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Stem Cell is a public biotechnology company focused on the development and commercialization of drug-based therapies to treat central nervous system diseases.

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Message: Stem Cell funds brain injury study, stock rises 27 percent
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Stem Cell funds brain injury study, stock rises
* Approves budget for traumatic brain injury study

* Issues stock options to company directors

* Shares up more than 27 percent

TORONTO, Aug 30 (Reuters) - Stem Cell Therapeutics Corp stock was up more than 27 percent on Monday after the biotechnology company approved funding for a mid-phase clinical study of a treatment for brain injury patients and granted stock options to its directors.

Calgary-based Stem Cell said it will provide the funding to complete the enrollment of 10 traumatic brain injury patients in the study.

The study will be led by Dr. David Zygun of the University of Calgary and will examine the safety of using human chorionic gonadotrophin, a hormone produced during pregnancy, and the anemia drug epoeitin alpha to treat these patients.

A preclinical study showed this therapy helped the brain’s recovery from moderate to serious injuries.

The company, which focuses on central nervous system diseases and specializes in developing treatments that use drugs to stimulate a patient’s stem cells, also announced that it issued 1.55 million stock options to three of its directors at an exercise price of 10 Canadian cents a share, expiring in five years.

Stem Cell Therapeutics, which terminated the positions of its senior executives in June to save money, last week reported a C$2.9 million ($2.7 million) loss for the first six months of this year, partially attributed to higher research and development expenses.

Shares were up 27.3 percent at 7 Canadian cents on the TSX Venture Exchange late on Monday morning.

($1=$1.06 Canadian) (Reporting by Solarina Ho; editing by Peter Galloway)

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