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TSX-Venture Exchange: SSS
CALGARY, Nov. 23 /PRNewswire-FirstCall/ - Stem Cell Therapeutics Corp.
("SCT") today announced its financial results for the third quarter ended
September 30, 2005.
Selected Highlights
SCT achieved several significant clinical and operational milestones,
including the following:
- Signed contract to perform Phase I clinical trial with Medicon A/S of
Denmark with regards to SCTs NTx(TM)-265 product.
- Subsequent to September 30, 2005, SCT received approval to begin a
Phase I Clinical Study conducted by Medicon A/S, for the
corporations NTx(TM)-265 program. The clinical study relates to the
program SCT has for the treatment of stroke, and approval was
received by both the Danish Medicines Agency ("DMA") and the
Institutional Review Board ("IRB") for Medicon A/S.
- Expanded expertise on the Corporations Board of Directors with the
appointment of Dr. Jim DeMesa, President & Chief Executive Officer
and director of Migenix Inc. (TSX: MGI).
Product Review NTx(TM)-265
Our lead therapeutic product is a treatment regimen of therapeutic
compounds, which has been termed NTx(TM)-265. We are continuing with
preclinical optimization and bioanalytical experiments for NTx(TM)-265.
Subsequent to the end of the third quarter, SCT received approval to proceed
with our planned Phase I clinical trial in Denmark.
SCT is anticipating a Phase II clinical study for its lead indication of
stroke with a planned entry into the clinic by mid 2006.
Financial Review
SCT recorded a net loss for the nine month period ended September 30,
2005 of $2,186,543 or $0.04 per common share, compared to the period from
March 31, 2004 to September 30, 2004 ($268,365 or $0.03 per common share).
As at September 30, 2005 SCTs outstanding shares totalled
53,186,364 common shares and 6,600,000 Class B shares. As of September 30,
2005, the working capital was $5,787,601 (compared to $205,142 as of
December 31, 2004).
Our accumulated expenditures in research and development since inception
total $697,842. The Corporations current financial resources are expected to
fund operations to the end of 2007.
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 patients own stem cells to
proliferate in the brain. SCTs 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
Huntingtons disease, Alzheimers 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 Companys 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 Companys
ongoing quarterly and annual reporting.
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