<SUBMISSION>
<ACCESSION-NUMBER>0000950135-02-005685
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20021220
<ITEMS>5
<FILING-DATE>20021223
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>STEMCELLS INC
<CIK>0000883975
<ASSIGNED-SIC>2836
<IRS-NUMBER>943078125
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-19871
<FILM-NUMBER>02866050
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>525 DEL REY AVE
<STREET2>STE C
<CITY>SUNNYVALE
<STATE>CA
<ZIP>94085
<PHONE>4087318670
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>525 DEL REY AVE
<STREET2>STE C
<CITY>SUNNYVALE
<STATE>CA
<ZIP>94085
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CYTOTHERAPEUTICS INC/DE
<DATE-CHANGED>19930328
</FORMER-COMPANY>
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b45045sce8vk.htm
<DESCRIPTION>STEMCELLS, INC.
<TEXT>
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<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="4"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="2"><B>CURRENT REPORT<BR>
Pursuant to</B>
</FONT>

<P align="center"><FONT size="2"><B>Section&nbsp;13 or 15(d) of</B>
</FONT>

<P align="center"><FONT size="2"><B>THE SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

<P align="center"><FONT size="2"><B>Date of Report (Date of Earliest Event Reported): December&nbsp;20, 2002</B>
</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="5"><B>STEMCELLS, INC.</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="1"><I>(Exact name of
registrant as specified in its charter)</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2"><B>Delaware</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>0-19871</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>94-3078125</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="1"><I>(State or other jurisdiction
of incorporation)</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="1">
<I>(Commission File Number)</I>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="1"><I>(I.R.S.
Employer Identification Number)</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><FONT size="2"><B>3155 Porter Drive<BR>
Palo Alto, California 94304</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="1"><I>(Address, of
principal executive offices, including zip code)</I></FONT></TD>
</TR>
<TR>
    <td>&nbsp;</td>
</TR>
<TR valign="bottom">
    <TD valign="top"  align="center"><FONT size="2"><B>(650)&nbsp;475-3100</B></FONT></TD>
</TR>

<TR valign="bottom">

<TD valign="top" align="center"><FONT size="1"><I>(Registrant&#146;s
Telephone number including area code)</I></FONT></TD>
</TR>
</TABLE>
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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;5.&nbsp;&nbsp;&nbsp;OTHER EVENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="b45045scexv99w1.htm">Press Release, dated December 20, 2002</A></TD></TR>
</TABLE>
</CENTER>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Item&nbsp;5.&nbsp;&nbsp;&nbsp;OTHER EVENTS" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;OTHER EVENTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StemCells, Inc. (the &#147;Company&#148;) reported that the Nasdaq Stock Market has
approved its application to transfer the listing of its common stock from the
National Market to the SmallCap Market, effective December&nbsp;23, 2002 at the
opening of business. A copy of the Company&#146;s press release announcing the
approval is attached as Exhibit&nbsp;99.1 to this Report and incorporated herein by
this reference.
</FONT>

<P>
<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</FONT>
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    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" colspan="2"><FONT size="2">STEMCELLS, INC</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">By:</Font></TD>
    <TD valign="top"><FONT size="2">/s/ Martin McGlynn<BR>
</FONT><HR size="1" noshade><FONT size="2">
Martin McGlynn<BR>
<I>President and Chief Executive Officer</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><Font size="2">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 20, 2002</FONT>

<P align="center"><FONT size="2">3</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">99.1</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><FONT size="2">Press release dated December 20, 2002</FONT></TD>
</TR>
</TABLE>
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<P align="center"><FONT size="2">4</FONT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>b45045scexv99w1.htm
<DESCRIPTION>PRESS RELEASE, DATED DECEMBER 20, 2002
<TEXT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link2 "Exhibit&nbsp;99.1" -->
<P align="right"><FONT size="2"><B>Exhibit&nbsp;99.1</B>
</FONT>

<P align="left"><img src="b45045scb4504501.jpg" alt="StemCell Logo">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
</TR>
<TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">StemCells, Inc. (Ticker: STEM, Exchange: NASDAQ)</FONT></TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">News Release&#151;20-December-2002</FONT></TD>
</TR>
</TABLE>
</CENTER>
<HR width="100%" align="center" size="1" noshade>
<P align="center"><FONT size="2"><B>StemCells Moves to Nasdaq SmallCap Market</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PALO ALTO, Calif., December&nbsp;20, 2002 &#150; StemCells, Inc. (NASDAQ:
STEM) today announced that the Nasdaq Stock Market has approved its
application to transfer the listing of its common stock from the National
Market to the SmallCap Market, effective December&nbsp;23, 2002, at the
opening of business. The Company&#146;s stock will continue to trade under
its current symbol, STEM.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company applied to transfer to the Nasdaq SmallCap Market
because it does not now comply with the National Market&#146;s listing
requirements. &#147;Our election to transfer to the Nasdaq SmallCap Market
serves the interests of our shareholders by continuing our listing on a
Nasdaq market without interfering with how our stock is traded,&#148; said
Martin McGlynn, President and CEO of StemCells, Inc.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StemCells, Inc. is a biotechnology company focused on the discovery,
development and commercialization of stem cell-based therapies to treat
diseases of the central nervous system, liver and pancreas. The Company&#146;s
stem cell programs seek to repair or repopulate neural or other tissue
that has been damaged or lost as a result of disease or injury.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>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. (&#147;the
Company&#148;). 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 management&#146;s current
views and are based on certain assumptions that may or may not ultimately
prove valid. The Company&#146;s 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 uncertainties
regarding the Company&#146;s ability to obtain the 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; the fact that the Company&#146;s stem cell technology is
at the pre-clinical stage and has not yet led to the development of any
proposed product; the uncertainty whether the Company will achieve
revenues from product sales or become profitable; uncertainties regarding
the Company&#146;s obligations in regard to its former encapsulated cell
therapy facilities in Rhode Island; and other factors that are described
in Exhibit&nbsp;99 to the Company&#146;s Annual Report on Form&nbsp;10-K entitled
&#147;Cautionary Factors Relevant to Forward-Looking Statements.&#148;</I>
</FONT>
<P align="left"><FONT size="2">Contacts:<BR>
StemCells, Inc.<BR>
Martin McGlynn, President &#038; CEO<BR>
650-475-3100, ext 108
</FONT>
<P align="left"><FONT size="2">BMC Communications Group (media)<BR>
Brad Miles<BR>
212-477-9007, ext. 17
</FONT>
<P align="center"><FONT size="2"><B>###</B>
</FONT>







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end

</TEXT>
</DOCUMENT>
</SUBMISSION>
