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CALGARY, ALBERTA, Oct 3, 2008 (Marketwire via COMTEX News Network) --
StemCell Therapeutics Corp. (TSX VENTURE:SSS) ("SCT") announces today thatit has elected to pay the final installment of the intellectualproperty acquisition of Stem Cell Therapeutics Inc. to TransitionTherapeutics Inc. (TSX:TTH) (NASDAQ:TTHI) ("Transition") in commonshares. The final payment of $1,650,000 was paid by SCT to Transitionby issuing 23,272,633 shares, based on a 10-day average trading priceof approximately C$0.07.
Dr. Alan Moore, President and CEO, commented as follows:
"Thisfinal payment means that we now have complete ownership of theintellectual property covered under the share purchase agreement. Thisincludes intellectual property that supports several key programscurrently under development, including our stroke, traumatic braininjury and multiple sclerosis programs, and provides support for futureprograms and out-licensing opportunities. With the completion of thisacquisition we have solidified our position as a leading companydeveloping regenerative therapies for neurological diseases."
Acquisitionof Stem Cell Therapeutics Inc. from Transition Therapeutics Inc.: OnOctober 4, 2004, SCT entered into a share purchase agreement to acquireall of the issued and outstanding shares of Stem Cell Therapeutics Inc.(the "Stem Cell Shares") from Transition. Pursuant to this agreement,SCT agreed to pay Transition an aggregate purchase price of $3,500,000as consideration for the Stem Cell Shares. The purchase price waspayable in installments beginning at closing when the amount of$325,000 was paid and thereafter payments were required on theanniversary of closing in each of the following four years in theamounts of $475,000, $400,000, $650,000 and $1,650,000, respectively.All prior payments have been paid in cash. At the Company's election,the final payment was made through the issuance of common shares.