0000891618-06-000538 Sample Contracts

STEMCELLS, INC. 10,000,000 SHARES CONTROLLED EQUITY OFFERINGSM SALES AGREEMENT
Sales Agreement • December 29th, 2006 • Stemcells Inc • Biological products, (no disgnostic substances) • New York

STEMCELLS, INC., a Delaware corporation (the “Company”), confirms its agreement (this “Agreement”) with Cantor Fitzgerald & Co. (“CF&Co”), as follows:

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