StemCells' goal is to use these cells to repair or repopulate tissue of the central nervous system (CNS), liver and pancreas, that has been damaged or lost due to disease or injury. StemCells was founded by Drs. Irving L. Weissman, Fred Gage, and David Anderson in 1988. StemCells began its work with central nervous system stem and progenitor cell cultures in collaboration with NeuroSpheres in 1992. On September 26, 1997, StemCells acquired by merger StemCells California, a California corporation. In September 2002, StemCells initiated a cost reduction program. limiting expenditure on the company's discovery research activities to channel resources into accelerating the pre-clinical development of its cells for the treatment of neural and liver disease. In December 2002, StemCells transferred the listing of its common stock from the Nasdaq National Market to the Nasdaq SmallCap Market.