They were working on a spinal chord treatment but their clinical trials have failed. Bay area biotech “StemCells” (I was surprised they didn’t “invest” in the .com version of their name) which was publicly traded will wind down operations. They are hoping to see what can be salvaged for investors and skirt a 100% loss.
At their peak: $74 million market cap. Now, not so much. ($6 million)
They also raised 32 million in two post IPO equity issues and reverse split 12-1 earlier this year.
What can we say, biotech is risky.
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