Coverage of StemCells, Inc. ceasing operations:
“StemCells (NASDAQ: STEM) has decided to close up shop after its most advanced therapy didn’t do enough in a Phase 2 trial to improve people with spinal cord injuries. The one-time stem cell pioneer will wind down operations with $5.5 million in the bank, as of May 31, it said in a statement this morning. Shareholders are not guaranteed any final compensation, the company said.
Shares were down 81 percent today, closing at 57 cents each.
StemCells had been planning to raise up to $30 million in a stock offering, but those plans have been cancelled, according to this morning’s statement. It has 50 employees remaining.” Full article
- SF Chronicle: Fremont stem cell firm to cease operations More
- GEN: StemCells Winding Down Operations after Ending Phase II Study More
- The Niche: End of line for StemCells Inc., pioneering & controversial stem cell biotech More
- 24/7 Wall Street: StemCells Reminds Investors the Lessons of Outright Implosion More
- Economic Calendar: Nearly Broke, StemCells (STEM) to Dissolve Itself on Deeper Look into Phase II Data More
- California Stem Cell Report: California’s StemCells, Inc., Flatlines; A Look at the Implications More