International Stem Cell Corp. this morning posted a business
update along with operating results for the three- and nine-month periods ended
September 30, 2105. Among other results, the California-based biotech company
reported an increase in quarterly revenues, along with significantly narrowed
third-quarter and nine-month losses.
“Overall I am satisfied with the company’s progress in Q3.
We are maintaining our position as a leader in regenerative medicine field and
the overall operating income of our biomedical businesses continues to grow,”
Andrey Semechkin, Ph.D., CEO and co-chairman of ISCO, stated in the news
release. “We really look forward to beginning the enrolment of patients in our
pending Parkinson’s disease clinical trial before the end of 2015.”
Q3 Business Highlights
Among several quarterly business highlights, ISCO in the
third quarter of 2015 developed an innovative technology designed to generate
functional articular cartilage from the patient’s own skin or adipose tissue
with the potential to treat osteoarthritis. The company also moved into the
second phase of its existing research agreement with global Japanese
pharmaceutical company Rohto Pharmaceutical Co., Ltd.; appointed a new chief
executive officer; and presented comprehensive findings from Parkinson’s
disease program at the Society for Neuroscience Annual Meeting, Neuroscience
2015.
In regards to its wholly owned subsidiary, ISCO in the third
quarter completed clinical testing of a new compound, which the company intends
to utilize in substantially new skin care products to be marketed by its
subsidiary Lifeline Skin Care, Inc., starting December 2015. Lifeline Skin Care
launched its ProPlus+ professional line of products that will be available
exclusively through Lifeline’s network of dermatologists, aestheticians and med
spas.
Q3, YtD Financial Results
For the quarter ended in September 2015, ISCO reported
revenues of $2.14 million, an increase of 9% over revenue of $173,000 posted in
the third quarter of 2014. The company’s Lifeline Cell Technology sales
increased by 22%, or $220,000, while Lifeline Skin Care sales decreased by 5%,
or $47,000; both wholly owned subsidiaries remain profitable. ISCO’s
consolidated net loss for the quarter was $539,000 compared to consolidated net
loss of $2.0 million for the third quarter last year.
Total consolidated revenue for the nine months ended
September 30, 2015, was $5.57 million, an increase of 7%, or $373,000, vs $5.20
million in revenue reported for the comparable period of 2014. Lifeline Cell
Technology sales increased by 9%, or $244,000, while Lifeline Skin Care sales
decreased by 5%, or $129,000. ISCO’s consolidated net loss for the nine months
ended September 30, 2015, was $1.1 million vs a consolidated net loss of $7.9
million for the comparable nine months of last year, which the company
partially attributes to the completion of multiple preclinical studies during
the first six months of 2015.
ISCO ended the third quarter of 2015 with cash balance of
$599,000. As of September 30, 2015, stockholders’ equity totaled $834,000.
Using its core technology, which results in the creation of
pluripotent human stem cells from unfertilized oocytes (eggs), ISCO is focused
on the therapeutic applications of human parthenogenetic stem cells (hpSCs) and
the development and commercialization of cell-based research and cosmetic
products. ISCO scientists have created the first parthenogenetic, homozygous
stem cell line that can be a source of therapeutic cells for hundreds of
millions of individuals of differing genders, ages and racial background with
minimal immune rejection after transplantation. hpSCs offer the potential to
create the first true stem cell bank, UniStemCell™. ISCO also produces and
markets specialized cells and growth media for therapeutic research worldwide
through its subsidiary Lifeline Cell Technology (www.lifelinecelltech.com), and
stem cell-based skin care products through its subsidiary Lifeline Skin Care
(www.lifelineskincare.com).
For more information visit at www.internationalstemcell.com.
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