StemCells Takes Bigger 4Q Loss On One-time Costs

PALO ALTO, Calif. (AP) — StemCells Inc. on Monday posted a larger fourth-quarter loss, as the biotechnology company cut its spending but booked a pair of hefty charges.

StemCells reported a loss of $10.1 million, or 11 cents per share, compared with a loss of $7.8 million, or 10 cents per share, a year ago. While the company cut its operating loss to $7.1 million from $8.3 million, it reported $3 million in one-time expenses.

StemCells said revenue from grants and licensing agreements grew to $172,000 from $30,000.

StemCells, which is developing stem cell-based treatments for Parkinson's disease, Alzheimer's disease and spinal cord injuries, said it cut its research and development spending and pared administrative costs. Total spending was trimmed to $7.3 million from $8.4 million.

For the full year, StemCells reported a loss of $29.1 million, or 35 cents per share. That was slightly more than the previous year, when it lost $25 million, or 31 cents per share.

Grant revenue grew to $232,000 for the year, compared with $57,000 in 2007.

The company's stock declined 17 cents, or 10.3 percent, to close at $1.48.