NEWARK, Calif., June 4, 2013 (GLOBE NEWSWIRE) -- StemCells, Inc. (STEM), a leading stem cell company developing and commercializing novel cell-based therapeutics and tools for use in stem cell-based research and drug discovery, has entered into an agreement with Lincoln Park Capital Fund, LLC ("Lincoln Park"), an institutional investor based in Chicago, Illinois, under which the Company has the right to sell up to $30.0 million of common stock to Lincoln Park. Proceeds from any sales of stock will be used for general corporate purposes. Under the terms of the agreement, Lincoln Park will immediately purchase $3.0 million in shares of StemCells common stock at a purchase price of $1.823 per share, which was the average of the prior ten trading days' volume weighted average price. Furthermore, for a period of three years, the Company has the right, at its sole discretion, to sell additional amounts up to $27.0 million of common stock to Lincoln Park subject to certain limitations. The Company will control the timing of any future sales and the amount of shares to be sold. Lincoln Park has no right to require any sales and is obligated to purchase the common stock as directed by the Company, … Continue reading
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