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IN A STEM CELL THERAPY STORY THAT IS MEANINGFUL TO APPROXIMATELY 10 PEOPLE IN THE WORLD, WE HAVE A STEM CELL COMPANY THAT NOBODY HAS HEARD OF, ANNOUNCING THEY ARE TERMINATING DISCUSSIONS WITH ANOTHER STEM CELL COMPANY THAT NOBODY KNOWS. PLEASE WAKE ME UP WHEN YOU HAVE SOME REAL NEWS- DM

StemCells, Inc. Terminates Its Discussions to Acquire Progenitor Cell Therapy, LLC

 

PALO ALTO, Calif.--(BUSINESS WIRE)--StemCells, Inc. (NASDAQ:STEM) today announced it is no longer pursuing a possible acquisition of Progenitor Cell Therapy, LLC (“PCT), a leading provider of cGMP-quality cell processing services headquartered in Hackensack, NJ. The Company had announced on December 3, 2007 that it was exploring such an acquisition and that PCT had agreed to a period of exclusivity to allow for due diligence and negotiations. However, the parties were unable to reach agreement on mutually acceptable terms and conditions, and have terminated discussions.

In consideration of the exclusivity period, StemCells agreed to make a secured loan of up to $3.8 million to PCT, of which $1.0 million was lent. This loan will be repaid and retired on its terms.

PCT will continue to provide various cell processing services to StemCells under an existing contract.