PALO ALTO, Calif., Jan. 11, 2011 (GLOBE NEWSWIRE) -- StemCells, Inc. (Nasdaq:STEM) announced today that it has closed the sale of 10 million shares of common stock, at a fixed price of $1.00 per share. The Company received total proceeds, net of offering expenses and placement agency fees, of approximately $9.4 million. The common stock was sold in a registered direct offering under the Company’s effective shelf registration statement previously filed with the Securities and Exchange Commission. The proceeds will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes. At September 30, 2010, the Company had cash, cash equivalents, and marketable securities of $24.7 million, and together with the net proceeds of this offering, would have a pro forma cash balance of $34.1 million. No warrants were issued in the financing, although the investors were granted an option to purchase up to an additional six million shares of common stock at a price of $1.00 per share, exercisable at their election until February 18, 2011.
