International Stem Cell Corporation, a biotechnology company that developed a powerful new stem cell technology called “parthenogenesis” which promises to significantly advance the field of regenerative medicine, today reported in their second quarter financial statement year-to-date revenues of $2.6 million compared to $0.7 million for the same time period in 2010.
The increase in revenue was generated by ISCO’s wholly-owned subsidiaries Lifeline Skin Care (LSC), maker of cell-based skin care products, which contributed $1.7 million and Lifeline Cell Technology (LCT), producer of specialized cells and growth media for therapeutic research, which contributed $0.9 million of revenues. ISCO’s expenses increased by $2.0 Million or 38% from last year due mostly to research and development on scientific projects and rising general administrative costs from higher headcount, non-cash stock-based compensation and increased business development expenses. Cash on hand was recorded at $3.6 million as of June 30, 2011.
During the second quarter, the first U.S.-based donor was enrolled in the company’s program to establish a bank of clinical-grade human parthenogenetic stem cells (hpSCs) capable of being immune-matched to millions of patients. ISCO scientists have created the first parthenogenic, homozygous stem cell line that can be a source of therapeutic cells with minimal immune rejection after transplantation into hundreds of millions of individuals of differing genders, ages and racial background. This offers the potential to create the first true stem cell bank.
ISCO also reported that they started a series of animal studies to evaluate the in vivo safety and tumorigenicity of neuronal cells as well their ability to develop into functioning neuron-like cells to treat Parkinson’s disease. The company also completed tests on inoculated cells capable of engrafting and surviving within the liver.
According to the report, new senior staff was added to ISCO including Kurt May to oversee mergers and acquisitions and the development of new international collaborations as well as Donna Queen who is the new Vice President of LC responsible for marketing and business development.
More information on ISCO is available at www.internationalstemcell.com
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