StemCells Inc. agreed to license BioWhittaker Inc. to make certain proprietary human neural stem cells for educational and research purposes.
Financial terms weren’t provided.
In a press release Friday, StemCells said that the deal will provide researchers greater access to neural stem cells through BioWhittaker, a unit of Cambrex Corp.
“We hope that more research will shorten the time until the cells can be used for therapeutic purposes,” said StemCells President and Chief Executive Martin McGlynn in Friday’s statement.
A BioWhittaker spokesman said that the progenitor cells aren’t embryonic cells, but cells that can develop into different types of neurons.
Contacted early Friday, StemCells representatives weren’t immediately available to provide further details.
StemCells shares closed Thursday at $1.51, down 7 cents, or 4.4%, on Nasdaq volume of 70,000 shares. Average daily volume is 75,124 shares. The stock set a 52-week low of $1.35 Wednesday.
New York Stock Exchange-listed shares of Cambrex closed Thursday at $39.80, up $1.20, or 3.1%.
