StemCells Seeks Acquisitions
Apr 23 15
StemCells Inc. (NasdaqCM:STEM) is seeking acquisitions. StemCells has filed a Follow-on Equity Offering, the net proceeds of which will be used for general corporate purposes, including working capital, capital expenditures and research and development, as well as acquisitions and other strategic purposes.
StemCells Inc. Presents at Needham & Company's 14th Annual Healthcare Conference, Apr-15-2015 03:40 PM
Mar 25 15
StemCells Inc. Presents at Needham & Company's 14th Annual Healthcare Conference, Apr-15-2015 03:40 PM. Venue: Westin Grand Central Hotel, New York, New York, United States. Speakers: Martin M. McGlynn, Chief Executive Officer, Chief Executive Officer of Stemcells California Inc, President of Stemcells California Inc, Director and Member of Strategic Transactions Committee.
StemCells, Inc. Appoints Ian Massey as President and Chief Operating Officer
Mar 24 15
StemCells Inc. announced that Ian Massey has joined its executive team as President and Chief Operating Officer, effective March, March 23, 2015. In this new role, Dr. Massey has direct responsibility for all aspects of the company's research and development, manufacturing, regulatory affairs, and quality assurance activities. He reports to Martin McGlynn, the company's Chief Executive Officer. Most recently, he was the COO and President of U.S. Operations of Biotie Therapies Corporation.
StemCells Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Impairment of Goodwill and Other Intangible Assets for the Fourth Quarter Ended December 31, 2014; Plans to Initiate Controlled Proof-Of-Concept Phase II Study in Geographic Atrophy of Dry Age Related Macular Degeneration
Mar 16 15
StemCells Inc. reported unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the fourth quarter of 2014, the company reported a net loss of $10,108,000 from continuing operations and net loss of $10,249,000 or $0.15 per basic and diluted share, in comparison, for the fourth quarter of 2013, the company reported a net loss of $6,848,000 from continuing operations and net loss of $6,963,000, or $0.13 per basic and diluted share. Non-GAAP net loss was $9,330,000 or $0.14 per basic and diluted share, in comparison, for the fourth quarter of 2013, the company reported a non-GAAP net loss of $8,887,000 or $0.16 per basic and diluted share. Total revenue from continuing operations was $883,000, compared to $45,000 in the same period of 2013. Revenue from continuing operations is primarily from royalties and milestone payments received under various licensing agreements. Loss from operations was $9.729 million compared to $9.296 million a year ago.
For the full year 2014, the company reported a net loss of $32,741,000, or $0.53 per share, compared with a net loss of $26,439,000, or $0.61 per basic and diluted share, for 2013. Non-GAAP net loss was $29,381,000 or $0.48 per basic and diluted share, comparison, for the fourth quarter of 2013; the company reported a non-GAAP net loss of $26,024,000 or $0.60 per basic and diluted share. The approximately $3,400,000 increase is primarily associated with increased levels of clinical activity. Total revenue from continuing operations was $1,012,000 compared to $172,000 for 2013. The increase in 2014 was primarily attributable to a milestone payment of approximately $500,000 received under a licensing agreement with ReNeuron Ltd. and a licensing fee of approximately $400,000 in connection with divestiture of the SC Proven business entered into with Takara Bio Inc. Cash used in operations totaled $27,352,000, compared to $23,322,000 in 2013. Loss from operations was $30.910 million compared to $28.093 million a year ago.
The company reported wrote-off approximately $2,440,000 in goodwill and other intangible assets related to its discontinued SC Proven business and other technology not related to therapeutic product development programs for the fourth quarter ended December 31, 2014.
The company announced that it will shortly initiate a controlled proof-of-concept Phase II study in geographic atrophy of dry age related macular degeneration, advanced form of the disease and a cause of blindness in the elderly.