Stem Cell Therapeutics Corp.
TSX VENTURE : SSS

Stem Cell Therapeutics Corp.

May 19, 2010 19:50 ET

Stem Cell Therapeutics Corp. Announces Voting Results and Q1 2010 Financial Results

CALGARY, ALBERTA--(Marketwire - May 19, 2010) - Stem Cell Therapeutics Corp. ("SCT" or the "Company") (TSX VENTURE:SSS) reports that the following matters were put to a vote at the Annual General Meeting (AGM) and the report on voting results is as follows:

1. Election of Directors

The number of directors set at seven and the following individuals were elected as directors of the Corporation to hold office until their successors are elected at the next annual meeting of the Corporation:

Ian Brown

James DeMesa

Peter Milner

Alan Moore

Robert Rieder

Scott Tannas

Mark Wayne

All of the above individuals were incumbents with the exception of Dr. Peter Milner. Dr. Milner is a board certified physician and cardiologist, and serves as voluntary clinical faculty at Stanford Veterans' Hospital. In June 1992, Dr. Milner co-founded CV Therapeutics, Inc., a biopharmaceutical company. Prior to CV Therapeutics, Inc., Dr. Milner was an assistant professor of medicine at Washington University in St. Louis, Missouri. Dr. Milner has numerous patents in his name and is the author of several scientific articles published in peer-reviewed journals. Dr. Milner attended the University of Liverpool, England where he received a bachelor of sciences degree with honors in biochemistry and a degree in medicine. He completed his postgraduate training in medicine at Johns Hopkins Medical School, cardiology and pharmacology at University of Virginia and molecular biology at Washington University in St. Louis. Dr. Milner is a Fellow of the American College of Cardiology, serves on the board of directors of California Healthcare Institute and the Scientific Advisory Board of Novartis Institute of Biomedical Research in Cambridge, Massachusetts.

2. Appointment & Remuneration of Auditors

Ernst & Young LLP, Chartered Accountants, were appointed auditors of the Corporation to hold office until the next annual meeting of the Corporation.

3. Stock Option Plan

The Corporation's Stock option plan was approved.

The Company's financial results for the period ended March 31, 2010 were are follows:

Operating Highlights for the period January 1, 2010 to May 19, 2010

  • Completed enrollment in modified REGENESIS Phase IIb acute ischemic stroke study March 31, 2010

Remaining Objectives for 2010

  • Report top-line REGENESIS Phase IIb data; May 25, 2010
  • Complete preclinical study for hemorrhagic stroke; H2 10
  • Complete 'end of Phase II' meeting with FDA; H2 10
  • Initiate and enroll patients in a Phase IIa TBI clinical study; H2 10
  • Initiate MS clinical Proof-of-Concept study; H2 10

Capital Position

As of March 31, 2010 the working capital (current assets minus current liabilities) of the Company was $3,071,718 ($4,100,869 as of March 31, 2009).

Outstanding securities as of March 31, 2010 totaled 153,005,004 common shares, 33,970,983 common share purchase warrants and 13,212,500 common share options.

Outstanding securities as of May 19, 2010 are 155,521,671 common shares, 31,454,316 common share purchase warrants and 13,212,500 common share options.

Financial Review

The Company's loss for the three month period ended March 31, 2010 increased by $406,777 to $1,291,536 ($0.01 per common share) from the loss of $884,759 ($0.01 per common share) reported for the three month period ended March 31, 2009. The primary reason for the increase in loss was an increase in research and development expenses, an increase in the stock option expense and an increase in general administration expenses and professional fees. The increase in the current period's loss was also due to the recording of a foreign exchange loss as compared to an exchange gain recorded in the first quarter of 2009.

Dr. Alan Moore, President & CEO of SCT commented as follows:

"The modified REGENESIS- Phase IIb stroke trial has entered into the final stages of data analysis and the reporting of top-line results. With the solid efforts of our team we are anticipating the release of top-line primary endpoint results for the Phase IIb clinical trial on May 25th, 2010. In addition, the Company had a successful AGM with six board members being re-elected and Dr. Milner join SCT as a new board of director. The first quarter of 2010 has been one of huge accomplishment in the Company's development. The commitment of senior management, staff and the research and development team has been important in maintaining our financial position and has put the Company in a good position to complete our remaining objectives in 2010."

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.

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.

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