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<SEC-DOCUMENT>0000950123-10-089635.txt : 20110211
<SEC-HEADER>0000950123-10-089635.hdr.sgml : 20110211
<ACCEPTANCE-DATETIME>20100928172845
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-089635
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100928

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEMCELLS INC
		CENTRAL INDEX KEY:			0000883975
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				943078125
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3155 PORTER DRIVE
		STREET 2:		.
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
		BUSINESS PHONE:		6504753100

	MAIL ADDRESS:	
		STREET 1:		3155 PORTER DRIVE
		STREET 2:		.
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CYTOTHERAPEUTICS INC/DE
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HEAD>
<TITLE>corresp</TITLE>
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="f56959f5695900.gif" alt="(STEM CELLS LOGO)">

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">September&nbsp;28, 2010
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-7010

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Attention:</TD>
    <TD>&nbsp;</TD>
    <TD>Frank Wyman<br>
Lisa Vanjoske<br>
Karen Ubell<br>
Suzanne Hayes<br>
Jim B. Rosenberg</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>SEC Comment Letter dated September&nbsp;15, 2010</B><br>
<B>StemCells, Inc.</B><br>
<B>Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2009</B><br>
<B>Definitive Proxy Statement on Schedule&nbsp;14A filed April&nbsp;13, 2010</B><br>
<B>File No.&nbsp;001-19871</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of StemCells, Inc. (the &#147;Company&#148;), this letter is being submitted to the Staff of the
Securities and Exchange Commission (the &#147;Commission&#148;) in response to the comments in the Staff&#146;s
letters dated June&nbsp;7, 2010 (the &#147;June 7 Letter&#148;) and September&nbsp;15, 2010 (the &#147;September&nbsp;15 Letter&#148;)
regarding the Company&#146;s 10-K for the year ended December&nbsp;31, 2009 (the &#147;2009 10-K&#148;) and definitive
proxy statement filed on April&nbsp;13, 2010 (our &#147;2010 Proxy Statement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For reference purposes, the comments as reflected in the September&nbsp;15 Letter are reproduced in bold
in this letter, and the corresponding responses of the Company are shown below each comment.
Occasionally, we also make cross references to the Company&#146;s earlier written response letter to the
Commission dated July&nbsp;6, 2010 (our &#147;July 6 Response&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accordingly, we supplementally advise you as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Item&nbsp;1. Business</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Licenses with Research Institutions, page 14</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your responses to prior comments five and seven directing us to your requests for
confidential treatment with respect to certain terms of the Edinburgh License Agreement and
the License Agreement with NeuroSpheres Holdings Ltd. each granted by the Commission. The
confidential treatment request was granted without the benefit of a review. In the letter
informing you of the grant of your confidential treatment request, we informed you that we
maintain the authority to reconsider the grant of confidential treatment. While we generally
believe the royalty rate</B></TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
September&nbsp;28, 2010<BR>
Page 2

