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January 6, 2014
08:06 EDTSTEMStemCells CEO says difficult to understand stock performance last year
StemCells posted a letter to shareholders from its President and CEO Martin McGlynn, stating in part: "As CEO, one of my easiest and most gratifying jobs is to report our persistent progress to you real evidence that StemCells, Inc. continues to be a clear frontrunner. What is more difficult is trying to understand our Company's stock performance for the year just ended. We have reached out to usually well-informed third parties in the analyst and investor communities to help us understand this dynamic, but have been unable to identify anything unusual or particularly enlightening...StemCells, Inc. is in the unique position of concurrently developing novel product candidates for major medical conditions that have thus far defied traditional treatments, in all three components of the CNS: the spinal cord...the eye...and the brain...If we succeed in bringing our HuCNS-SC cells to market for even one of these indications, we believe it will be very meaningful to patients, shareholders and society at large...In 2013, we closed on approximately $54.6M in fresh capital, $29.3M of which is debt, including the committed forgivable loan from the CIRM of up to $19.3M. We start 2014 with a little over $30M in the bank, and we expect to receive the second tranche of non-dilutive funding from the CIRM, again $3.8M, later this month."
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