NEWARK, Calif., July 23, 2015 (GLOBE NEWSWIRE) -- StemCells, Inc. (Nasdaq:STEM), a world leader in the research and development of cell-based therapeutics for the treatment of disorders of the central nervous system, announced today that the Company's patent infringement case, StemCells, Inc. v. Neuralstem, Inc., has been dismissed by the U.S. Federal District Court for the District of Maryland for lack of standing. The judge's decision was based solely on the grounds that a former associate of the named inventors on the six patents in the litigation, Drs. Samuel Weiss and Brent Reynolds, has an interest in the patents because, as a former colleague, he assisted with their early research.
"We are disappointed, of course, with the judge's unexpected decision," said StemCells, Inc. CEO Martin McGlynn. "However, it is important to remember that nothing about this case has ever had any bearing on our Company's freedom to operate. The decision does not affect StemCells, Inc.'s intellectual property portfolio beyond the Weiss and Reynolds family of litigated patents, nor the ability of the Company to execute its business agenda."
StemCells Inc.'s HuCNS‑SC® cells and platform technology are protected by multiple patent families (including U.S. Patents Nos. 5,968,829 and 7,153,686 and U.S. Patent Application No. 11/148,431, claiming highly purified populations of human neural stem cells), as well as by the Company's proprietary expertise, none of which are affected by the Court's decision.
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 two of seven patients enrolled in the study with complete injuries to incomplete injuries, post-transplant. The Company's Pathway™ Study, a Phase II proof-of-concept trial in cervical SCI is actively enrolling at eight sites and interim data from the first cohort is anticipated to be forthcoming in Q4 2015. StemCells, Inc. has also completed 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 those over the age of 55. Top-line results show a positive safety profile and favorable preliminary efficacy data related to visual acuity and contrast sensitivity. The Company's Radiant™ Study, a Phase II proof-of-concept trial in GA-AMD is now enrolling at the first of approximately twenty U.S. sites expected to participate. 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.
Apart from statements of historical fact, the text of this press release constitutes forward-looking statements within the meaning of the U.S. securities laws, and is subject to the safe harbors created therein. These forward-looking statements speak only as of the date of this news release. The Company does not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Such statements reflect management's current views and are based on certain assumptions that may or may not ultimately prove valid. The Company's actual results may vary materially from those contemplated in such forward-looking statements due to risks and uncertainties to which the Company is subject, including those described under the heading "Risk Factors" disclosed in Part I, Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and in its subsequent reports on Form 10-Q and Form 8-K.
CONTACT: Greg Schiffman
Chief Financial Officer