<SEC-DOCUMENT>0001299933-16-001907.txt : 20160112
<SEC-HEADER>0001299933-16-001907.hdr.sgml : 20160112
<ACCEPTANCE-DATETIME>20160112163125
ACCESSION NUMBER:		0001299933-16-001907
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160111
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160112
DATE AS OF CHANGE:		20160112

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:			1215

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19871
		FILM NUMBER:		161339090

	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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	January 11, 2016
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	StemCells, Inc.
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	94-3078125
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_____________________<BR>
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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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	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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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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On January 11, 2016, the board of directors (the "Board") of StemCells, Inc. (the "Company") announced the appointment of Dr. Ian Massey as the Company&#x2019;s President and Chief Executive Officer, effective January 18, 2016.  Dr. Massey was also elected to the Company&#x2019;s Board of Directors. Dr. Massey will succeed Martin McGlynn, who will resign as Chief Executive Officer and as a director of the Company effective January 17, 2016.  <br><br>Mr. McGlynn will be entitled to severance compensation and other benefits in accordance with the terms and provisions of a separation and consulting agreement entered into by the Company and Mr. McGlynn on January 10, 2016.<br><br>Dr. Massey, 65, has been with the Company since March 2015 as its President and Chief Operating Officer.  Before joining the Company, Dr. Massey spent over thirty years in the pharmaceutical industry, most recently as Chief Operating Officer and President of U.S. Operations of Biotie Therapies Corporation, a publicly traded Finnish company focused on neurodegenerative and psychiatric disorders. Prior to this, in May 2006, Dr. Massey co-founded Synosia Therapeutics. Under Dr. Massey&#x2019;s leadership as President and Chief Executive Officer, Synosia licensed a portfolio of drug candidates from Novartis AG, Hoffman-La Roche AG, and Syngenta AG for clinical development as potential therapeutics for the treatment of central nervous system disorders.  Dr. Massey&#x2019;s career in the pharmaceutical industry has included over 28 years with Syntex Research and then Roche, where he held positions of increasing responsibility including (i) Vice President and Director of Preclinical Research and Development for Roche Bioscience, (ii) Senior Vice President, Head of the Neurobiology Business Unit and Central Research and Development, Roche Bioscience, and (iii) Senior Vice President, Head of Research and Preclinical Development, Roche Palo Alto. Dr. Massey received his D. Phil Degree in Organic Chemistry from Oxford University and then undertook postdoctoral work first in the Institute of Organic Chemistry at Syntex Research and then with Professor Carl Djerassi at Stanford University.<br><br>In connection with his appointment as the Company&#x2019;s President and Chief Executive Officer, Dr. Massey's base annual salary will be increased, effective January 18, 2016, from $380,000 to $520,000 and his target bonus will be increased from 40% to 50%.  In addition, the Company will award him restricted stock units to receive up to 1,250,000 shares of Company common stock, with vesting of these units tied to the timely and successful conduct and completion of the Company&#x2019;s ongoing Phase II clinical study in spinal cord injury.<br><br>There is no arrangement or understanding between Dr. Massey and any other person pursuant to which Dr. Massey was selected to serve as the Company&#x2019;s President and Chief Executive Officer.  There are no existing or currently proposed transactions to which the Company or any of its subsidiaries is a party and in which Dr. Massey has a direct or indirect material interest.  There are no family relationships between Dr. Massey and any of the directors or officers of the Company or any of its subsidiaries.<br>
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	Item 8.01 Other Events.
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On January 11, 2016, the Company issued a press release announcing Mr. McGlynn&#x2019;s departure and Dr. Massey&#x2019;s appointment as President and Chief Executive Officer.  A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
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(d) Exhibits
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	SIGNATURES
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	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.
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	StemCells, Inc.
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	January 12, 2016
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	/s/ Kenneth B. Stratton
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	99.1
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Press release of the Company dated January 11, 2016
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>StemCells, Inc. CEO Martin McGlynn Passes Baton<BR>
to President and COO Ian Massey</B></FONT>



<P align="center" style="font-size: 12pt"><I>Experienced Biotech Leader to Become Next Chief Executive Officer</I>



<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><B>NEWARK, CA, January XX, 2016 </B>(GLOBE NEWSWIRE) &#151; StemCells, Inc. (NASDAQ: STEM), a world leader
in the research and development of cell-based therapeutics for the treatment of central nervous
system disorders, today announced that Dr.&nbsp;Ian Massey, its President and Chief Operating Officer,
has been appointed by the Board of Directors to succeed Martin McGlynn as the Company&#146;s Chief
Executive Officer, effective January&nbsp;18, 2016. Massey has additionally been elected to the Board.
</FONT>

<P align="left" style="font-size: 10pt">Massey and McGlynn have worked closely together since March of last year, and over the past few
months jointly architected the Company&#146;s recently announced strategic realignment, which fully
focuses StemCell&#146;s resources on its proprietary HuCNS-SC<sup>&#174;</sup> platform technology for the
treatment of chronic spinal cord injury (SCI). The two will continue to collaborate, with McGlynn
serving as a consultant over the next year, to facilitate a smooth leadership transition as the
Company expedites its SCI program to demonstrate clinical proof-of-concept.


