TSX-Venture Exchange: SSS
CALGARY, March 22 /PRNewswire-FirstCall/ - Stem Cell Therapeutics Corp. ("SCT") today announced its financial results for the period ended December 31, 2005.
During the fiscal period ended December 31, 2005, SCT achieved several significant operational, clinical and financial milestones, including the following:
- Successfully closed its Initial Public Offering for gross proceeds of
- Commenced trading on the TSX-Venture exchange under the ticker symbol
- Received its first United States patent on January 18, 2005.
- Appointed Dr. Alan Moore as Chief Clinical and Regulatory Officer.
- Appointed Dr. Jim DeMesa, President and CEO of Migenix Inc., to the
Board of Directors.
- Received approval to initiate, and subsequently commenced, the Phase I
clinical trial evaluating the pharmacokinetic profile of the first
drug in the NTx(TM)-265 regimen.
Subsequent to the year end, and up to the date of this release, SCT:
- Appointed Mr. Ian Brown to its Board of Directors.
- Released interim results from a key preclinical study of NTx(TM)-265
and announced the acceptance for poster presentation of these results
at the upcoming European Stroke Conference to be held May 16-19, 2006,
in Brussels, Belgium.
- Released positive results from its Phase I clinical trial in support
of NTx(TM)-265 demonstrating that no drug related adverse events were
encountered and that both drugs under study were detected in the
cerebrospinal fluid following intramuscular administration.
"In the last year we made substantial progress by building our operational presence, hiring key staff and assembling an experienced board of directors," said Dr. Joseph Tucker, President and CEO of SCT. "We are very excited about our advancement into the clinic with our lead therapeutic program NTx(TM)-265, which started with the Phase I clinical trial. We now plan to begin our Phase IIa safety trial by the middle of this year, well in advance of our initial timeline. This will be a significant milestone for the Company."
Product Review NTx(TM)-265
Our lead therapeutic product is a unique regimen of currently marketed drugs, which we have termed NTx(TM)-265. We have identified the clinical regimen we intend to pursue with NTx(TM)-265 through pre-clinical animal model experiments in a clinically relevant animal model. Our Phase I clinical trial investigating the pharmacokinetics of the first drug in the regimen has been completed and the positive results were reported. SCT intends to initiate a Phase IIa clinical safety trial in stroke patients with NTx(TM)-265 by mid-2006.
During the twelve month period ending December 31, 2005, SCT raised gross proceeds of $8.5 million from the issuance of common shares and $43,750 from the conversion of stock options into common shares.
As of December 31, 2005 the working capital (current assets minus current liabilities) for SCT was $4,868,735 ($205,142 as of December 31, 2004).
As of March 22, 2006 SCT had 53,506,364 common shares, and 6,480,000 class B shares (convertible into common shares on a one to one basis) outstanding.
SCT recorded a net loss of $3,270,152 ($0.06 per common share) for the fiscal year ended December 31, 2005. Research and development costs were $1,031,320, general and administrative expenses were $804,486, professional fees were $366,894 and interest income was $136,076.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp. is a biotechnology company focused on the development of its technology platform and intellectual property to selectively induce a patient's own stem cells to proliferate in the brain. SCT's core technology, which includes its lead therapeutic product NTx(TM)-265, has been demonstrated to increase the number of innate adult stem cells that grow in place when this therapeutic approach is applied to test animals. SCT plans to develop this fundamental technology further for specific disease treatments such as stroke and potentially Huntington's disease, Alzheimer's disease and other neurodegenerative conditions.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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.