<SEC-DOCUMENT>0001299933-14-000835.txt : 20140523
<SEC-HEADER>0001299933-14-000835.hdr.sgml : 20140523
<ACCEPTANCE-DATETIME>20140523163152
ACCESSION NUMBER:		0001299933-14-000835
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140519
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140523
DATE AS OF CHANGE:		20140523

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19871
		FILM NUMBER:		14867557

	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
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<TYPE>8-K
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<TITLE> StemCells, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	May 19, 2014
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	StemCells, Inc.
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	(Exact name of registrant as specified in its charter)
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	Delaware
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	000-19871
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	94-3078125
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_____________________<BR>
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	of incorporation)
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	Identification No.)
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	7707 Gateway Blvd, Suite 140, Newark, California
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	94560
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_________________________________<BR>
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	510.456.4000
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	Not Applicable
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	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
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	Item 8.01 Other Events.
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On May 19, 2014, StemCells, Inc. (the "Company") issued a press release announcing the presentation of data from the Company's Phase I/II clinical study of its HuCNS-SC cells (purified human neural stem cells) in patients with spinal cord injury, which show significant gains in sensory function in two additional patients. The data was presented at the Annual Meeting of the American Spinal Injury Association in San Antonio, Texas. A copy of this press release is attached hereto as Exhibit 99.1.<br><br>On May 22, 2014, the Company issued a press release announcing the initiation of the final cohort in the Phase I/II clinical study of its HuCNS-SC cells in patients with geographic atrophy of age related macular degeneration. A copy of this press release is attached hereto as Exhibit 99.2.
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits<br><br>Exhibit 99.1 Press release, dated May 19, 2014, announcing the presentation of an interim update on the Company's clinical study of HuCNS-SC cells in patients with spinal cord injury.<br><br>Exhibit 99.2 Press release, dated May 22, 2014, announcing the initiation of the final cohort of the Company's clinical study of HuCNS-SC cells in patients with geographic atrophy of age related macular degeneration.
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
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	StemCells, Inc.
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	May 23, 2014
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	By:
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	/s/ Kenneth Stratton
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	Name: Kenneth Stratton
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	Title: General Counsel
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	99.1
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Press Release, dated May 19, 2014
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	99.2
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Press Release, dated May 22, 2014
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>StemCells, Inc. Provides Update on its Phase I/II Study in Spinal Cord Injury</B></FONT>



<P align="center" style="font-size: 12pt"><I>Significant Sensory Gains Observed in Additional Patients</I>



<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><B>NEWARK, CA, May&nbsp;19, 2014 </B>(GLOBE NEWSWIRE) &#151; StemCells, Inc. (Nasdaq:STEM) announced today that
Armin Curt, M.D.,</FONT><FONT style="font-size: 11pt"> study </FONT><FONT style="font-size: 10pt">principal investigator, presented an interim update on the Phase
I/II trial in spinal cord injury at the Annual Meeting of the American Spinal Injury Association in
San Antonio, Texas. Interim analysis of clinical data to date has shown that the significant
post-transplant gains in sensory function first reported in two patients have now been observed in
two additional patients.
</FONT>

<P align="left" style="font-size: 10pt">The presentation included the first data on AIS B subjects to be transplanted in the Phase I/II
chronic spinal cord injury trial with the HuCNS-SC<sup>&#174; </sup>cells. In contrast to AIS A patients
who have no mobility or sensory perception below the point of injury, AIS B subjects are less
severely injured, they are paralyzed but retain sensory perception below the point of injury. Two
of the three AIS B patients had significant gains in sensory perception and the third remained
stable. The interim results also continue to confirm the favorable safety profile of the cells and
the surgical implant procedure.


<P align="left" style="font-size: 10pt">The presentation included data from a total of five new subjects with a minimum six month follow
up. In total, the Company has now reported clinical updates on a total of eight of the twelve
patients enrolled in its Phase I/II clinical trial using the Company&#146;s proprietary HuCNS-SC
(purified human neural stem cells) platform technology for chronic thoracic spinal cord injury.


