Thought this would be very positive for the sp.  Instead it took a real pounding.  What gives?

TORONTO, ONTARIO--(Marketwired - May 16, 2013) - Stem Cell Therapeutics Corp. (TSX VENTURE:SSS), a biopharmaceutical company developing cancer stem cell-related technologies, today announced that its wholly owned subsidiary Trillium Therapeutics has completed dosing in its Phase I study of TTI-1612 in patients with interstitial cystitis/bladder pain syndrome (IC/BPS). The study was designed to assess the safety and tolerability of single ascending doses of TTI-1612 in IC/BPS patients. Pharmacokinetics and changes in disease symptoms were also evaluated. A total of 28 patients were enrolled at four urology clinics in Southern Ontario. Preliminary data indicate that the drug is well tolerated and exhibits a favourable pharmacokinetic profile. Full results are expected to be published at a later date.

IC/BPS, also known as Painful Bladder Syndrome, is a chronic, debilitating and poorly treated bladder disease affecting millions of people. The disease is believed to develop as a result of dysfunction in the protective epithelial layer lining the bladder. TTI-1612, a locally-delivered recombinant growth factor, is being developed to correct the dysfunction and restore the bladder epithelium to a normal, healthy state.

This urology program, acquired by Stem Cell Therapeutics through its recent merger with Trillium Therapeutics, targets an indication of high unmet need and represents a substantial market opportunity. However, with its current focus on oncology and cancer stem cells, the Company will now actively seek a development partner to conduct the next phase of the clinical development program.

"Completing dosing in this clinical study in a timely manner is a significant early milestone in the development of TTI-1612," commented Dr. Bob Uger, the Company's Chief Scientific Officer. "We are encouraged by our clinical experience to date with this drug, and believe we are setting the groundwork for a partner to move this program forward into Phase II testing."