International Stem
Cell Corp., a California-based biotechnology company developing novel stem cell
based therapies and biomedical products today provided a business update and
announced financial results and for Q1 2014.
“Obtaining clarity
from the FDA on our Parkinson’s disease program allows us to substantially
lower the risk of unforeseen regulatory issues which could delay the program.
By building the FDA’s feedback into our plans, we will be able to prepare a
stronger IND submission with an increased chance of a positive review,” said
Dr. Andrey Semechkin, the Company’s CEO and Co-Chairman.
“On the commercial
side, on a year over year basis, top-line revenues have grown for seven
consecutive quarters, confirming that our subsidiaries are executing on their
business plans and are on the right track. Looking forward to the rest of 2014,
we see no reason why this growth should not continue; although we expect our
cash burn to increase compared with last year as we push to complete our
pre-clinical work and IND submission,” concluded Dr. Semechkin.
Three Q1 2014
highlights included the holding of a pre-IND meeting with the U.S. Food and
Drug Administration (FDA) clarifying the path to IND approval for ISCO’s novel
neural stem cell treatment for Parkinson’s Disease (PD), the announcement of
three months of positive data from the ongoing IND-enabling
pharmacology/toxicology primate study demonstrating that a majority of the
animals exhibit significant improvement in parkinsonism, including a return of
many normal behaviors and a boost in revenues, up 28% year-over-year to $1.65
million for the three months ended March 31, 2014.
Revenue for the Q1
2014, totaled $1.65 million, compared to $1.29 million for the three months
ended March 31, 2013 with LCT contributing $846,000 or 51% of total revenue for
the three months ended March 31, 2014, compared to $635,000 or 49% for the
three months ended March 31, 2013. LSC’s revenue of $803,000 for the three
months ended March 31, 2014 accounted for 49% of total revenue, compared to
$650,000 or 51% of total revenue for the three months ended March 31, 2013.
Cost of sales for the same three months was $439,000 or 27% of revenue,
compared to $334,000 or 26% of revenue for the three months ended March 31,
2013.
Research and
development expenses were up 33% to $958,000 for the reported period in large
part due to increased stem cell line research and testing expenses.
The company will be
discussing their financial results for Q1 2014 in a conference call on
Wednesday, May 14th at 11am EST. The company requests that participants dial in
at least 10 minutes before the call to ensure timely participation. Dial in
details are as follows:
Conference Number
(U.S.): 1-877-941-2069
International
Dial-In: 1-480-629-9713
Conference ID:
4682485
Webcast:
http://public.viavid.com/confirmation/confirmwebcast.php?id=o5aroJyX
A playback of the
call will be available from 05/14/14 at 5:00 pm ET until 05/28/14 at 11:59 pm
ET. To listen, call 1-877-870-5176 within the United States or 1-858-384-5517
when calling internationally. Please use the replay pin number 4682485.
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.
For more information
on the company, visit www.internationalstemcell.com
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