<P align="left" style="font-size: 10pt">&#147;Thoracic spinal cord injury was chosen as the indication in this first trial primarily to
demonstrate safety. This patient population represents a form of spinal cord injury that has
historically defied responses to experimental therapies and is associated with a very high hurdle
to demonstrate any measurable clinical change. Because of the severity associated with thoracic
injury, gains in multiple sensory modalities and segments are unexpected, and changes in motor
function are even more unlikely,&#148; said Dr.&nbsp;Armin Curt, Professor and Chairman of the Spinal Cord
Injury Center at Balgrist University Hospital, University of Zurich. &#147;In contrast, the cervical
cord, which controls more motor function, may represent a patient population in which motor
responses to transplant may be more readily anticipated.&#148;


<P align="left" style="font-size: 10pt">&#147;We are seeing multi-segmental gains and a return of function in the cord in multiple patients.
This indicates something that was not working in the spinal cord, now appears to be working
following transplantation. This is even more significant because of the time that has elapsed from
the date of injury, which ranges from 4&nbsp;months to 24&nbsp;months across the subjects with sensory
gains,&#148; said Stephen Huhn, M.D., FACS, FAAP, vice president, CNS clinical research at StemCells,
Inc. &#147;These results are exciting with respect to the expansion of this trial into patients with
cervical injury because even a gain of one to two segments in cervical spinal cord injury patients
can allow for additional function in the upper extremities.&#148;


<P align="left" style="font-size: 10pt">A copy Dr.&nbsp;Armin Curt&#146;s presentation can be found on the StemCells, Inc. website at:


<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><U>http://www.stemcellsinc.com/Presentations/ASIA&#151;FINAL.pdf</U>
</FONT>

<P align="left" style="font-size: 11pt"><B>About the StemCells, Inc. Spinal Cord Injury Clinical Trial</B>


<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">The Company&#146;s Phase I/II clinical trial is designed to assess the tolerability, safety and
preliminary efficacy of HuCNS-SC cells as a treatment for chronic spinal cord injury. The Company
enrolled 12 subjects with thoracic (chest-level) neurological injuries at the T2-T11 level,
classified as complete (AIS A) or incomplete (AIS B) according to the American Spinal Injury
Association Impairment Scale.&nbsp; Seven of the patients enrolled in the study were classified as AIS A
and 5 classified as AIS B.
</FONT>

<P align="left" style="font-size: 10pt">All twelve patients have been enrolled and transplanted with HuCNS-SC cells.&nbsp;Each of the first
three subjects suffered a complete injury prior to enrolling in the study. Twelve months after
transplantation of the HuCNS-SC cells, data showed multi-segment gains in sensory function in two
of the first three subjects, one of which converted from a complete injury classification to an
incomplete injury.&nbsp;The third subject in this cohort remained stable, 12&nbsp;months after
transplantation.


<P align="left" style="font-size: 10pt">The trial enrolled spinal cord injury patients at three centers: the University of Calgary; the
University of Toronto; and at Balgrist University Hospital, University of Zurich, all world-leading
medical centers for spinal cord injury and rehabilitation.


<P align="left" style="font-size: 10pt">All subjects who enrolled in the trial received HuCNS-SC cells through direct transplantation into
the spinal cord and underwent temporary treatment with immunosuppressive drugs.&nbsp;Evaluations are
being regularly performed in the post-transplant period in order to monitor and assess the safety
of the HuCNS-SC cells, the surgery and the immunosuppression, as well as to measure any change in
neurological function.&nbsp;Preliminary efficacy is being evaluated based on defined clinical endpoints,
such as changes in sensation, motor function and bowel/bladder function.&nbsp;The Company intends to
follow the effects of this intervention long term, and each of the subjects will be invited to
enroll in a separate four-year observational study after completing the Phase I/II study.&nbsp;In
addition, the Company plans to initiate a controlled Phase II efficacy trial in in cervical spinal
cord injury in 2014.


<P align="left" style="font-size: 10pt">Information about the Company&#146;s Spinal Cord Injury program can be found on the StemCells, Inc.
website at:



<P align="left" style="margin-left:1%; font-size: 10pt"><U>http://www.stemcellsinc.com/Therapeutic-Programs/Spinal-Cord-Injury.htm </U>


<P align="left" style="font-size: 10pt">Additional information about the clinical trial is available at:



<P align="left" style="margin-left:1%; font-size: 10pt"><U>http://www.stemcellsinc.com/Therapeutic-Programs/Clinical-Trials.htm</U>


<P align="left" style="font-size: 10pt">and at the U.S. National Institutes of Health website at:



