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Stem Cell Therapeutics Corp. Announces Q1 2011 Financial Results
Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) ("SCT" or the "Company") today announced its results for the period ended March 31, 2011. The Company's loss for the three month period ended March 31, 2011 decreased by $867,428 to $438,029 (
.00 per common share) from the loss of $1,305,457 (
.01 per common share) reported for the three month period ended March 31 2010. The primary reasons for the decrease is largely attributable to expense reductions, cost management and reduced spending on clinical activities. As of March 31, 2011 the working capital of the Company was $4,081,063.
Although not previously included in a press release the company issued company director Peter Milner 175,000 options on August 6, 2010 with an exercise price of
.10. These options will expire no later than August 6, 2015 subject to applicable vesting provisions. These options were awarded in accordance with the Company's Stock Option Plan.
About Stem Cell Therapeutics Corp: Stem Cell Therapeutics Corp. is a Canadian public biotechnology company (TSX-V: 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.
SOURCE: Stem Cell Therapeutics Corp.
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
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