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Share Name | Share Symbol | Market | Type |
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Sunvest Minerals Corp | TSXV:SSS | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.035 | 0.035 | 0.04 | 0 | 01:00:00 |
Stem Cell Therapeutics Corp. ("SCT") (TSX VENTURE:SSS) today announced its financial results for the period ended March 31, 2008. Selected Highlights During the first quarter of 2008 and up to May 20, 2008, SCT achieved the following accomplishments: - Released formal results from the Phase IIa 'BETAS' acute stroke study in February 2008 that demonstrated favourable safety and efficacy outcomes from the Phase IIa stroke trial. - On April 23, 2008, SCT received a "May Proceed" from the Food and Drug Association (FDA) for the US Phase IIb clinical stroke trial to allow the investigational new drug (IND) application to proceed. This US Phase IIb acute ischemic stroke study accompanies the currently enrolling Phase IIb Canadian 'REGENESIS' study for acute ischemic stroke. - Began recruiting patients for the Phase IIb 'REGENESIS' study on May 2, 2008. Upcoming 2008 Milestones - Complete enrolment in the Phase IIb clinical stroke study for NTx(TM)-265 - Initiate Phase IIa clinical study for Traumatic Brain Injury - Complete animal efficacy studies for Multiple Sclerosis Capital Position As of March 31, 2008 the working capital (current assets minus current liabilities) of the Company was $7,912,901 ($9,138,263 as of March 31, 2007). Outstanding securities as of March 31, 2008 and May 20, 2008 totaled 103,529,864 common shares, 6,000,000 class B shares, 25,912,500 common share purchase warrants and 7,680,556 common share options. Financial Review The Company's loss for the three month period ended March 31, 2008 increased by $103,457 to $1,354,186 ($0.01 per common share) from the loss of $1,250,729 ($0.02 per common share) reported for the three month period ended March 31, 2007. The primary reason for the increase in loss was an increase in research and development costs offset by a decrease in management and consulting fees, stock-based compensation and an increase in interest income. The March 31, 2008 "Management Discussion and Analysis" provides further details on these operating results. About NTx(TM)-265: NTx(TM)-265 is a therapeutic regimen of two approved and clinically well-defined drugs, human Chorionic Gonadotropin (hCG) and Erythropoietin (EPO), targeting the treatment of stroke. The twin objectives of the regimen are to stimulate the growth and differentiation of new neurons to replace the brain cells that were lost or damaged by the stroke, and importantly, to direct motor, visual and cognitive recovery after acute ischemic stroke. Animal studies have shown a significant recovery in motor function after receiving the NTx(TM)-265 regimen 24-48 hours post stroke. Encouraging clinical results in SCT's Phase IIa 'BETAS' stroke trial were presented at the International Stroke Conference in February 2008, showing clinically relevant recovery in 8 of 8 patients who received the complete regimen. SCT is recruiting patients for the multi-centre, double-blind, placebo-controlled Phase IIb 'REGENESIS' study for NTx(TM)-265 with primary endpoints of efficacy. Patient enrolment is expected to be complete by the end of 2008 with top-line efficacy data expected to be released in the first quarter of 2009. About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp. is a Canadian public biotechnology company (TSX-V: SSS) focused on the development and commercialization of drug-based therapies to treat central nervous system diseases. SCT is a leader in the development of therapies that utilize drugs to stimulate a patient's own resident stem cells. The company's programs aim to repair neurological function lost due to disease or injury. The company's extensive patent portfolio of owned and licensed intellectual property supports the potential expansion into future clinical programs in numerous neurological diseases such as traumatic brain injury and multiple sclerosis. These securities have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons unless an applicable exemption from U.S. registration requirements is available. Except for historical information, this press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.
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