Stem Cell Therapeutics Corp. Announces Year End 2010 Financial Results
April 21 2011 - 3:00PM
Marketwired
Stem Cell Therapeutics Corp. (TSX VENTURE: SSS) ("SCT" or the
"Company") today announced its results for the year ended December
31, 2010. The Company's loss for the year ended December 31, 2010
decreased by $196,791 to $4,460,102 ($0.03 per common share) from
the loss of $4,656,893 ($0.03 per common share) reported for the
year ended December 31, 2009.
As of December 31, 2010 the working capital of the Company was
$2,636,529 ($4,100,869 as of December 31, 2009).
As previously announced on March 31, 2011, subsequent to the
year end, the Company completed an equity offering representing
gross proceeds of $2,000,000 which significantly strengthened the
Company's working capital position.
Dean Peterson, Chairman of SCT commented, "We appreciate the
patience of our shareholders as we implement our plans for
advancing our company. We have a solid cash position and are
maintaining a low burn rate while we continue to advance the
development of our programs. We will announce our plans as soon as
they are finalized."
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 stroke,
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. Michael Cook CFO
403-245-5495 ext.229 mcook@stemcellthera.com Stem Cell Therapeutics
Corp. Allen Davidoff, PhD CSO 403-245-5495 ext. 226
adavidoff@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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