StemCells Secures $12.5 Million Equity Financing

Mon. November 02, 2009; Posted: 11:32 PM

Nov 03, 2009 (Close-Up Media via COMTEX) -- STEM | Quote | Chart | News | PowerRating -- StemCells, Inc. announced that it has entered into an agreement to raise approximately $12.5 million in gross proceeds through the sale of approximately 10 million shares of its common stock to selected institutional investors at a price of $1.25 per share.

In a release, the Company noted that the investors will also receive warrants to purchase approximately four million shares of common stock at an exercise price of $1.50 per share. The shares and warrants are being offered as a registered direct offering under the Company's effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). StemCells, Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $11.9 million.

The offering is expected to close on November 2, subject to customary closing conditions. The net proceeds of the financing will be used for general corporate purposes, including working capital, product development and capital expenditures, as well as for other strategic purposes.

Chardan Capital Markets served as the placement agent. The securities will be offered by means of a prospectus supplement and accompanying prospectus, forming a part of the effective registration statement, a copy of which may be obtained, when available, at the SEC's website at sec.gov.

StemCells, Inc. is focused on the development and commercialization of cell-based technologies.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

For full details on Stemcells Inc (STEM) click here. Stemcells Inc (STEM) has Short Term PowerRatings of 5. Details on Stemcells Inc (STEM) Short Term PowerRatings is available at This Link.

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