Stem Cell Therapeutics Reports Third Quarter 2005 Results
CALGARY, Nov. 23 /PRNewswire-FirstCall/ - Stem Cell Therapeutics Corp. ("SCT") today announced its financial results for the third quarter ended September 30, 2005.
Selected Highlights
SCT achieved several significant clinical and operational milestones, including the following:
- Signed contract to perform Phase I clinical trial with Medicon A/S of Denmark with regards to SCT's NTx(TM)-265 product. - Subsequent to September 30, 2005, SCT received approval to begin a Phase I Clinical Study conducted by Medicon A/S, for the corporation's NTx(TM)-265 program. The clinical study relates to the program SCT has for the treatment of stroke, and approval was received by both the Danish Medicines Agency ("DMA") and the Institutional Review Board ("IRB") for Medicon A/S. - Expanded expertise on the Corporation's Board of Directors with the appointment of Dr. Jim DeMesa, President & Chief Executive Officer and director of Migenix Inc. . Product Review NTx(TM)-265
Our lead therapeutic product is a treatment regimen of therapeutic compounds, which has been termed NTx(TM)-265. We are continuing with preclinical optimization and bioanalytical experiments for NTx(TM)-265. Subsequent to the end of the third quarter, SCT received approval to proceed with our planned Phase I clinical trial in Denmark.
SCT is anticipating a Phase II clinical study for its lead indication of stroke with a planned entry into the clinic by mid 2006.
Financial Review
SCT recorded a net loss for the nine month period ended September 30, 2005 of $2,186,543 or $0.04 per common share, compared to the period from March 31, 2004 to September 30, 2004 ($268,365 or $0.03 per common share).
As at September 30, 2005 SCT's outstanding shares totalled 53,186,364 common shares and 6,600,000 Class B shares. As of September 30, 2005, the working capital was $5,787,601 (compared to $205,142 as of December 31, 2004).
Our accumulated expenditures in research and development since inception total $697,842. The Corporation's current financial resources are expected to fund operations to the end of 2007.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp. is a biotechnology company focused on the development of its technology platform and intellectual property to selectively induce a patient's own stem cells to proliferate in the brain. SCT's core technology, which includes its lead therapeutic product NTx(TM)-265, has been demonstrated to increase the number of innate adult stem cells that grow in place when this therapeutic approach is applied to test animals. SCT plans to develop this fundamental technology further for specific disease treatments such as stroke, and potentially Huntington's disease, Alzheimer's disease and other neurodegenerative conditions.
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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.
Stem Cell Therapeutics Corp.CONTACT: please visit www.stemcellthera.com or contact: Dr. Joseph Tucker,Chief Executive Officer, Stem Cell Therapeutics Corp., Phone: (403)245-5495, info@stemcellthera.com