SUNNYVALE, CALIF. — StemCells, Inc., the former Rhode Island-based biotechnology company CytoTherapeutics, has released financial results for the fourth quarter and year 2000.
The company reported a loss for both periods. For the quarter, it lost $6.26 million, or 30 cents per share, compared to a loss of $5.23 million, or 27 cents per share, during the same period a year ago. For the year 2000, the company lost $11.13 million, or 57 cents per share, compared to $15.71 million, or 84 cents per share, for the prior year.
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StemCells reported revenues from collaborative agreements in 2000 of just $74,000, compared to $5.02 million in 1999. The company said its cash, cash equivalents and short-term investments for 2000 were $6.07 million, compared to $4.76 million in 1999.
The company’s collaborative research agreement with AstraZeneca in the area of encapsulated cell therapy (ECT) ended in June 1999, and StemCells has since consolidated operations. According to a company statement, StemCells sold the ECT technology that it had pursued in Rhode Island, and has shifted its focus to stem cell therapy.
