<SEC-DOCUMENT>0001193125-16-683209.txt : 20160816
<SEC-HEADER>0001193125-16-683209.hdr.sgml : 20160816
<ACCEPTANCE-DATETIME>20160816170202
ACCESSION NUMBER:		0001193125-16-683209
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160816
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160816
DATE AS OF CHANGE:		20160816

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:		161836665

	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>8-K
<SEQUENCE>1
<FILENAME>d243817d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Date of Report (Date of Earliest Event Reported): <B>August&nbsp;16, 2016</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>StemCells, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>000-19871</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>94-3078125</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>39899 Balentine Drive, Suite 200, Newark, California</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>94560</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registrant&#146;s telephone number, including area code: <B>(650)&nbsp;670-2282</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Former name or former address, if changed since last report </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;16, 2016, StemCells, Inc., a Delaware corporation, issued
a press release announcing its entry into an Agreement and Plan of Merger and Reorganization with Microbot Medical Ltd., a private medical device company organized under the laws of the State of Israel and C&amp;RD Israel Ltd., an Israeli
corporation and wholly-owned subsidiary of the Company. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)&nbsp;Exhibits </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated August 16, 2016</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">August&nbsp;16, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>StemCells, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth B. Stratton</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kenneth B. Stratton</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Index </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.10pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated August 16, 2016</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d243817dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g243817snap3.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g243817snap1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>StemCells, Inc. and Microbot Medical Ltd. Announce Strategic Merger </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Companies Plan to Pursue Development of Robotics Based Medical Devices for the Treatment of Cerebrospinal Fluid and Gastrointestinal
Disorders, as Well as Other Conditions </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEWARK, CA and Yokneam, Israel, August&nbsp;16, 2016</B> (GLOBE NEWSWIRE) - StemCells, Inc. (NASDAQ: STEM)
and Microbot Medical Ltd., a private company organized under the laws of the State of Israel (&#147;Microbot&#148;), today announced that they have entered into a definitive merger agreement, with plans to pursue the development of robotics based
medical devices for the treatment of cerebrospinal fluid and gastrointestinal disorders, as well as other conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;This transaction concludes an
extensive search for strategic alternatives conducted by StemCells since we failed to see robust clinical results in our Phase II clinical study of human neural stem cells in chronic spinal cord injury,&#148; said Ian Massey, the CEO of StemCells,
Inc. &#147;We believe both our investors and the market at large will see the potential of the Microbot&#146;s robotics platform, specifically its catheter and shunt technologies, and will appreciate Microbot&#146;s overall business opportunities
and potential.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Harel Gadot, the CEO&nbsp;&amp; Chairman of Microbot added, &#147;We are pleased that this transaction will give us a presence in
the U.S. capital markets, and we are very excited to continue advancing the development of our proprietary technologies that we believe have the potential to improve the lives of many patients globally. We thank StemCells for its efforts and
contributions to improving human health over the years.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The board of directors of each company has unanimously approved the terms of the merger
agreement and has recommended that its shareholders approve the transaction. Completion of the merger is subject to approval of the StemCells and Microbot shareholders and certain regulatory approvals and customary conditions. In addition, in order
to satisfy certain closing conditions for the merger, StemCells will be negotiating reductions in outstanding balances with its creditors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ropes&nbsp;&amp; Gray LLP acted as legal advisor to StemCells and Ruskin Moscou Faltischek, P.C. and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted
as legal advisor to Microbot. Additional information about the proposed transaction can be found in the <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> filed by StemCells on August&nbsp;15, 2016. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><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;), the prospect for development of
Microbot&#146;s medical devices, the possibility of a merger transaction between the companies, and possible benefits from such a merger for the companies and their respective stakeholders. 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 uncertainties about the parties&#146; ability to complete the merger; uncertainties concerning the sufficiency of the Company&#146;s remaining funds to continue operations; uncertainties regarding the Company&#146;s plans to increase its
authorized share capital; uncertainties regarding the validity and enforceability of the Company&#146;s patents and Microbot&#146;s patents; uncertainties as to whether either company will become profitable; and other factors that are described
under the heading &#147;Risk Factors&#148; in the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2015 and the Company&#146;s Quarterly Report on Form 10-Q for the fiscal quarter ended June&nbsp;30, 2016. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or
approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A definitive proxy statement and a proxy card will be filed with the SEC and will be mailed to the Company&#146;s stockholders seeking any
required stockholder approvals in connection with the proposed transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER RELEVANT DOCUMENTS THAT THE COMPANY MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS. Stockholders may obtain, free of charge, copies of the definitive proxy
statement and any other documents filed by StemCells with the SEC in connection with the proposed transactions at the SEC&#146;s website (http://www.sec.gov), at StemCells&#146; website, or by directing written request to: StemCells, Inc. 39899
Balentine Drive, Suite 200, Newark, CA 94560, Attention: Kenneth Stratton, Esq. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company and its directors and executive officers and Microbot and its
directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of the Company in connection with the proposed transaction. Information regarding the special interests of these directors and
executive officers in the merger will be included in the proxy statement referred to above. Additional information regarding the directors and executive officers of the Company is also </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
included in the Company&#146;s Definitive Proxy Statement on Schedule 14A relating to the 2016 Annual Meeting of Stockholders, which was filed with the SEC on April&nbsp;8, 2016. This document is
available free of charge at the SEC web site (www.sec.gov), at the Company&#146;s website, or by directing a written request to the Company as described above </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CONTACT: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ken Stratton </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">StemCells, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(650) 670-2282 </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g243817snap1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g243817snap1.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MU6.HM7+5>#1+#KRS\I:2[?4U4<2I;18U5OT-*&=9ER 1[&NF,E(T3N2U0PH
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M8Y'5?Y5K6PDFW.#N9TL5%)1FK'IX\N5%8;70C(/4&O.V.X\H^)Z*OC?PJ H
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MTF_W&_E7.MQ'F7P2_P"0/JW_ %\K_P"@UZ&/^*)3/4J\XD\IA_Y.#E_ZX_\
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-:PZF 4 % !0 4 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g243817snap3.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g243817snap3.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M73;);3[*+2(6_P#SSV#;^5 #[:SMK-2MM!'"IY(10,T 2O&DBE'4,IZ@C(-
M&8WAG1&E\PZ7;;NN=@H NH;6U01(8HE7C:" !0!773M*,[,EI;&7^(A!G\:
M((=#T);DR0V-IYRG)VJ"11L!3\3ZF-+LHKBV$33B54Z\J#]*EQ3U&G8D73+/
M4;J<ZAI5J0F-LIP2_P!?2I@YW::*DHI*S-&RM=-LHC]CBMXD'4Q@ ?G6A!G^
M)9K2+1I[[[/;7,L*@J) &ZF@#2TF03:3:2B-8]\2MM08 R.U %R@ H * "@
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"_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
