StemCells Inc. (STEM) Awarded $20 Million From the California Institute for Regenerative Medicine
7/27/2012 9:28:30 AM
NEWARK, Calif., July 26, 2012 (GLOBE NEWSWIRE) -- StemCells, Inc. (Nasdaq:STEM) today announced that the California Institute for Regenerative Medicine (CIRM) has approved an award to the Company and its collaborators for up to $20 million under CIRM's Disease Team Therapy Development Award program (RFA 10-05). The award is to fund preclinical development of StemCells' proprietary HuCNS-SC® product candidate (purified human neural stem cells) as a potential treatment for cervical spinal cord injury. The award will provide funding over a maximum four-year period, with the goal of filing an investigational new drug (IND) application to begin clinical testing in that time. CIRM deferred a decision on the Alzheimer's disease application submitted by StemCells and referred the application back to CIRM's Grants Working Group for further consideration. CIRM is expected to review the application again at the next meeting of its governing board currently scheduled for September 6th.