Stem Cell Therapeutics Corp. ("SCT" or the "Company") (TSX VENTURE:
SSS) reports that the following matters were put to a vote at the
Annual General Meeting (AGM) and the report on voting results is as
follows:
1. Election of Directors
The number of directors set at seven and the following
individuals were elected as directors of the Corporation to hold
office until their successors are elected at the next annual
meeting of the Corporation:
Ian Brown
James DeMesa
Peter Milner
Alan Moore
Robert Rieder
Scott Tannas
Mark Wayne
All of the above individuals were incumbents with the exception
of Dr. Peter Milner. Dr. Milner is a board certified physician and
cardiologist, and serves as voluntary clinical faculty at Stanford
Veterans' Hospital. In June 1992, Dr. Milner co-founded CV
Therapeutics, Inc., a biopharmaceutical company. Prior to CV
Therapeutics, Inc., Dr. Milner was an assistant professor of
medicine at Washington University in St. Louis, Missouri. Dr.
Milner has numerous patents in his name and is the author of
several scientific articles published in peer-reviewed journals.
Dr. Milner attended the University of Liverpool, England where he
received a bachelor of sciences degree with honors in biochemistry
and a degree in medicine. He completed his postgraduate training in
medicine at Johns Hopkins Medical School, cardiology and
pharmacology at University of Virginia and molecular biology at
Washington University in St. Louis. Dr. Milner is a Fellow of the
American College of Cardiology, serves on the board of directors of
California Healthcare Institute and the Scientific Advisory Board
of Novartis Institute of Biomedical Research in Cambridge,
Massachusetts.
2. Appointment & Remuneration of Auditors
Ernst & Young LLP, Chartered Accountants, were appointed
auditors of the Corporation to hold office until the next annual
meeting of the Corporation.
3. Stock Option Plan
The Corporation's Stock option plan was approved.
The Company's financial results for the period ended March 31,
2010 were are follows:
Operating Highlights for the period January 1, 2010 to May 19,
2010
-- Completed enrollment in modified REGENESIS Phase IIb acute ischemic
stroke study March 31, 2010
Remaining Objectives for 2010
-- Report top-line REGENESIS Phase IIb data; May 25, 2010
-- Complete preclinical study for hemorrhagic stroke; H2 10
-- Complete 'end of Phase II' meeting with FDA; H2 10
-- Initiate and enroll patients in a Phase IIa TBI clinical study; H2 10
-- Initiate MS clinical Proof-of-Concept study; H2 10
Capital Position
As of March 31, 2010 the working capital (current assets minus
current liabilities) of the Company was $3,071,718 ($4,100,869 as
of March 31, 2009).
Outstanding securities as of March 31, 2010 totaled 153,005,004
common shares, 33,970,983 common share purchase warrants and
13,212,500 common share options.
Outstanding securities as of May 19, 2010 are 155,521,671 common
shares, 31,454,316 common share purchase warrants and 13,212,500
common share options.
Financial Review
The Company's loss for the three month period ended March 31,
2010 increased by $406,777 to $1,291,536 ($0.01 per common share)
from the loss of $884,759 ($0.01 per common share) reported for the
three month period ended March 31, 2009. The primary reason for the
increase in loss was an increase in research and development
expenses, an increase in the stock option expense and an increase
in general administration expenses and professional fees. The
increase in the current period's loss was also due to the recording
of a foreign exchange loss as compared to an exchange gain recorded
in the first quarter of 2009.
Dr. Alan Moore, President & CEO of SCT commented as
follows:
"The modified REGENESIS- Phase IIb stroke trial has entered into
the final stages of data analysis and the reporting of top-line
results. With the solid efforts of our team we are anticipating the
release of top-line primary endpoint results for the Phase IIb
clinical trial on May 25th, 2010. In addition, the Company had a
successful AGM with six board members being re-elected and Dr.
Milner join SCT as a new board of director. The first quarter of
2010 has been one of huge accomplishment in the Company's
development. The commitment of senior management, staff and the
research and development team has been important in maintaining our
financial position and has put the Company in a good position to
complete our remaining objectives in 2010."
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp.
is a Canadian 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 neurological function lost due to disease or injury. SCT'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.
For further information on Stem Cell Therapeutics Corp., visit
www.stemcellthera.com.
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.
Contacts: Stem Cell Therapeutics Corp. Alan Moore, PhD President
and CEO 403-245-5495 ext.224 amoore@stemcellthera.com Stem Cell
Therapeutics Corp. Angelika Goncalves DaSilva Operations Manager
403-245-5495 ext. 221 adasilva@stemcellthera.com
www.stemcellthera.com
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