NEWARK, Calif., June 1, 2015 (GLOBE NEWSWIRE) -- StemCells, Inc. (Nasdaq:STEM) today announced that the underwriters of the Company's public offering that initially closed on April 29, 2015 have purchased an additional 2,757,250 shares of the Company's common stock at a price of $0.699 per share, before the underwriting discount, in connection with the exercise of their option to purchase additional shares of common stock (the "Over-Allotment Option"). The Company received additional net proceeds of approximately $1.8 million from the exercise of the Over-Allotment Option, increasing the aggregate net proceeds to the Company from the offering to approximately $25.2 million, after deducting offering expenses, underwriting discounts and commissions payable by the Company.
Maxim Group LLC acted as sole book-running manager and Chardan Capital Markets, LLC acted as co-manager for the offering. Meyers Associates, L.P. and IFS Securities, Inc. acted as financial advisors for the offering.
About StemCells, Inc.
StemCells, Inc. is currently engaged in clinical development of its HuCNS-SC® platform technology (purified human neural stem cells) as a potential treatment for disorders of the central nervous system (CNS). Top line data from the Company's Phase I/II clinical trial in thoracic spinal cord injury (SCI) showed measurable gains involving multiple sensory modalities and segments, including the conversion of 2 of 7 patients enrolled in the study with complete injuries (AIS A) converting to incomplete injuries (AIS B), post-transplant. In addition to the completion of the Phase I/II thoracic SCI study and the ongoing Pathway study, StemCells, Inc. has completed enrollment in its Phase I/II clinical trial in geographic atrophy of age-related macular degeneration (GA-AMD), the most severe form of dry AMD and the leading cause of blindness in the elderly. Based upon interim results for patients who had completed twelve months of follow-up, the Company reported reductions in the rate of progression in GA as compared to the untreated eye and the expected natural history of the disease. In a Phase I clinical trial in Pelizaeus-Merzbacher disease (PMD), a fatal myelination disorder in children, the Company showed preliminary evidence of progressive and durable donor-derived myelination by MRI. Further information about StemCells, Inc. is available at http://www.stemcellsinc.com.
CONTACT: Greg Schiffman
Executive Vice President and Chief Financial Officer