7/30/2013 9:30:01 AM
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NEWARK, Calif., July 30, 2013 (GLOBE NEWSWIRE) -- StemCells, Inc. (Nasdaq:STEM) today announced that it has formally launched its Alzheimer's disease program, which is being supported by the California Institute for Regenerative Medicine (CIRM). The goal of the project is to file, within four years, an Investigational New Drug (IND) application with the U.S. Food and Drug Administration to evaluate the Company's proprietary HuCNS-SC® product candidate (purified human neural stem cells) as a potential therapeutic in the treatment of Alzheimer's disease. CIRM has agreed to provide approximately $19.3 million to the Company in the form of a forgivable loan to help fund preclinical development and IND-enabling activities, and the Company recently received an initial disbursement of $3.8 million from CIRM. The funding was awarded under CIRM's Disease Team Therapy Development Award program (RFA 10-05) in September 2012.
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