Stem Cell Therapeutics Corp.

Stem Cell Therapeutics Corp.

November 22, 2010 08:02 ET

Stem Cell Therapeutics Corp. Announces Q3 2010 Financial Results

CALGARY, ALBERTA--(Marketwire - Nov. 22, 2010) - Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) ("SCT" or the "Company") today announced its results for the period ended September 30, 2010. The Company's loss for the nine month period ended September 30, 2010 increased by $295,185 to $3,664,385 ($0.02 per common share) from the loss of $3,369,200 ($0.02 per common share) reported for the nine month period ended September 30, 2009. The primary reason for the increase is largely attributable to expenses relating to severance packages and an increase in the stock option expense. As of September 30, 2010 the working capital of the Company was $1,566,320 ($4,100,869 as of December 31, 2009).

As previously announced on November 2, 2010, subsequent to the end of the third quarter, the Company received $1,822,000 in proceeds from exercised warrants which more than doubled the Company's working capital position.

About Stem Cell Therapeutics Corp: Stem Cell Therapeutics Corp. is a Canadian 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 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.

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.

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