e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 10, 2007
StemCells, Inc.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
Delaware
|
|
000-19871
|
|
94-3078125 |
|
|
|
|
|
|
|
|
|
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.) |
|
|
|
|
|
3155 Porter Drive, Palo Alto, California
|
|
|
|
94304 |
|
|
|
|
|
(Address of principal executive offices)
|
|
|
|
(Zip Code) |
Registrants telephone number, including area code: 650.475.3100
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o |
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
o |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
o |
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
|
o |
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
TABLE OF CONTENTS
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(d) On January 10, 2007, StemCells, Inc.,
(the Company) increased the size of its Board of
Directors from six to seven and appointed Desmond H. OConnell, Jr. to the Board of Directors as a
Class II director with a term expiring at the annual meeting of shareholders in 2008. The Board
has not yet appointed Mr. OConnell to any Board committee.
Mr. OConnell will receive compensation for his board service consistent with the Companys
non-employee director compensation plan. He will receive cash compensation of $4,500 per quarter
and was awarded a stock option grant for 20,000 shares in connection with his appointment.
A press release announcing Mr. OConnells appointment is included in this Current Report as
Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
|
|
|
99.1
|
|
Press Release dated January 12, 2007 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
|
|
January 12, 2007 |
StemCells, Inc.
|
|
|
/s/ Rodney K. B. Young
|
|
|
Name: |
Rodney K. B. Young |
|
|
Title: |
Chief Financial Officer |
|
|
Exhibit Index
|
|
|
Exhibit |
|
|
Number |
|
Description |
99.1
|
|
Press Release dated January 12, 2007 |
exv99w1
Exhibit 99.1
|
|
|
Company Contact:
|
|
Media Contact: |
Rodney Young
|
|
Schwartz Communications, Inc. |
Chief Financial Officer
|
|
(781) 684-0770 |
(650) 475-3100 ext. 105
|
|
stemcells@schwartz-pr.com |
STEMCELLS, INC., ELECTS DESMOND OCONNELL TO BOARD OF DIRECTORS
PALO ALTO, Calif., (January 12, 2007) On January 10th, StemCells, Inc.,
(Nasdaq: STEM) elected Desmond H. OConnell, Jr., to its Board of Directors. The appointment
increases the number of directors on the Companys board from six to seven. Mr. OConnell brings a
wealth of experience and expertise in the healthcare sector as well as in the international
business arena to the StemCells Board.
Mr. OConnell has been an independent management consultant and private investor since 1990. He was
a Director of Serologicals Corporation from 1998 to 2006, serving also as Acting Chief Executive
Officer for a year and subsequently as Chairman of the Board until Serologicals was sold to
Millipore Corp. for $1.4 billion in July 2006. Mr. OConnell has served as a Director of Abiomed,
Inc. since 1995 and is currently a member of its Audit Committee and Governance and Nominating
Committee. During 1991, he served briefly as Chairman of the Board and Chief Executive Officer of
Osteotech, Inc. From 1983 to 1990, Mr. OConnell was with the BOC Group, PLC in senior management
positions, including President and Chief Executive Officer of BOC Health Care from April 1990 until
September 1990, and Group Managing Director of BOC Group, PLC from 1986 to April 1990. Prior to
joining BOC, Mr. OConnell held various positions at Baxter Laboratories, Inc., including Chief
Executive of the Therapeutic and Diagnostic Division and Vice President, Corporate Development.
Prior to that, he spent seven years with McKinsey & Co. Mr. OConnell is a Trustee and Director of
New Community Corporation in Newark, New Jersey, the largest community development organization in
the United States with assets of $500 million and 1200 employees. Mr. OConnell holds an MBA from
Harvard University Graduate School of Business and is a graduate of the University of Notre Dame in
Indiana.
Dess business acumen and deep experience in the global healthcare marketplace will be a
tremendous asset to StemCells, Inc., as it transitions and grows from being solely a
research-based stem cell biology endeavor to becoming a fully fledged, sustainable biotechnology
company, said Martin McGlynn, President and CEO of StemCells, Inc.
John Schwartz, Ph.D., Chairman of the Companys Board of Directors, added, Desmond OConnells
experience in so many aspects of the biopharmaceutical industry, in companies at many different
stages of product development in that industry, will be of tremendous value to StemCells Inc.
I am delighted to join StemCells Board at this exciting time, and look forward to contributing to
the Companys growth and development, said Mr. OConnell.
About StemCells, Inc.
StemCells, Inc. is a clinical-stage biotechnology company focused on the discovery, development and
commercialization of cell-based therapeutics to treat diseases of the nervous system, liver and
pancreas. The Companys programs seek to repair or repopulate neural, liver or other tissue that
has been damaged or lost as a result of disease or injury. StemCells is the first company to
directly identify and isolate human neural stem cells from normal brain tissue. These cells are
expandable into cell banks for therapeutic use, which offers the potential of using normal,
non-genetically modified cells as cell-based therapies. StemCells has approximately 40 U.S. and
100 non-U.S. patents. Further information about the Company is available on its Web site at
www.stemcellsinc.com.
Apart from statements of historical facts, the text of this press release constitutes
forward-looking statements regarding, among other things, the future business operations of
StemCells, Inc. (the Company) and its ability to conduct clinical trials as well as its research
and product development efforts. The forward-looking statements speak only as of the date of this
news release. StemCells does not undertake to update any of these forward-looking statements to
reflect events or circumstances that occur after the date hereof. Such statements reflect
managements current views and are based on certain assumptions that may or may not ultimately
prove valid. The Companys actual results may vary materially from those contemplated in the
forward-looking statements due to risks and uncertainties to which the Company is subject,
including uncertainty whether results obtained in the animal models and in vitro studies of
infantile NCL or other diseases and conditions will be able to be translated into treatment for
humans; uncertainty as to whether the FDA or other applicable regulators or review boards will
permit the Company to continue clinical testing in current or future clinical trials of proposed
therapies for diseases or conditions despite the novel and unproven nature of the Companys
technology; uncertainties regarding the timing and duration of any clinical trials; uncertainties
regarding the Companys ability to obtain the increased capital resources needed to continue its
current research and development operations and to conduct the research, preclinical development
and clinical trials necessary for regulatory approvals; uncertainty regarding the validity and
enforceability of the Companys patents; uncertainty as to whether any products that may be
generated in the Companys research and development programs will prove safe and clinically
effective and not cause tumors or other side effects; uncertainty as to whether the Company will
achieve revenues from product sales or become profitable; and other factors that are described
under the heading Risk Factors in Item 1A of the Companys Annual Report on Form 10-K.