CALGARY, ALBERTA--(Marketwire - Aug. 30, 2010) - Stem Cell Therapeutics Corp. (“SCT” or the “Company”) (TSX VENTURE:SSS) wishes to announce budgetary approval of the SCT-sponsored investigator-lead Phase IIa study entitled “A Phase IIa, Single Center, Open Label Study to Characterize the Safety of Human Chorionic Gonadotrophin (hCG) and Epoeitin Alpha (EPO) in Traumatic Brain Injury”. After strategic discussions between management and the Board of Directors a decision was made to go forward with the TBI clinical study. SCT will provide the funding necessary to complete the enrollment of 10 TBI patients in a single center open label study, lead by Dr. David Zygun, to characterize the safety of hCG and EPO in traumatic brain injury. A series of efficacy endpoints are part of the trial design in order to access various aspects of neurological status.
Dr. Alan Moore, President and CEO of SCT said “We are excited to fund this study, which is a significant milestone, and demonstrates the Company’s commitment to the advancement of our programs. This is an important step for SCT as we move forward and highlights our dedication to prospering in the biotechnology area. We are in the process of evaluating all our programs and plan to make announcements as decisions are made.”
The Company also wishes to announce the issuance of stock options to the directors of the Company. SCT has issued an aggregate of 1,550,000 stock options to three of the Company’s Board of Directors at an exercise price of C$0.10 per share. These options will expire no later than August 27, 2015 subject to applicable vesting provisions. These options were awarded in accordance with the Company’s Stock Option Plan.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp. is a 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 brain and nerve function lost due to disease or injury. The Company’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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION: Stem Cell Therapeutics Corp. Alan Moore, PhD President and CEO 403-245-5495 ext.224 amoore@stemcellthera.com
or
Stem Cell Therapeutics Corp. Angelika Goncalves DaSilva Operations Manager Phone: 403-245-5495 ext. 221 adasilva@stemcellthera.com www.stemcellthera.com
