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StemCells 3Q net loss rises to $4.9 million, cash totals $55.4 million
By Lisa Kerner
Charlotte, N.C., Nov. 1 - StemCells, Inc. said for the third quarter ended Sept. 30 its net loss increased to $4.9 million, or $0.06 per share, from a net loss of $94,000, or zero cents per share, for third-quarter 2005.
The company reported research and development expenses of $3.5 million for the period, up from $2.3 million for the prior-year period.
Cash and cash equivalents were $55.4 million at Sept. 30, up from $35 million at Sept. 30, 2005.
StemCells attributed the cash balance increase to a $35.8 million registered direct placement of 11.75 million common shares in April 2006.
Net cash used in operating activities for the nine months ended Sept. 30 was $12.1 million, up from $9.2 million in the same period in 2005.
StemCells is a clinical-stage biotechnology company located in Palo Alto, Calif.
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