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StemCells, Inc. (ticker: STEM, exchange: NASDAQ) News Release - 3-Apr-2001
StemCells, Inc. Reports Fourth Quarter and Year End 2000 Results
SUNNYVALE, Calif. -- (BW HealthWire) -- April 3, 2001 -- StemCells, Inc.
announced today financial results for the fourth quarter and fiscal
year ended December 31, 2000.
The Company reported a net loss of $6,260,000, or $0.30 per share,
for the fourth quarter ended December 31, 2000, compared to a net loss
of $5,226,000, or $0.27 per share, for the fourth quarter of 1999. For
the fiscal year ended December 31, 2000, the Company reported a net
loss of $11,125,477, or $0.57 per share applicable to common
shareholders, as compared to a net loss of $15,709,000, or $0.84 per
share, for the 1999 fiscal year. Total revenue from collaborative
agreements in 2000 was $74,000, compared with $5,022,000 in 1999.
Cash, cash equivalents and short term investments were $6,069,000 at
the end of 2000, compared with $4,760,000 at the end of 1999.
Changes from 1999 primarily reflect that there were no revenues
from collaborative agreements in 2000. The collaborative research
agreement between StemCells, Inc. (formerly CytoTherapeutics, Inc.)
and AstraZeneca in the area of encapsulated cell therapy ("ECT") was
terminated in June 1999. Reduced revenues were offset by a reduction
in expenses primarily attributable to the wind-down of research
activities relating to the ECT technology, the relocation of corporate
headquarters to a smaller facility in October 1999, a reduction in
personnel, and a realized gain from the sale of a portion of holdings
in Modex Therapeutics.
"2000 was a year of consolidation for StemCells," said Martin
McGlynn, the Company's president and CEO. "We completed the
restructuring that had begun in the last quarter of 1999, sold the ECT
technology that had been pursued in Rhode Island, moved corporate
operations to Sunnyvale, California and have focused on our exciting
stem cell technology platform."
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