StemCells raises $16.2 million

StemCells Inc. (NASDAQ:STEM) raised $16.2 million through the sale of 11.2 million units at $1.45 in a follow-on underwritten by Chardan Capital Markets and Maxim Group. Each unit comprises a share and a five-year warrant to purchase 0.5 shares, with each whole warrant exercisable at $1.80. The company proposed the follow-on late Tuesday, when its share price was $1.68. StemCells was off $0.21 (13%) to $1.47 on Wednesday. ...