Aug 18, 2015 |
International Stem Cell Corporation Announces Record Net Income in Second Quarter 2015 |
CARLSBAD, CA--(Marketwired - August 18, 2015) - International Stem Cell Corporation (OTCQB: ISCOD) (www.internationalstemcell.com)
("ISCO" or "the Company"), a California-based biotechnology company
developing novel stem cell-based therapies and biomedical products,
today provided a business update and announced operating results for the
three and six months ended June 30, 2015. "Stable increase in
revenues from our biomedical businesses, ability to generate net income
as a parent company and progress in demonstrating the safety and
efficacy of our stem cells for the treatment of Parkinson's disease and
stroke position us as a leader in regenerative medicine field," stated
Andrey Semechkin, Ph.D., CEO and Co-Chairman of ISCO. "We look forward
to receiving Australian TGA authorization to start clinical trials. We
expect to dose the first Parkinson's disease patients in this trial in
Q4 2015." Second Quarter 2015 Business Highlights - Demonstrated
in animal models that the Company's proprietary human parthenogenetic
neural stem cells (hpNSCs) can significantly reduce neurological
dysfunction after a stroke.
- Published the results of two proof
of concept studies that demonstrate the safety and efficacy of the
Company's stem cell treatment of Parkinson's disease in both non-human
primate and rodent animal models in the journal "Cell Transplantation".
- Presented
data on the Parkinson's disease program at the American Academy Of
Neurology and International Society for Cellular Therapy annual
meetings.
- Lifeline Skin Care completed development and testing of two new products, both of which have launched in Q3 of 2015.
Subsequent
to the quarter end, in July, 2015, the Company completed a nine month
safety study of the hpNSCs demonstrating safety elements for regulatory
approval of the upcoming Parkinson's disease clinical trial, and
submitted the results to the Australian TGA. Second Quarter 2015 Financial Highlights - Total
revenue for the second quarter of 2015 was $1.82 million, an increase
of $227,000, or 14%, compared to the second quarter in 2014; Lifeline
Skin Care sales for the second quarter of 2015 increased 18%, or
$138,000, and Lifeline Cell Technology sales increased 11%, or $89,000,
compared to the second quarter in 2014.
- Profit margin for the
second quarter of 2015 was $1.3 million, or 72%, compared to profit
margin of $1.2 million, or 74%, for the second quarter of 2014.
- Net
income for the second quarter of 2015 was $723,000, compared to net
loss of $4.4 million for the second quarter in 2014. We expect our net
operating loss to continue declining quarter over quarter through 2015
year-end as our research and development expenses are expected to
continue decreasing due to the completion of multiple preclinical
studies during the three months ended June 30, 2015.
Year-to-Date Financial Highlights: - Total
revenue for the six months ended June 30, 2015 was $3.44 million, an
increase of $200,000, or 6%, compared to the six months ended June 30,
2014; Lifeline Skin Care sales for the six months ended June 30, 2015
increased 11%, or $176,000, and Lifeline Cell Technology sales increased
1%, or $25,000, compared to the six months ended June 30, 2014.
- Profit
margin for the six months ended June 30, 2015 was $2.5 million, or 73%,
compared to profit margin of $2.4 million, or 74%, for the six months
ended June 30, 2014.
- Net loss for the six months ended June 30,
2015 was $564,000 compared to net loss of $5.8 million for the six
months ended June 30, 2014. We expect our net operating loss to continue
declining quarter over quarter through 2015 year-end as our research
and development expenses are expected to continue decreasing due to the
completion of multiple preclinical studies during the six months ended
June 30, 2015.
Balance Sheet Highlights: - The Company ended the second quarter of 2015 with cash balance of $554,000.
- Stockholders' equity totaled $805,000 as of June 30, 2015.
About International Stem Cell Corporation International
Stem Cell Corporation 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's
core technology, parthenogenesis, results in the creation of pluripotent
human stem cells from unfertilized oocytes (eggs). hpSCs avoid ethical
issues associated with the use or destruction of viable human embryos.
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). More information is available at www.internationalstemcell.com. To subscribe to receive ongoing corporate communications, please click on the following link: http://www.b2i.us/irpass.asp?BzID=1468&to=ea&s=0 To like our Facebook page or follow us on Twitter for company updates and industry related news, visit: www.facebook.com/InternationalStemCellCorporation and www.twitter.com/intlstemcell Safe harbor statement Statements
pertaining to anticipated developments, expected clinical studies
(including timing and results), progress of research and development,
and other opportunities for the company and its subsidiaries, along with
other statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management constitute forward-looking
statements. Any statements that are not historical fact (including, but
not limited to statements that contain words such as "will," "believes,"
"plans," "anticipates," "expects," "estimates,") should also be
considered to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, regulatory approvals, need and ability to obtain future
capital, application of capital resources among competing uses, and
maintenance of intellectual property rights. Actual results may differ
materially from the results anticipated in these forward-looking
statements and as such should be evaluated together with the many
uncertainties that affect the company's business, particularly those
mentioned in the cautionary statements found in the company's Securities
and Exchange Commission filings. The company disclaims any intent or
obligation to update forward-looking statements. |
|