TORONTO, ONTARIO--(Marketwired - Dec. 17, 2013) - Stem Cell Therapeutics Corp. (TSX VENTURE:SSS)(SCTPF), an immuno-oncology company developing cancer stem cell-related therapeutics, today announced that industry veteran Dr. Robert L. Kirkman has been appointed to the Company's Board of Directors.
Dr. Kirkman has broad executive experience from several public biotechnology companies. He currently serves as the President and Chief Executive Officer of Oncothyreon Inc., an oncology company with a long-established interest in the immunotherapy field. He previously held various executive positions at Xcyte Therapies, another immunotherapy company, and Protein Design Labs. Dr. Kirkman began his career as a clinician-scientist, holding various positions at Brigham and Women's Hospital, Boston, including Chief, Division of Transplantation. Dr. Kirkman holds an M.D. degree from Harvard Medical School and a B.A. in economics from Yale University.
"We are delighted to welcome Dr. Kirkman to the Board of Directors. His extensive expertise as a life science industry executive and a clinician, as well as his in-depth knowledge of the capital markets, adds immeasurable value to our company," stated Mr. David Allan, Stem Cell Therapeutics' Chairman.
In connection with the completion of the $33 million offering announced on December 13, 2013, the Company issued 157,142,858 units at a price of $0.21 each. U.S.-based investors subscribed for approximately 97% of the issue. The units consisted of either one common share and three-quarters of a common share purchase warrant ("Common Share Units") or one Series 1 Non-Voting First Preferred Share and three-quarters of a common share purchase warrant ("Preferred Share Unit"). Of the total Units issued, 79,247,693 units were Common Share Units and 77,895,165 units were Preferred Shares Units. Each whole warrant entitles the holder to purchase one common share at a price of $0.28 at any time prior to expiry on December 13, 2018. Each preferred shareholder has the right to convert all or any of their preferred shares into an equal number of common shares, as adjusted for stock splits, certain distributions and other fundamental transactions. The articles of amendment creating the new class of preferred shares have been filed on Sedar at www.sedar.com. Following the offering, the Company has 121,752,380 common shares issued and outstanding (344,798,764 on a fully diluted basis).
About Stem Cell Therapeutics:
Stem Cell Therapeutics Corp. (SCT) is an immuno-oncology company advancing cancer stem cell discoveries into novel and innovative cancer therapies. Building on over half a century of leading and groundbreaking Canadian stem cell research, the company is supported by established links to a group of prominent Toronto academic research institutes and cancer treatment centers, representing one of the world's most acclaimed cancer research hubs. The Company has two premier preclinical programs, SIRPaFc and a CD200 monoclonal antibody (mAb), which target two key immunoregulatory pathways that tumor cells exploit to evade the host immune system. SIRPaFc is an antibody-like fusion protein that blocks the activity of CD47, a molecule that is upregulated on cancer stem cells in AML and several other tumors. The CD200 mAb is a fully human monoclonal antibody that blocks the activity of CD200, an immunosuppressive molecule that is overexpressed by many hematopoietic and solid tumors. SCT's clinical stage programs include the recently in-licensed program focused on the structure of tigecycline, which is currently being evaluated in a multi-centre Phase I study in patients with acute myeloid leukemia (AML), as well as TTI-1612, a non-cancer stem cell asset that recently completed a 28-patient Phase I trial in interstitial cystitis ("IC") patients. For more information, visit: www.stemcellthera.com.
Caution Regarding Forward-Looking Information:
This press release may contain forward-looking statements, which reflect SCT's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include changing market conditions; the successful and timely completion of pre-clinical and clinical studies; the establishment of corporate alliances; the impact of competitive products and pricing; new product development risks; uncertainties related to the regulatory approval process or the ability to obtain drug product in sufficient quantity or at standards acceptable to health regulatory authorities to complete clinical trials or to meet commercial demand; and other risks detailed from time to time in SCT's ongoing quarterly and annual reporting. Except as required by applicable securities laws, SCT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.