StemCells, Inc. (Nasdaq:STEM) announced today that it has entered into an agreement to sell ten million shares of its common stock to selected institutional investors at a price of $1.00 per share, which represents a 10% discount to the closing price per share of January 6. The offering is expected to close today, subject to customary closing conditions, and StemCells expects to receive net proceeds, after deducting offering expenses and fees, of approximately $9.4 million. The Company also granted the investors an option, exercisable until February 18, 2011, to purchase an additional six million shares at $1.00 per share.
The shares are being offered under the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). The securities will be offered by means of a prospectus supplement and accompanying prospectus, forming a part of the Company's previously filed effective registration statement, copies of which may be obtained, when available, at the SEC's website at http://www.sec.gov. The net proceeds of the financing will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes.
StemCells, Inc., a biopharmaceutical company, engages in the research, development, and commercialization of stem cell therapeutics and related technologies. It develops cell-based therapeutics for the central nervous system and liver. The company?s lead product candidate, HuCNS-SC cells have completed a Phase I clinical trial for the treatment of infantile and late infantile neuronal ceroid lipofuscinosis, a neurodegenerative disease that affects infants and young children. HuCNS-SC cells are also in Phase I clinical trial for the treatment of Pelizeaus-Merzbacher disease, a fatal myelination disorder in the brain. In addition, it involves in preclinical development with its human liver engrafting cells (hLEC) to evaluate hLEC as a potential cellular therapy for a range of liver diseases. Further, the company is developing and commercializing applications of its technologies to enable stem cell-based research to academic and industrial laboratories. It markets a range of proprietary cell culture products under the SC Proven brand, including iSTEM, GS1-R, GS2-M, RHB-A, RHB-Basal, NDiff N2B27, NDiff 2 and 27 supplements, HEScGRO, and ESGRO Complete proprietary media. StemCells, Inc. has exclusive rights to approximately 50 issued or allowed U.S. patents, and 200 granted or allowed non-U.S. patents. The company was founded in 1988 and is based in Palo Alto, California.
GreenHouse Holdings, Inc. has entered into a strategic partnership with ImageWare Systems, Inc. to provide sustainability and security products and services to government, military and law enforcement agencies, domestically and internationally.
GRHU's 1-Link service will now be part of the ImageWare Law Enforcement solution package that is being offered to over 20,000 law enforcement agencies in the United States. In turn, GreenHouse agreed to provide opportunities for IWS within the military and government markets for ImageWare biometric identity management solutions which will be included in the 1-Link platform along with other GreenHouse-offered products and services.
1-Link, in use today at the Center for Disease Control and Prevention (NASDAQ:CDC) and the Commonwealth of Puerto Rico, integrates existing systems and provides enterprise-wide real-time access to data, voice, video, maps, incidents, management reports and resource information using existing infrastructure such as personal computers and mobile devices over TCP/IP, cellular and radio networks. 1-Link can integrate a single agency from the director to the field and can integrate multiple agencies. Each agency selects the information that agency will share securely within and across partner agencies. 1-Link is a scalable, modular, multi-lingual integrated platform for multiple agencies including healthcare systems, harbors, airports, police, fire, emergency medical services, emergency management agencies, education and other public and private agencies.
About ImageWare Systems, Inc.
ImageWare Systems, Inc. is a leading developer of identity management solutions, providing biometric, secure credential and law enforcement technologies. Scalable for worldwide deployment, the Company's biometric product line includes a multi-biometric engine that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. ImageWare's identification products are used to manage and issue secure credentials including national IDs, passports, driver licenses, smart cards and access control credentials. ImageWare's digital booking products provide law enforcement with integrated mug shot, fingerprint Livescan and investigative capabilities. ImageWare is headquartered in San Diego, with offices in Portland, OR, Washington DC and Canada. For more information visit www.iwsinc.com.
About GreenHouse Holdings, Inc.
GreenHouse Holdings, Inc. is a San Diego, California based integrator of some of the world's most innovative environmental, public safety, infrastructure technologies. GreenHouse provides systems that are financially sound and sustainable to residential, commercial, and industrial and government markets around the globe. GreenHouse provides energy-efficiency products, energy management systems, eco-friendly infrastructure, scalable waste-to-fuel bio-fuel and closed loop systems, as well as other proprietary technologies and products that are utilized to provide a greener and safer future for millions of people. Other flagship products and solutions include the Green Village, R.A.P.S., and One Link.
To learn more about GRHU visit: http://www.greenhouseintl.com
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