<P align="left" style="margin-left:1%; font-size: 10pt"><U>http://www.clinicaltrials.gov/ct2/show/NCT01321333?lead=StemCells&#043;Inc.&rank=4</U>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>About StemCells, Inc.</B>
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">StemCells, Inc. is engaged in the research, development, and commercialization of cell-based
therapeutics and tools for use in stem cell-based research and drug discovery. The Company&#146;s lead
therapeutic product candidate, HuCNS-SC&#174; cells (purified human neural stem cells), is currently in
development as a potential treatment for a broad range of central nervous system disorders.&nbsp;In a
Phase&nbsp;I clinical trial in Pelizaeus-Merzbacher disease (PMD), a fatal myelination disorder in
children, the Company has shown preliminary evidence of progressive and durable donor-derived
myelination in all four patients transplanted with HuCNS-SC cells.&nbsp;The Company is conducting a
Phase I/II clinical trial in chronic spinal cord injury in Switzerland, Canada and the United
States, and has reported positive interim data for the first three patients.&nbsp;The Company is also
conducting a Phase I/II clinical trial in dry age-related macular degeneration (AMD)&nbsp;in the United
States. In addition, the Company is pursuing preclinical studies in Alzheimer&#146;s disease, with
support from the California Institute for Regenerative Medicine (CIRM).&nbsp;&nbsp;StemCells also markets
stem cell research products, including media and reagents, under the SC Proven&#174; brand.&nbsp;Further
information about StemCells is available at <U>http://www.stemcellsinc.com</U>.
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 8pt"><I>Apart from statements of historical fact, the text of this press release constitutes
forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created
therein.&nbsp;These statements include, but are not limited to, the prospect for evaluating trial
patients for changes in their sensation, motor function and bowel/bladder function; the potential
of the Company&#146;s HuCNS-SC cells to treat spinal cord injury and other central nervous system
diseases and disorders; and the future business operations of the Company. These forward-looking
statements speak only as of the date of this news release. The Company 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 such forward-looking statements due to risks and
uncertainties to which the Company is subject, including the fact that additional trials will be
required to demonstrate the safety and efficacy of the Company&#146;s HuCNS-SC cells for the treatment
of any disease or disorder; uncertainty as to whether applicable regulatory agencies will permit
the Company to continue clinical testing in spinal cord injury or in future clinical trials of
proposed therapies for other diseases or conditions; uncertainties regarding the Company&#146;s ability
to obtain the increased capital resources needed to continue its current and planned research and
development operations; uncertainty as to whether HuCNS-SC cells and any products that may be
generated in the future in the Company&#146;s cell-based programs will prove safe and clinically
effective and not cause tumors or other adverse side effects; and other factors that are described
under the heading &#147;Risk Factors&#148; in the Company&#146;s Annual Report on </I><I>Form 10-K</I><I> for the year ended
December&nbsp;31, 2012, and in its subsequent reports on </I><I>Form 10-Q</I><I> and </I><I>Form 8-K</I><I>.</I>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt"><B>CONTACT: </B>Greg Schiffman
</FONT>

<P align="left" style="font-size: 10pt; text-indent: 5%">StemCells, Inc.


<P align="left" style="font-size: 10pt; text-indent: 5%">Chief Financial Officer


<P align="left" style="font-size: 10pt; text-indent: 5%">(510)&nbsp;456-4128


<P align="left" style="font-size: 10pt; text-indent: 5%">Andrea Flynn


<P align="left" style="font-size: 10pt; text-indent: 5%">Russo Partners


<P align="left" style="font-size: 10pt; text-indent: 5%">(646)&nbsp;942-5631


<P align="center" style="font-size: 10pt">#####




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<P align="center" style="font-size: 10pt"><FONT style="font-size: 10pt"> </FONT><FONT style="font-size: 12pt"><B>StemCells, Inc. Advances Clinical Trial in Age-Related Macular Degeneration to<BR>
Final Cohort</B></FONT>



<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt"><I>Phase I/II AMD Trial on Track to Complete Enrollment in June</I></FONT>



