Stem Cell Therapeutics Corp. has announced that industry veteran Dr. Robert L. Kirkman has been appointed to the Company’s Board of Directors.
Dr. Kirkman has broad executive experience from several public biotechnology companies. He currently serves as the President and Chief Executive Officer of Oncothyreon Inc., an oncology company with a long-established interest in the immunotherapy field.
He previously held various executive positions at Xcyte Therapies, another immunotherapy company, and Protein Design Labs. Dr. Kirkman began his career as a clinician-scientist, holding various positions at Brigham and Women’s Hospital, Boston, including Chief, Division of Transplantation. Dr. Kirkman holds an M.D. degree from Harvard Medical School and a B.A. in economics from Yale University.
“We are delighted to welcome Dr. Kirkman to the Board of Directors. His extensive expertise as a life science industry executive and a clinician, as well as his in-depth knowledge of the capital markets, adds immeasurable value to our company,” stated Mr. David Allan, Stem Cell Therapeutics’ Chairman.
In connection with the completion of the $33 million offering announced on December 13, 2013, the Company issued 157,142,858 units at a price of $0.21 each. U.S.-based investors subscribed for approximately 97% of the issue.
The units consisted of either one common share and three-quarters of a common share purchase warrant (“Common Share Units”) or one Series 1 Non-Voting First Preferred Share and three-quarters of a common share purchase warrant (“Preferred Share Unit”). Of the total Units issued, 79,247,693 units were Common Share Units and 77,895,165 units were Preferred Shares Units.
Each whole warrant entitles the holder to purchase one common share at a price of $0.28 at any time prior to expiry on December 13, 2018. Each preferred shareholder has the right to convert all or any of their preferred shares into an equal number of common shares, as adjusted for stock splits, certain distributions and other fundamental transactions.
The articles of amendment creating the new class of preferred shares have been filed on Sedar at www.sedar.com. Following the offering, the Company has 121,752,380 common shares issued and outstanding (344,798,764 on a fully diluted basis).