CALGARY, Aug. 18 /PRNewswire-FirstCall/ -- Stem Cell Therapeutics Corp. ("SCT") today announced its financial results for the period ended June 30th, 2006.
Selected Highlights
During the fiscal period ended June 30th, 2006, SCT achieved several significant milestones, including the following:
- Presentation at the European Stroke Conference in Brussels, Belgium
of key preclinical data with the NTx(TM)-265 regimen in an animal
model of stroke.
- Agreement to support a Phase IIa safety study examining the effects
of NTx(TM)-265 in human stroke patients. The Phase IIa safety study
has been reviewed and approved by the United States Food and Drug
Administration (FDA) and by the institutional review board (IRB) of
the University of California, Irvine (UCI), respectively. The study
will be conducted by Dr. Steven Cramer, a leading stroke specialist
at UCI.
- The grant of two additional patents by the United States Patent and
Trademark Office, strengthening the intellectual property position of
SCT.
"Over the course of the second quarter we have continued to make progress towards our stated goals and we are very excited about our advancement into the clinic with our lead therapeutic program NTx(TM)-265 which has entered a Phase IIa clinical safety trial in human stroke victims." said Dr. Joseph Tucker, President and CEO of SCT.
Product Review NTx(TM)-265
SCT has initiated a Phase IIa clinical safety trial in stroke patients with NTx(TM)-265, our lead therapeutic product composed of a unique regimen of currently marketed drugs. This trial in human subjects suffering stroke is expected to be complete in mid-2007. We identified the clinical regimen currently being used, through pre-clinical animal model experiments in a clinically relevant animal model. Our Phase I clinical trial, completed in the first quarter of 2006, investigated the pharmacokinetics of the first drug in the regimen, and reported positive results.
Financial Review
SCT recorded a net loss of $2,345,918 ($0.04 per common share) for the 6 month period ended June 30th, 2006. Research and development costs were $1,084,560, general and administrative expenses were $544,130, professional fees were $131,619 and interest income was $50,034.
Capital Position
As of June 30th, 2006 the working capital (current assets minus current liabilities) for SCT was $2,877,207 ($4,868,735 as of December 31, 2005). This working capital position reflects full payment of the Phase IIa clinical safety trial.
As of August 18th, 2006 SCT had 53,801,364 common shares, and 6,360,000 class B shares (convertible into common shares on a one to one basis) outstanding.
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.
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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.
