StemCells Cuts 30% of Staff

5/4/11Follow @xconomy

StemCells Inc., the Palo Alto, CA-based developer of regenerative medicines, said today it has cut 30 percent of its U.S. workforce to conserve cash while it runs trials of its treatment for spinal cord injuries. Cutting 20 jobs is supposed to save the company $2.3 million a year in expenses, the company said. StemCells (NASDAQ: STEM) said it had $22.9 million of cash and investments in the bank at the end of March, and is on an annual pace to burn through about $18 million of cash.

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