PALO ALTO, Calif.--(BUSINESS WIRE)--StemCells, Inc. (NASDAQ:STEM) today reported its financial results for the third quarter ended September 30, 2007.
The company reported a net loss of $7,154,000, or $0.09 per share, for the third quarter of 2007, compared with a net loss of $4,863,000, or $0.06 per share, for the third quarter of 2006. The increased net loss for the 2007 quarter was primarily attributable to an increase in operating expenses due to the expansion of the company's operations in cell manufacturing and clinical operations preparatory to the company’s plans to initiate clinical studies of its human liver engrafting cell (hLEC) in early 2008, as well as additional clinical trials of its HuCNS-SC® product candidate for spinal cord injury in mid-2008 and a myelin disorder in the brain by the end of 2008. Net cash used in operating activities for the third quarter of 2007 was $4,903,000, compared with $4,209,000 for the third quarter of 2006.
