StemCells’s Q4 losses rise

For the fiscal year ended December 31, 2007, the company reported a net loss of $25 million, or $0.31 per share, compared to a net loss of $18 million, or $0.25 per share, for the 2006 fiscal year. The increase in net loss from 2006 to 2007 was primarily attributable to an increase in operating expenses associated with the continued expansion of operations in cell processing and clinical development. Total revenue for 2007 was $57,000, compared to $93,000 in 2006. Revenue for 2007 and 2006 was primarily from grants and licensing agreements.

Martin McGlynn, president and CEO of StemCells, said: “First and foremost, we completed dosing of all patients in our ground-breaking, FDA-approved, Phase I clinical trial for Batten disease. We look forward to finishing this trial in January of next year and to discussing the results with the FDA shortly thereafter.”