NEWARK, Calif., May 9, 2013 (GLOBE NEWSWIRE) -- StemCells, Inc. (Nasdaq:STEM), a leading stem cell company developing and commercializing novel cell-based therapeutics and tools for use in stem cell-based research and drug discovery, today reported financial results for the first quarter ended March 31, 2013 and provided a business update.
"In the first quarter, we reported the most recent data from our spinal cord injury trial, which showed that the multi-segmental gains in sensory function observed at the six-month time point in two of three patients had persisted through the twelve-month assessment, and that one of the two had converted from a complete injury to an incomplete injury classification," said Martin McGlynn, President and CEO of StemCells, Inc. "This exciting development follows the publication, last fall, of the data from our Phase I PMD trial showing evidence of new myelin formation on the nerve axons of all four patients in the trial and gains in neurological function in three of the four patients. Our encouraging data to date tells us that we are on the right track, and we are now focused on accelerating enrolment in our ongoing trials. We have taken concrete steps to this end in our spinal cord injury trial, and the recent addition of the Byers Eye Institute at Stanford should also result in faster enrolment in our dry AMD trial.
"At the same time, we recognize the need to be as cash-efficient as possible, and the results this quarter indicate how we are prioritizing spending. In addition, we are pleased to have reached agreement with the California Institute for Regenerative Medicine (CIRM) for $19.3 million in funding in the form of a forgivable loan to support our IND-enabling activities for Alzheimer's disease, and with Silicon Valley Bank for a $10 million loan on very competitive terms. These agreements will bolster our resources and give us additional financial flexibility as we execute our strategy."