Stem Cell Therapeutics Corp. Provides Corporate Update
February 09 2009 - 9:00AM
Marketwired
Stem Cell Therapeutics Corp. (the "Company" or "SCT") (TSX VENTURE:
SSS) announces today an update on key corporate developments and
strategies.
The Company is actively pursuing the removal of the clinical
hold through ongoing discussions with the U.S. Food and Drug
Administration ("FDA"), but as yet, no formal notice has been
received to lift the clinical hold on its Phase IIb REGENESIS
stroke trial. The Company has therefore decided to investigate
alternate stroke regimen options from within its patent portfolio
that do not involve erythropoietin ("EPO"), as the Company believes
it is the use of EPO as part of its stroke treatment that gave rise
to the clinical hold. These alternate regimens will continue to
follow the same therapeutic approach whereby adult stem cells are
stimulated to proliferate and differentiate into neurons to replace
damaged brain tissue. The Company expects to be in a position to
assess the viability of pursuing other options in the second
quarter of this year.
Dr. Alan Moore, President and CEO of SCT, commented as
follows:
"In addition to continuing to work with the FDA in an effort to
lift the clinical hold, we feel that it is in the best interests of
the Company to explore alternatives to EPO in the event that the
FDA determines the clinical hold cannot be lifted within a
reasonable timeframe."
Currently, the Company has in excess of C$6.0M cash on hand
which is sufficient to maintain operations for 2009 and to complete
all planned milestones, including the REGENISIS study. This is, in
part, a result of recent cost cutting initiatives that include, but
are not limited to, a reduction in executive salaries in return for
a commitment with respect to the future issuance of stock
options.
SCT will continue to provide updates as key developments
occur.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp.
is a Canadian public biotechnology company (TSX VENTURE: 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.
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
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Stem Cell Therapeutics Corp. Alan Moore, PhD President
and CEO (403) 245-5495 ext. 224 Email: amoore@stemcellthera.com
Stem Cell Therapeutics Corp. Chloe Douglas-Crampton Investor
Relations (403) 245-5495 ext. 221 Email: crampton@stemcellthera.com
Website: www.stemcellthera.com
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