December 23, 2015 9:33am
Suspends AMD studies, lays-off 25% of workforce to reduce $20 M in costs with an emphasis to monetize “other” assets to focus only on spinal cord injury
Called a … “Strategic Realignment” – a little too late is an understatement!
STEM realigns its resources to proprietary HuCNS-SC® platform technology for the treatment of chronic spinal cord injury (SCI).
The plan announced today, which is estimated to yield a cost reduction of approximately $20 million over the next two years, will allow STEM to expedite completion of its ongoing P2 Pathway Study and commencement of a pivotal P3 clinical trial in chronic spinal cord injury.
The Bottom Line: I saw this coming, why didn’t their bankers? Also a question for the CIRM?
STEM closed at $0.47; expect the worst - $0.25