By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – StemCells Inc. today announced that it will raise $5.7 million through a private placement of its common stock with Seaside 88, a private investment limited partnership.

The Palo Alto, Calif.-based firm said that it will sell 7 million shares to Seaside 88 at a price of $.865 per share, representing a 12.6 percent discount to its closing price on June 29. The company expects to close the deal today.

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