Stem Cell Therapeutics Corp. Reports Second Quarter 2005 Results
Related News: Stem Cell CompaniesCALGARY, Aug. 23 /CNW/ - Stem Cell Therapeutics Corp. ("SCT", TSX-Venture Exchange: SSS) today announced its financial results for the second quarter ended June 30, 2005.
"We have continued to make significant progress with the development of our lead program for the treatment of stroke, with NTx(TM)-265, in the second quarter." said Dr. Joseph Tucker, President and CEO of SCT.
"Additionally, we continue to strengthen and develop our extensive IP portfolio which currently entails one issued US patent and more than 30 pending applications filed worldwide, and we plan to enter into the clinic with our lead product NTx(TM)-265 by the end of the year."
Product Review NTx(TM)-265
Our lead therapeutic product is a unique 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 and will carry these forward throughout the 2005 calendar year. We hope to enter the human clinical phase of development with NTx(TM)-265 by the end of 2005.
In our proposed Phase I/II clinical study for the lead indication of
stroke, we anticipate that a relatively short initial clinical study period will allow us to collect the necessary data and initiate our Phase II clinical study program for stroke and other indications to be determined, in early to mid 2006.
Financial Review
SCT recorded a net loss for the six month period ended June 30, 2005 of $1,321,533 or $0.02 per common share, compared the six month period ending June 30, 2004 (119,121 or $0.01 per common share).
As of June 30, 2005 SCT's outstanding shares totalled 53,186,364 common shares and 6,600,000 Class B shares. As of June 30, 2005 the working capital (current assets minus current liabilities) for the Corporation was $ 6,592,890 (compared to $ 472,607 as of June 30, 2004).
Our accumulated expenditures in research and development since inception total $382,007 and we anticipate spending $6 million to $7 million over the next two years to achieve our development plan.
Forward-Looking Statement: The statements contained in this news release relating to future results, events and expectations of Stem Cell Therapeutics Corp. are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company, or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's ongoing quarterly and annual reporting. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Posted on August 26, 2005 05:33 PM