CALGARY, ALBERTA--(Marketwire - Feb. 25, 2011) - Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) announced today that it has restated its unaudited interim consolidated financial statements for the quarter ended September 30, 2010 and will file the restated Financial Statements on SEDAR on February 25, 2011. Upon review it was determined that, as a result of a calculation error, the non-cash expense for stock options was originally overstated by $133,000 and accrued expenses for the period were understated by $63,000, for a net decrease of Net Loss of $70,000.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp. is a public biotechnology company (TSX VENTURE:SSS) focused on the development and commercialization of drug-based therapies to treat central nervous system diseases. SCT is a leader in the development of therapies that utilize drugs to stimulate a patient's own resident stem cells. The Company's programs aim to repair brain and nerve function lost due to disease or injury. The Company's extensive patent portfolio of owned and licensed intellectual property supports the potential expansion into future clinical programs in numerous neurological diseases such as traumatic brain injury, multiple sclerosis, Huntington's disease, Alzheimer's disease, and ALS.
For further information on Stem Cell Therapeutics Corp., visit www.stemcellthera.com.
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Except for historical information, this press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.
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