International Stem
Cell, biotech company developing novel stem cell-based therapies and biomedical
products, in conference call yesterday detailed the company’s financial results
and clinical achievements in the 12 months ended December 31, 2013, and offered
insight into upcoming 2014 events.
“So, 2013 was a very
good year for International Stem Cell Corporation,” Dr. Simon Craw, executive
vice president of ISCO stated in the conference call. “We continue to execute
on our business plans, growing revenues to over $6 million while containing
costs, but also importantly achieving a number of R&D milestones that
position us extremely well for 2014 and beyond.”
Briefly touching on
the company’s research and development strategy, Dr. Craw noted the company’s
primary focus on developing human parthenogenetic neural stem cells as a
clinical product initially to treat Parkinson’s disease. The company is
currently working on pre-requisite studies necessary to filing a New Drug
Application with the U.S. FDA.
Dr. Craw recapped
several 2013 company milestones regarding ongoing research and development, and
with specific regard to its Parkinson’s disease program, said ISCO plans to
complete FDA-required pharmacology and safety studies by the end of 2014 with
the IND to shortly follow. The company also anticipates exploring and
developing additional indications for its human neural stem cells.
Moving on to the
company’s full-year financial performance, ISCO reported 2013 revenues of $6.15
million, an impressive increase of 35 percent compared to full-year 2012.
Lifeline Skin Care sales increased 47 percent while Lifeline Cell Technology
sales rose 24 percent. The two subsidiaries generated operating income in 2013
of $0.65 million compared to operating loss in 2012. Gross margin improved to
73 percent in 2013 compared to 72 percent a year ago.
Net loss for
full-year 2013 was $10.5 million, or $0.09 per share, compared to a prior year
loss of $9.8 million, or $0.013 per share. This reflects the $2.9 million
impact of the company’s July financing transaction.
ISCO burned through
$0.47 million per month through 2013, ending the 2013 with cash of $2.24
million.
“As Simon indicated,
2013 was a very successful year for the company. In 2013, we have made
substantial progress in our R&D development efforts, all while keeping
tight control of our cash burn,” said ISCO Chief Financial Officer Jay Novak
said.
Wrapping up the
call, Dr. Craw emphasized advances in company research and development, and
stated a reminder of what’s to come in the year ahead.
“I think everyone
can see, in 2013 we made some important progress in our research and
development activities, primarily in our Parkinson’s disease program where we
achieved a number of critical milestones that move us closer to the clinic. In
2014, we’ll be endeavoring to complete our IND enabling studies and in order to
file our first IND for this experimental treatment of Parkinson’s disease. At
the same time, we continue to execute on our business plan, growing revenues in
our commercial subsidiaries and containing cost,” he concluded.
For more
information, visit www.internationalstemcell.com
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