Receipt of Loan Funding and E

RNS Number : 7585K

Stem Cell Sciences plc

24 December 2008

 



24 December 2008

Stem Cell ScienceS PLC

("Stem Cell Sciences", "SCS", the "Company")

RECEIPT OF LOAN FUNDING AND TERMINATION OF Offer Period

Stem Cell Sciences plc (AIM:STEM, ASX:STC) is pleased to announce that it has received £200,000 by way of a secured loan for working capital purposes. In exchange the third party lender has been granted a period of exclusivity to conduct further due diligence in respect of the Company's business and assets.  

The Company confirms that it is not in discussions with any third parties that might lead to a potential offer for the issued share capital of the Company and as a result the Company is no longer in an Offer Period under the rules of the Takeover Code.

Whilst there can be no certainty that an offer will be made for the Company's business and assets a disposal of this nature would result in a fundamental change in business, as defined by the AIM Rules, and would therefore require shareholder consent.  Accordingly the Board expects to update shareholders as soon as it is appropriate to do so. 

At this time the Company will remain suspended from trading on AIM and the ASX.

For further information, please contact:

Stem Cell Sciences plc (United Kingdom)

Alastair Riddell, CEO

Giorgio Reggiani, Chief Financial Officer

[phone]

Stem Cell Sciences pty ltd (Australia)

Paul Bello, Operations Manager

[phone]

Citigate Dewe Rogerson (United Kingdom)
Mark Swallow / Emma Palmer Foster / Amber Bielecka
[phone]

Talk Biotech (Australia)

Fay Weston, Director

[phone]

Daniel Stewart & Company (United Kingdom)

Simon Leathers / Oliver Rigby

[phone]

About Stem Cell Sciences plc

Stem Cell Sciences (SCS) is an international research and development company focusing on the commercial application of stem cell biology technologies for drug discovery and regenerative medicine research. Stem Cell Sciences is now focussing on building revenues through the sale of products, collaborative research and licensing deals with international biotechnology and pharmaceutical companies.

Stem Cell Sciences has a substantial portfolio of patents and patent applications in both adult and embryonic stem cell fields. The Company has been active in the stem cell research field since 1994, principally focused on technologies to grow, differentiate, and purify adult and embryonic stem cells. These include technologies to permit the generation of highly purified stem cells and their differentiated progeny (specialised tissue cell types) for use in genetic, pharmacological and toxicological screens. Moreover, these technologies may be able to provide pure populations of appropriate cell types for transplantation therapies in the future.

The Company has its main research base and headquarters in Cambridge, UK with a second research base in Monash near Melbourne, Australia and a business development office in San Francisco, USA.

For further information on the company please visit:  www.stemcellsciences.com.

 

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