StemCells, Inc. Supports National Neurotechnology Initiative Act
Welcomes Additional Aid for New Approaches for Brain-Related Illnesses
PALO ALTO, Calif., May 9, 2008, – StemCells, Inc. (NASDAQ: STEM) announced today that it welcomes and supports the National Neurotechnology Inititative Act, and its goal of fostering new discoveries and accelerating the development of new and safer treatments for brain-related injury or disease. The bill, introduced a few days ago by a bipartisan group of members of both houses of Congress, aims to increase the speed at which scientific discoveries are translated into actual products or treatments that reach the market by improving neuroscience research coordination among various Federal agencies and easing bottlenecks that inhibit the development of treatments for brain-related diseases.
“We warmly welcome the National Neurotechnology Initiative and urge Congress to act promptly to adopt it,” said Martin McGlynn, President and Chief Executive Officer of StemCells, Inc. “Neurological diseases and injuries represent a significant public health concern and developing new therapies to meet this need is challenging . This proposed Act is important because it acknowledges the special context of neurological diseases and emphasizes the need to pursue new scientific pathways. ”
“StemCells is playing a leading role in translating the discovery of the human neural stem cell into clinical application, and we are all too aware of the hurdles involved in getting a novel neuroscience treatment to market,” continued Mr McGlynn. “Neurological disorders, by their nature, are extremely complex, and effective therapies for the most devastating of them have so far eluded us. If we are to succeed in bringing much needed new therapies to market in a timely fashion, companies such as ours need the full cooperation of our legislators, regulators, clinical investigators and institutional review boards who ultimately determine the fate of promising new approaches.”
StemCells, Inc. is a member of the Neurotechnology Industry Organization (www.neurotechindustry.org), which represents companies involved in neuroscience.
About StemCells, Inc.
StemCells, Inc. is a clinical-stage biotechnology company focused on the discovery, development and commercialization of cell-based therapeutics to treat diseases of the central nervous system and liver. The Company’s product development programs seek to repair or repopulate CNS and liver tissue that has been damaged or lost as a result of disease or injury. StemCells has pioneered the discovery and development of HuCNS-SC ® cells, its highly purified, expandable population of human neural stem cells. StemCells has completed enrollment and dosing of a six patient Phase I clinical trial of its proprietary HuCNS-SC product candidate as a treatment for neuronal ceroid lipofuscinosis (NCL) and expects the trial to be completed in early 2009. NCL, which is often referred to as Batten disease, is a rare and fatal neurodegenerative disease that affects infants and young children. StemCells owns or has exclusive rights to more than 50 issued or allowed U.S. patents and more than 150 granted or allowed non-U.S. patents. Further information about the Company is available on its web site at: www.stemcellsinc.com.
Apart from statements of historical fact, the text of this press release constitutes forward-looking statements regarding, among other things, the future business operations of StemCells, Inc. (the “Company”) and its ability to conduct clinical trials as well as its research and product development efforts. These 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 such forward-looking statements due to risks and uncertainties to which the Company is subject, including uncertainty as to whether the FDA or other applicable regulatory agencies will permit the Company to continue clinical testing in NCL or in future clinical trials of proposed therapies for other diseases or conditions despite the novel and unproven nature of the Company’s technologies; uncertainties regarding the Company’s ability to obtain the increased 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; uncertainty regarding the validity and enforceability of the Company’s patents; uncertainty as to whether HuCNS-SC and any products that may be generated in the future in the Company’s cell-based programs will prove safe and clinically effective and not cause tumors or other adverse side effects; uncertainties regarding the Company’s manufacturing capabilities given its increasing pre-clinical and clinical commitments; uncertainties as to whether the Company will achieve revenues from product sales or become profitable; and other factors that are described under the heading “Risk Factors” in Item 1A of Part II of the Company’s Annual Report on Form 10-K.
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CONTACT: StemCells, Inc.
Rodney Young
Chief Financial Officer
650-475-3100, Ext. 105
irpr@stemcellsinc.com
SOURCE: StemCells, Inc.
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