Carlsbad, CA. -- November 17, 2017 --
InvestorsHub NewsWire -- International Stem Cell Corporation
(OTCQB:
ISCO) (www.internationalstemcell.com)
(“ISCO” or “the Company”), a California-based clinical stage
biotechnology company developing novel stem cell-based therapies
and biomedical products, today provided a business update and
announced operating results for the three and nine months ending on
September 30, 2017. “Our business indicators have undergone
significant improvement, while cash burn has significantly
declined,” said Andrey Semechkin, PhD, Co-Chairman and CEO of ISCO.
“At the recent Society of Neuroscience annual meeting held in
Washington DC, we presented positive six-month interim results of
the first cohort of Parkinson's disease patients and were pleased
to announce that all patients in the first cohort are currently
meeting the primary endpoint,” he continued.
Year-to-Date
Financial Highlights
- Combined operating income for the nine months
ended September 30, 2017 from our two wholly owned
revenue-generating subsidiaries was $1.3 million, an increase of
30% compared to $1.0 million in the same period in
2016.
Consolidated revenue for the nine months ended
September 30, 2017 was $5.6 million, compared to the consolidated
revenue of $5.5 million for the nine months ended September 30,
2016. Gross profit margin for the Company’s
revenue-generating subsidiaries for the nine months ended September
30, 2017 was $4.1 million, or 73%, compared to gross profit margin
of $4.0 million, or 73%, for the nine months ended September 30,
2016. Consolidated loss from operations, including
phase I Parkinson’s disease clinical trial expenses, for the nine
months ended September 30, 2017 was $3.0 million, compared to
consolidated loss from operations of $3.7 million for the same
period in 2016. Average net cash used in operating activities
was approximately $183,000 per month during the nine months ended
September 30, 2017, a decrease of 49%, compared to $362,000 per
month for the same period in 2016.
Recent
R&D Highlights
- The fifth and sixth patients (the first and
second patients of the second cohort) in the clinical trial for
Parkinson's Disease were successfully transplanted with ISC-hpNSC®
cells. Presented positive six-month interim results of
the first cohort of Parkinson's disease (PD) patients at the
Society for Neuroscience annual meeting. All patients in the first
cohort are currently meeting the primary endpoint, which is
safety. Developed a 3D bioprinting technology that
utilizes proprietary liver progenitor cells, which can be
differentiated into cholangiocytes, hepatocytes and stellate cells
in vitro.
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.
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Safe
harbor statement
Statements pertaining to anticipated
developments, 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.
Contacts:
International Stem Cell
Corporation
Russell Kern, PhD
Executive Vice President, CSO
Phone: 760-940-6383
Email: ir@intlstemcell.com