<P align="left" style="font-size: 10pt">&#147;When I hired Ian as President and COO almost a year ago, I knew I was bringing aboard a strong
executive with the right background and temperament to ultimately lead this Company,&#148; said McGlynn.
&#147;Ian not only has a stellar track record of successful clinical development through regulatory
approval and on to commercialization for numerous products, he is also a great fit for the culture
we have built at StemCells: rigorous science is fundamental to him; he is personally passionate
about pursuing treatments for CNS disorders; and he is a collaborative leader who naturally gains
respect from both technical and business colleagues. I look forward to continuing to support Ian
and the rest of the management team in my ongoing participation with the Company.&#148;


<P align="left" style="font-size: 10pt">Ian Massey joined StemCells, Inc. in March&nbsp;2015 as President and Chief Operating Officer after a
successful 30-year career in the pharmaceutical industry, most recently as COO and President of
U.S. Operations of Biotie Therapies Corporation, a publicly traded Finnish company focused on
neurodegenerative and psychiatric disorders. In 2006, Massey co-founded Synosia Therapeutics and as
President and CEO rapidly created a clinically enabled portfolio by licensing drug candidates from
Novartis AG, Hoffman-La Roche AG, and Syngenta AG for clinical development as potential
therapeutics for the treatment of CNS disorders. In 2011, with the strategic objective of becoming
a public company, Massey led the completion of a transaction with Biotie in which Synosia was
acquired. Dr.&nbsp;Massey&#146;s prior experience in the pharmaceutical industry included over 25&nbsp;years first
with Syntex and then with Roche where he held positions of increasing responsibility culminating in
Sr. Vice President and Head of Research and Preclinical Development of Roche Palo Alto. He received
his D. Phil Degree in Organic Chemistry from Oxford University before undertaking postdoctoral work
first in the Institute of Organic Chemistry at Syntex Research and then with Professor Carl
Djerassi at Stanford University.


<P align="left" style="font-size: 10pt">&#147;The opportunity to engage with such a talented, experienced and dedicated team in developing our
HuCNS-SC platform technology for the treatment of serious CNS disorders for which no effective
therapies are currently available is extremely exciting,&#148; stated Massey. &#147;With our strategic
realignment to focus on chronic spinal cord injury we have enhanced our ability to develop a
game-changer that will dramatically improve the quality of life for patients with no current
therapeutic options. I am very pleased that the Board has entrusted me with fulfilling this
mission.&#148;


<P align="left" style="font-size: 10pt">StemCells Board Chair John Schwartz added, &#147;Timing this transition with the Company&#146;s strategic
realignment makes sense. We are grateful to Martin for his many accomplishments and strong
leadership as CEO over the past 15&nbsp;years, guiding the Company through its groundbreaking
preclinical work and breakthrough clinical translation of novel cell-based therapeutics for a wide
range of CNS disorders. And we are now fully confident that Ian will successfully lead StemCells
through the remaining challenges of bringing our first product to market.&#148;


<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 currently engaged in clinical development of its HuCNS-SC platform
technology (purified human neural stem cells) as a potential treatment for chronic spinal cord
injury (SCI). The Company&#146;s Pathway Study, a Phase II proof-of-concept trial in cervical SCI is
actively enrolling at twelve sites. Six-month interim data for the first cohort of the Pathway
Study showed the first-ever clinical evidence of a treatment effect improving both muscle strength
and motor function following cellular transplant in spinal cord injury. Top-line data from the
Company&#146;s Phase I/II clinical trial in thoracic SCI showed measurable gains involving multiple
sensory modalities and segments, including the conversion of two of seven patients enrolled in the
study with complete injuries to incomplete injuries, post-transplant. The Company has also
completed its Phase I/II clinical trial in geographic atrophy dry age related macular degeneration.
Top-line results from this study show a positive safety profile and favorable preliminary efficacy
data. In a Phase I clinical trial in Pelizaeus-Merzbacher disease (PMD), a fatal myelination
disorder in children, the Company showed preliminary evidence of progressive and durable
donor-derived myelination by MRI.
</FONT>

<P align="left" style="font-size: 10pt">Further information about StemCells, Inc. is available at http://www.stemcellsinc.com.


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><I>Apart from statements of historical fact, the text of this press release constitutes
forward-looking statements within the meaning of the U.S. securities laws, and is subject to the
safe harbors created therein. These statements include, but are not limited to, statements
regarding the future business operations of StemCells, Inc. (the &#147;Company&#148;); statements regarding
the Company&#146;s planned leadership transition; statements about Mr.&nbsp;McGlynn&#146;s future plans;
statements about the Company&#146;s plans for its program in spinal cord injury; and statements about
and the prospect for continued clinical development of the Company&#146;s HuCNS-SC cells in CNS
disorders. 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 those 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,
2014 and in its subsequent reports on Forms 10-Q and 8-K</I>
</FONT>

<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><B>CONTACT:</B>
<BR>
Greg Schiffman, Chief Financial Officer StemCells, Inc.
<BR>
(510)&nbsp;456-4128
</FONT>


<P align="left" style="margin-left:6%; font-size: 10pt">Lena Evans
<BR>
Russo Partners


<P align="left" style="font-size: 10pt">(212)&nbsp;845-4262


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




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