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>is a material term of a license agreement, we are willing to grant
confidential treatment for the royalty rate when the royalty range is
disclosed. Accordingly, please revise your disclosure regarding these agreements to include
a reasonable range within which the royalty rate falls, for example &#147;single digits,&#148;
&#147;teens,&#148; &#147;twenties,&#148; etc. Additionally, in lieu of any minimum annual payments owed, please
provide the aggregate potential milestone payments due under the Edinburgh License
Agreement.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Company Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the product-based royalty rates in the license agreements between the Company and
NeuroSpheres are in the single digits. All of the product-based royalty rates in the license
agreement between the Company and the University of Edinburgh are in the single digits and there
are no provisions under the University of Edinburgh license agreement for the payment of potential
milestones by the Company. In future filings, we will disclose these royalty ranges for these
agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Liquidity and Capital Resources, page 49</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Indemnification Agreement</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please refer to prior comment ten &#091;from the June 7 Letter&#093;. You have concluded that as of
December&nbsp;31, 2009, prepaid royalties of $750,000 are realizable against future milestone and
royalty payments to NeuroSpheres. Please tell us why this assumed realization against future
milestone payments does not represent recognition of a contingent gain, which is prohibited by
ASC 450-30-25.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Company Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We do not believe that the amount capitalized and subsequent realization represent recognition of a
contingent gain as prohibited by ASC 450-30-25, as there is no uncertainty around the required
annual payments of $50,000 to NeuroSpheres. We expect to, as we are contractually obligated to,
make these annual payments through the remaining life of the licensed patents, i.e. approximately
15&nbsp;years as of December&nbsp;31, 2009. As the indemnification agreement with NeuroSpheres entitles us
to offset certain litigation costs incurred against amounts otherwise owed to NeuroSpheres under
our licensing agreements, we capitalized $750,000 ($50,000 x 15) of these litigation costs. The
amount capitalized was not dependent on the achievement of any milestones or related to any other
contingent payments which may become due under the agreements. We will reduce this asset by
$50,000 per annum in lieu of the cash payments due to NeuroSpheres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Notes to Consolidated Financial Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 5. Acquisition of SCS, page 70</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please refer to prior comment 13 &#091;from the June 7 Letter&#093;. Confirm to us that you will
disclose the information provided in your response in future filings.</B></TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
September&nbsp;28, 2010<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Company Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to Item&nbsp;13 of our July 6 Response. The Company will include substantially
similar disclosure in its future filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 12. Commitments and Contingencies, page 77</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please refer to prior comment 16 &#091;of the June 7 Letter&#093;. You assert that these arrangements
are not material to your business. However, the future success of your research and
development appears to depend significantly on these licensed agreements and research
collaborations. Also, you disclose a potential $15&nbsp;million maximum royalty obligation to Cal
Tech. Accordingly, please disclose the principal terms of your license arrangements and
collaborations with research institutions and commercial entities.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Company Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer the Commission to our responses to Items 6, 7, 8, 9, and 16 in our July 6 Response. We
continue to believe that we have filed all agreements material to our business and have
appropriately disclosed all arrangements to give a prospective or actual investor in our Company
sufficient information to make an informed investment decision. We do not believe the future
success of our research and development efforts depend significantly on any particular license
agreements or research collaborations, other than perhaps our license agreements with NeuroSpheres
and the University of Edinburgh, all three of which have been previously filed with the Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For example, the license agreements with the California Institute of Technology (&#147;Cal Tech&#148;)
covered the in-bound license of various technologies unrelated to the Company&#146;s HuCNS-SC or hLEC
cell-based product development efforts. Any contingent milestones provided in the Cal Tech
license agreement were therefore extremely remote and not of material consequence to our business.
Indeed, earlier this week, the Company terminated its license agreements with Cal Tech precisely
because the Company concluded there was no on-going value in the licenses given the Company&#146;s
on-going product development activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will continue to disclose the material terms and conditions of any material
collaboration agreements entered into by the Company other than in the ordinary course of business,
as required by applicable law and regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Definitive Proxy Statement filed April&nbsp;13, 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compensation Discussion and Analysis</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compensation of Named Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bonus Compensation, page 13</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to comment 18 &#091;of the June 7 letter&#093; and disagree with your conclusion
that a more detailed description of your corporate</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
September&nbsp;28, 2010<BR>
Page 4

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>goals is not necessary. A more detailed description of the goals is material to
understanding how you incentivize and reward your executive officers. Please confirm that
you will provide a more detailed description of these goals in your 2011 proxy statement.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Company Response:</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We refer the Commission to our response to Items 17 and 18 in our July 6 Response. With the
additional disclosures therein, we believe our public filings disclose all material information
necessary to allow investors and potential investors in the Company to understand the significant
types of measures and considerations used by our Board to compensate our employees, including our
executive officers, to date. We do not believe additional detail about the specific corporate
goals would be helpful to investors, as the goals themselves have been subjective and the
relationship between the goals and the decision by the Compensation Committee to award a
discretionary bonus, if any, has never been a linear one. However, we will continue to assess the
adequacy of our disclosure in this regard and will provide a more detailed description of our
corporate goals in our 2011 proxy statement to the extent necessary for a proper understanding of
our compensation practices.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">********
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be advised that, in connection with the Staff&#146;s comments in the June 7 Letter and September
15 Letter and the Company&#146;s responses thereto, the Company hereby acknowledges that (i)&nbsp;the Company
is responsible for the adequacy and accuracy of the disclosure in the above-referenced filing; (ii)
the Staff&#146;s comments or changes to disclosure in response to the Staff&#146;s comments do not foreclose
the Commission from taking any action with respect to the filing; and (iii)&nbsp;it is the Staff&#146;s
position that the Company may not assert the Staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hope that the foregoing has been responsive to the Staff&#146;s comments. If you should have any
questions about this letter or require any further information, please call the undersigned at
(650)&nbsp;475-3122.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/
Kenneth B. Stratton
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kenneth B. Stratton<BR>
General Counsel

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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!.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
