EXHIBIT 99.1 SECURITIES PURCHASE AGREEMENT SECURITIES PURCHASE AGREEMENT (the "AGREEMENT"), dated as of December 9, 2003, by and among StemCells, Inc., a Delaware corporation, with headquarters located at 3155 Porter Drive, Palo Alto, California 94304...Securities Purchase Agreement • December 10th, 2003 • Stemcells Inc • Biological products, (no disgnostic substances) • New York