<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt"><B>NEWARK, CA, May&nbsp;22, 2014 </B>(GLOBE NEWSWIRE) &#151; StemCells, Inc. (Nasdaq:STEM) announced today that
it has transplanted the Company&#146;s proprietary HuCNS-SC<sup>&#174;</sup> (purified human neural stem
cells) into the first five patients in the final cohort of its 16-patient Phase I/II trial for
geographic atrophy of age related macular degeneration (GA-AMD). Each of the eight patients in this
second cohort will receive a dose of 1&nbsp;million stem cells into the most affected eye.
</FONT>

<P align="left" style="font-size: 10pt">&#147;We are very pleased with the rate of progress being made towards our goal of completing enrollment
in this study by the end of this quarter,&#148; said Stephen Huhn, M.D., FACS, FAAP, Vice President, CNS
Clinical Research at StemCells, Inc.&nbsp;&#147;We look forward to releasing the first interim results from
this study next month and are planning to initiate a controlled Phase II proof-of-concept study
later this year.&#148;


<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>About Geographic Atrophy of Age-Related Macular Degeneration</B>
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">An estimated 10&nbsp;million people in the U.S. either have age-related macular degeneration (AMD)
or are at substantial risk for receiving the diagnosis, according to the Foundation Fighting
Blindness. AMD is a degenerative retinal disease that typically strikes adults in their 50s or
early 60s and gradually progresses to destroy central vision. Age-related macular degeneration
refers to a loss of photoreceptors (rods and cones) from the macula, the central part of the
retina. Overall, about 85% of patients with AMD suffer from the dry form of the disease, the
advanced form of which is referred to as &#147;geographic atrophy.&#148;&nbsp;&nbsp;
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>About the Trial</B>
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">The Phase I/II trial evaluates the safety and preliminary efficacy of HuCNS-SC cells as a
treatment for dry AMD.&nbsp;The investigation is divided into two sequential cohorts. Subjects are
enrolled into each cohort based on best-corrected visual acuity (BCVA), as determined by the
Electronic Early Treatment Diabetic Retinopathy Study (E-ETDRS) acuity test. Patients with BCVA of
less than or equal to 20/400 in the study eye were enrolled in Cohort I. Patients with less severe
BCVA of 20/320 to 20/100 in the study eye are being enrolled in Cohort II. Cohort I consists of
four subjects who were each transplanted with 200,000 stem cells, followed by four subjects who
have each been transplanted with 1&nbsp;million cells. Cohort II will consist of eight subjects who will
undergo transplant with 1&nbsp;million cells. The HuCNS-SC cells are administered by a single injection
into the space behind the retina in the most affected eye.&nbsp;Patients&#146; vision is being evaluated
using both conventional and advanced state-of-the-art methods of ophthalmological
assessment.&nbsp;Evaluations are being performed at predetermined intervals over a one-year period to
assess safety and signs of vision improvement. Patients will be followed for an additional four
years in a separate observational study.
</FONT>

<P align="left" style="font-size: 10pt">The trial is currently enrolling patients at five centers. Patients interested in participating in
the study should contact one of these centers directly:


<P>
<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Byers Eye Institute at Stanford, Stanford Hospital and Clinics, Palo Alto, CA &#150;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">(650)&nbsp;498-4486


<P>
<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New York Eye and Ear Infirmary, New York, NY &#150; (212)&nbsp;979-4251</TD>
</TR>

</TABLE>


<P>
<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retina Foundation of the Southwest, Dallas, Texas &#150; (214)&nbsp;363-3911</TD>
</TR>

</TABLE>


<P>
<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retina Research Institute of Texas, Abilene, TX &#150; (325)&nbsp;690-4414<FONT style="font-size: 11pt"></FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">Retina-Vitreaous Associates Medical Group, Los Angeles, California &#150; (310)&nbsp;289-2478
ext 1243</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">More information about the StemCells Dry Age Related Macular Degeneration program can be found on
the Company website at:


<P align="left" style="font-size: 10pt"><U>http://www.stemcellsinc.com/Therapeutic-Programs/AMD-and-Retinal-Disorders.htm </U>


<P align="left" style="font-size: 10pt">Additional information about the clinical trial is available at:


<P align="left" style="font-size: 10pt"><U>http://www.stemcellsinc.com/Therapeutic-Programs/Clinical-Trials.htm</U>


<P align="left" style="font-size: 10pt">and at the U.S. National Institutes of Health website at:


<P align="left" style="font-size: 10pt"><U>http://www.clinicaltrials.gov/ct2/show/NCT01632527?term=stemcells&#043;inc&#043;amd&rank=1</U>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>About HuCNS-SC Cells</B>
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">StemCells, Inc. has demonstrated human safety data from completed and ongoing clinical studies
of its proprietary HuCNS-SC cells. StemCells clinicians and scientists believe that HuCNS-SC cells
may have broad therapeutic application for many diseases and disorders of the CNS. Because the
transplanted HuCNS-SC cells have been shown to engraft and survive long-term, there is the
possibility of a durable clinical effect following a single transplantation.&nbsp;The Company&#146;s
preclinical research established that HuCNS-SC cells can be directly transplanted in the central
nervous system (CNS)&nbsp;with no sign of tumor formation or adverse effects.&nbsp; The HuCNS-SC platform
technology is a highly purified composition of human neural stem cells that are expanded and
stored as banks of cells.
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>About StemCells, Inc.</B>
</FONT>

<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt">StemCells, Inc. is engaged in the research, development and commercialization of cell-based
therapeutics and tools for use in stem cell-based research and drug discovery. The Company&#146;s
platform technology , HuCNS-SC<sup>&#174;</sup> cells (purified human neural stem cells), is currently
in clinical development as a potential treatment for a broad range of central nervous system
disorders. The Company is conducting a Phase I/II clinical trial in chronic spinal cord injury in
Switzerland, Canada and the United States, and has reported positive interim data for the first
eight patients. The Company is also conducting a Phase I/II clinical trial in dry age-related
macular degeneration (AMD)&nbsp;in the United States. In a Phase I clinical trial in
Pelizaeus-Merzbacher disease (PMD), a fatal myelination disorder in children, the Company has shown
preliminary evidence of progressive and durable donor-derived myelination in all four patients
transplanted with HuCNS-SC cells. In addition, the Company is pursuing preclinical studies in
Alzheimer&#146;s disease, with support from the California Institute for Regenerative Medicine (CIRM).
StemCells also markets stem cell research products, including media and reagents, under the SC
Proven<sup>&#174;</sup> brand. Further information about StemCells is available at
<U>http://www.stemcellsinc.com</U>.
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 8pt"><I>Apart from statements of historical fact, the text of this press release constitutes
forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended, and is subject to the safe harbors created therein.
These statements include, but are not limited to, statements regarding the prospect of the
Company&#146;s HuCNS-SC cells to preserve vision; the prospect and timing of patient enrollment in the
Company&#146;s clinical trial in dry AMD; and the future business operations of the Company. These
forward-looking statements speak only as of the date of this news release. The Company 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 such forward-looking statements due to risks and
uncertainties to which the Company is subject, including the fact that additional trials will be
required to demonstrate the safety and efficacy of the Company&#146;s HuCNS-SC cells for the treatment
of any disease or disorder; uncertainty as to whether the FDA or other applicable regulatory
agencies or review boards will permit the Company to continue clinical testing in AMD;
uncertainties regarding the timing and duration of any clinical trials; uncertainties regarding the
Company&#146;s ability to recruit the patients required to conduct its clinical trials or to obtain
meaningful results; uncertainties regarding the Company&#146;s ability to obtain the increased capital
resources needed to continue its current and planned research and development operations;
uncertainty as to whether HuCNS-SC cells and any products that may be generated in the future in
the Company&#146;s cell-based programs will prove safe and clinically effective and not cause tumors or
other adverse side effects; and other factors that are described under the heading &#147;Risk Factors&#148;
in the Company&#146;s Annual Report on </I><I>Form 10-K</I><I> for the year ended December&nbsp;31, 2013, and in its
subsequent reports on Forms 10-Q and 8-K.</I>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt"><B>CONTACT: </B>Greg Schiffman
</FONT>

<P align="left" style="font-size: 10pt; text-indent: 5%">StemCells, Inc.


<P align="left" style="font-size: 10pt; text-indent: 5%">Chief Financial Officer


<P align="left" style="font-size: 10pt; text-indent: 5%">(510)&nbsp;456-4128


<P align="left" style="font-size: 10pt; text-indent: 5%">Andrea Flynn


<P align="left" style="font-size: 10pt; text-indent: 5%">Russo Partners


<P align="left" style="font-size: 10pt; text-indent: 5%">(646)&nbsp;942-5631


<P align="center" style="font-size: 10pt">#####




<P align="center" style="font-size: 10pt; display: none">




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