CALGARY, ALBERTA--(Marketwire - November 30, 2010) - Stem Cell Therapeutics Corp. (TSX VENTURE: SSS) ("SCT" or the "Company") today announced that, as per a previous press release dated June 25, 2010, the consulting agreements with Alan Moore (President & CEO) and Allen Davidoff (Vice President of Product Development) will expire on December 31, 2010.
Allen Davidoff has accepted an offer from the Board of Directors and will become the Company's Chief Scientific Officer. The Board of Directors will immediately begin a search for a new President and temporarily assume a more active role in managing the company including the possibility of naming an interim CEO.
Dean Peterson, Chairman of SCT stated, "We wish to thank Alan Moore for his past contributions and wish him all the best in his future endeavors. We will take our time in selecting the right leader for the company. We are committed and determined to build a solid base for SCT and have some great opportunities ahead of us."
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.
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