA--(Marketwire - Aug. 25, 2011) - 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.
Contact Information:
Mr. David Allan
Executive Chairman
DAllan@StemCellThera.com
www.stemcellthera.com