Stem Cell Therapeutics raises $31.2 million

Stem Cell Therapeutics Corp. (TSX-V:SSS; OTCQX:SCTPF) raised C$33 million ($31.2 million) through the sale of 157.1 million units at C$0.21 in a private placement to institutional investors. Each unit comprises a common share or a series 1 convertible preferred share and a five-year warrant to purchase 0.75 shares, with each whole warrant exercisable at C$0.28. Bloom Burton and Roth Capital Partners were placement agents.

Stem Cell Therapeutics' pipeline includes two Phase I programs and two preclinical stem cell programs. The company's tigecycline is in a Phase I trial to treat relapsed or refractory acute myelogenous leukemia (AML). Pfizer Inc. (NYSE:PFE) markets the glycylcycline antibiotic for infectious diseases. Stem Cell's TTI-1612, a recombinant protein with cytoprotective and anti-inflammatory effects, is in Phase I testing for interstitial cystitis/bladder pain syndrome. ...