StemCells, Inc. Receives Grant to Continue Development of Human Neural Stem Cells as Treatment for Spinal Cord Injuries
PALO ALTO, Calif., Sept. 8, 2003 - StemCells, Inc. (Nasdaq: STEM) has been awarded a one year, $342,000 Small Business Innovation Research grant from the National Institute of Neurological Disease and Stroke (NINDS), to further its work in the treatment of spinal cord injuries.
The grant is to fund a continuing collaborative endeavor between StemCells, Inc. and Drs. Aileen J. Anderson and Brian J. Cummings of the Reeve-Irvine Center at the University of California-Irvine, who earlier this year reported preclinical results using the StemCells, Inc.'s human neural stem cell (HuCNS-SC™). In that study, injured mice transplanted with HuCNS-SC showed improved motor function in comparison to controls, and demonstrated that there was a strong correlation between the degree of improvement in motor function and the level of human cell engraftment.
"The results obtained in the initial study are suggestive of the enormous potential for our stem cell technology in the treatment of spinal cord injury," said Martin McGlynn, President and CEO of StemCells, Inc.
StemCells, Inc. plans to use the NINDS grant to repeat the initial study in an effort to replicate the results previously reported in a much larger group of animals, using more refined transplantation and surgical techniques recently developed by the Company's collaborators.
"We are extremely excited by the initial data that led to this award, as it facilitates our ability to continue our collaboration with the scientists at StemCells. The peer-review process at the NIH (National Institutes of Health) is a very stringent one, so we are very encouraged by the Institute's support for our efforts to find a much needed treatment for patients with spinal cord injuries using neural stem cell transplants," said Aileen Anderson, Ph.D., Assistant Professor, University of California-Irvine.
The National Spinal Cord Injury Statistical Center estimates that there are about 11,000 new cases of spinal cord injury a year in the United States and about 200,000 patients who are living with prior spinal cord injuries. In a 1997 Guide, the NIH noted that, "The estimated yearly cost of long-term, specialized care for paralyzed patients exceeds $10 billion. The personal costs to patients and their families are beyond calculation . . ."
StemCells, Inc. is a biotechnology company focused on the discovery, development and commercialization of stem cell-based therapies to treat diseases of the nervous system, liver, and pancreas. The Company's stem cell programs seek to repair or repopulate neural or other tissue that has been damaged or lost as a result of disease or injury. Further information about the Company is available on its web site, at http://www.stemcellsinc.com.
The National Institutes of Health (NIH) is an Agency under the U.S. Department of Health and Human Services comprised of 27 institutes and Centers, including the National Institute of Neurological Disease and Stroke.
Apart from statements of historical facts, the text of this press release constitutes forward-looking statements regarding, among other things, the future business operations of StemCells, Inc. ("the Company"). The forward-looking statements speak only as of the date of this news release. StemCells does not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Such statements reflect management's current views and are based on certain assumptions that may or may not ultimately prove valid. The Company's actual results may vary materially from those contemplated in the forward-looking statements due to risks and uncertainties to which the Company is subject, including uncertainties regarding the Company's ability to obtain the capital resources needed to continue its current research and development operations and to conduct the research, preclinical development and clinical trials necessary for regulatory approvals; the fact that the Company's stem cell technology is at the pre-clinical stage and has not yet led to the development of any proposed product; the uncertainty whether the preclinical work mentioned above will be replicable in another animal model and whether comparable results will be obtainable in humans; the uncertainty whether the Company will achieve revenues from product sales or become profitable; uncertainties regarding the Company's obligations in regard to its former encapsulated cell therapy facilities in Rhode Island; and other factors that are described in Exhibit 99 to the Company's Annual Report on Form 10-K entitled "Cautionary Factors Relevant to Forward-Looking Statements."
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CONTACT: StemCells, Inc.
Martin McGlynn, President & CEO
Chief Financial Officer
650-475-3100
or
Media/Investor Relations Contact:
The Investor Relations Group
Janet Vasquez / Jane Lin
SOURCE: StemCells, Inc.
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