CALGARY, May 10 /PRNewswire-FirstCall/ - Stem Cell Therapeutics Corp. (“SCT”) today announced its financial results for the period ended March 31st, 2006.
Selected Highlights
During the fiscal period ended March 31st, 2006, SCT achieved several significant milestones, including the following:
- Released interim results from a key preclinical study of NTx(TM)-265 and announced the acceptance for poster presentation of these results at the upcoming European Stroke Conference to be held May 16-19, 2006, in Brussels, Belgium. - Released positive results from its Phase I clinical trial in support of NTx(TM)-265 demonstrating that no drug related adverse events were encountered and that both drugs under study were detected in the cerebrospinal fluid following intramuscular administration. - Appointed Mr. Ian Brown CA, to its Board of Directors. Subsequent to the end of the quarter, SCT; - Announced that it has entered into an agreement to support a Phase IIa safety study examining the effects of NTx(TM)-265 in stroke patients. The Phase IIa safety study has been reviewed and approved by both the United States Food and Drug Administration (FDA) and by the institutional review board (IRB) of the University of California, Irvine (UCI). The study will be conducted by Dr. Steven Cramer, a leading stroke specialist at UCI.
“Since the start of the year, we have made substantial progress towards our stated goals,” said Dr. Joseph Tucker, President and CEO of SCT. “We are very excited about our advancement into the clinic with our lead therapeutic program NTx(TM)-265, which is moving forward now with a Phase IIa clinical safety trial. This is a significant milestone and achievement for the Company.”
Product Review NTx(TM)-265
Our lead therapeutic product is a unique regimen of currently marketed drugs, which we have termed NTx(TM)-265. We have identified the clinical regimen we intend to pursue with NTx(TM)-265 through pre-clinical animal model experiments in a clinically relevant animal model. Our Phase I clinical trial investigating the pharmacokinetics of the first drug in the regimen has been completed and positive results were reported. SCT has initiated a Phase IIa clinical safety trial in stroke patients with NTx(TM)-265.
Capital Position
As of March 31st, 2006 the working capital (current assets minus current liabilities) for SCT was $3,873,371 ($4,868,735 as of December 31, 2005).
As of May 9th, 2006 SCT had 53,681,364 common shares, and 6,480,000 class B shares (convertible into common shares on a one to one basis) outstanding.
Financial Review
SCT recorded a net loss of $1,178,614 ($0.02 per common share) for the quarter ended March 31st, 2006. Research and development costs were $548,102, general and administrative expenses were $242,392, professional fees were $73,956 and interest income was $28,732.
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: For further information on Stem Cell Therapeutics Corp., visitwww.stemcellthera.com or contact: Dr. Joseph Tucker, Chief ExecutiveOfficer, Stem Cell Therapeutics Corp., Phone : (403) 245-5495,info@stemcellthera.com
