StemCells Inc. To Wind Down Operations After Phase II Failure
StemCells Inc. plunged 81.2% to $0.57 per share on May 31 after the company revealed little chance of success for a Phase II spinal cord injury study, which has been terminated, and said that it may not be able to return any cash to shareholders after StemCells winds down its operations this year.
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Newark, California-based StemCells, a company developing novel cell-based therapeutics for disorders of the central nervous system, has named Ian Massey president and chief operating officer. In this new role, Dr Massey has direct responsibility for all aspects of the company's R&D, manufacturing, regulatory affairs and quality assurance activities. He will report to StemCells' CEO Martin McGlynn. Most recently, Dr Massey was the COO and president of US operations at Biotie Therapies, a publicly traded Finnish company focused on neurodegenerative and psychiatric disorders.