CSC completes a Series B financing round

California Stem Cell, Inc. (CSC), a leading stem cell company, announced that it has completed a Series B financing round with private investors. The financing will enable the company to support the advancement of its therapeutic products to human clinical trials, as well as the generation and distribution of its tools to aid in stem cell research and drug discovery.

CSC is a privately held company developing proprietary therapeutic products to treat several neurodegenerative diseases, as well as innovative stem cell-based human cell products to facilitate research and conventional drug discovery. Its lead therapeutic candidate, MOTORGRAFT™, is a stem cell-derived motor neuron replacement for the treatment of Spinal Muscular Atrophy (SMA), a genetic disorder that causes the deterioration of the muscles that control crawling, walking, swallowing and breathing and for which there is no current treatment.

CSC has completed pre-clinical GLP safety and efficacy studies to support filing of an Investigational New Drug Application (IND) for the treatment of SMA. MOTORGRAFT ^TM was recently granted orphan drug designation and the company held a Pre-IND meeting with the FDA last October. CSC anticipates a Phase I safety study to begin in 2010.

“The ability to raise money in this difficult economic environment is a testament to the significant progress we’ve made the last year in advancing our clinical development programs and developing innovative new research tools. Backed by excellent science and a strong management team, CSC has the momentum, vision, technology and now capital to advance its cell-based therapies and bring its innovative products to the market,” stated Chris Airriess, CSC’s Chief Operating Officer.