StemCells, a biotech company developing and commercializing novel stem cell-based therapeutics, has entered into an agreement with Lincoln Park Capital Fund, LLC for the purchase of up to $30.0 million of STEM common stock.
Per the agreement, Lincoln Park will immediately purchase $3.0 million in shares of STEM common stock at $1.823 per share, which was the average of the prior 10 trading days' volume weighted average price. Additionally, STEM has the rightto sell additional amounts up to $27.0 million of common stock to Lincoln Park within the next three years. The company plans to use the proceeds from any sales of stock for general corporate purposes.
Separately, STEM Monday said that it has received authorization from Health to expand its phase I/II clinical trial for chronic spinal cord injury into Canada. The clinical trial is currently underway in Zurich, Switzerland, to evaluate the safety and preliminary efficacy of STEM's proprietary HuCNS-SC® product candidate (purified human neural stem cells) to treat chronic spinal cord injury.
Following the authorization, STEM said it is actively working to open one or several trial sites in Canada and hopes to begin screening patients.
For more information visit /stemcellsinc.com
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