International Stem Cell Corp Announces Record Sales and Operating Results for the Three and Six-Months ended June 30, 2018
15 Agosto 2018 - 1:00PM
InvestorsHub NewsWire
International Stem Cell Corporation Announces
Record Sales and
Operating Results for the
Three and Six-Months ended June 30,
2018
CARLSBAD, CA
-- Aug
15,
2018 -- 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 six months ended June 30,
2018.
"I'm
pleased with our
progress as ISCO continues
to move forward actively in several
areas. Recently we
achieved another important milestone: transplanting
the
highest number of neural stem cells to the
first
Parkinson's disease patient in the third
cohort
of patients in our
phase
1 clinical
trial.
We plan
to
announce the
6
month results
from
the
second cohort of patients before the end of Q3. Our financial
results also show stable growth, and
we
were able to achieve record sales and to significantly decrease our
loss from operations" said Andrey
Semechkin, PhD., CEO and Co-Chairman of ISCO.
Year-to-Date
Financial Highlights
- Consolidated
revenue for the six months ended June 30, 2018 was
$5.7
million,
an
increase of 50%
compared
to the consolidated revenue of $3.8
million
for the six months ended June 30, 2017.
- Gross
profit margin for the Company's revenue-generating subsidiaries for
the six months ended June 30, 2018
was
$3.8
million,
compared to
gross profit margin of $2.7
million
for
the six months ended June 30, 2017.
- Combined
operating income for the six months ended June 30,
2018
from
our two wholly owned revenue generating subsidiaries was
$1.5
million, an
increase of 53%
compared to $974,000
in the same period in 2017.
- Consolidated
loss before
income taxes,
including from Parkinson's disease clinical trial expenses, for the
six months ended June 30, 2018
was
$1.2
million,
compared to consolidated loss before
income taxes of
$2.5
million
for the same period in 2017
- Average
net cash used in operating activities, excluding capital
expenditures
and patent costs, was approximately $93,000
per month during the six months ended June 30,
2018,
a decrease of 58%,
compared to $222,000
per month for the same period in 2017.
Recent Corporate and
Clinical Trial Highlights
- Successfully
transplanted
the
first
patient
in the third
cohort
of patients in the clinical trial for Parkinson's
disease. The
patient received 70,000,000
ISC-hpNSC
cells.
- Published
two papers in scientific peer-reviewed journals. One paper,
entitled "Novel
Approach to Stem Cell Therapy in Parkinson's
Disease," was
published in Stem
Cells and Development, a
premier peer-reviewed journal of clinical, basic, and translational
research on stem
cells and their potential therapeutic applications. Another paper,
entitled "Supplementation of Specific Carbohydrates Results in
Enhanced Deposition of Chondrogenic-Specific Matrix during
Mesenchymal Stem Cell Differentiation," was published in
the Journal
of Tissue Engineering and Regenerative Medicine, a
prestigious peer-reviewed scientific journal. Due to its scientific
relevance, the article was
featured
on the cover of the journal's May 2018 issue.
- Developed
a
novel
method that efficiently generate human 3D liver-like tissue. The 3D
liver structures are produced from human pluripotent stem cell
derived-liver progenitor cells. As these cells differentiate in 3D
culture, they form liver-like tissue that consists of
hepatocytes, choangiocytes,
and hepatic stellate cells.
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
results
of clinical
studies, 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.
International Stem Cell Corporation and
Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share data)
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Assets
|
|
(Unaudited)
|
|
|
|
|
|
|
Cash
|
|
$
|
477
|
|
|
$
|
304
|
|
|
Accounts receivable,
net of allowance for doubtful accounts of $12
|
|
|
1,614
|
|
|
|
465
|
|
|
Inventory,
net
|
|
|
1,682
|
|
|
|
1,307
|
|
|
Prepaid expenses and
other current assets
|
|
|
567
|
|
|
|
779
|
|
|
Total current
assets
|
|
|
4,340
|
|
|
|
2,855
|
|
|
Non-current
inventory
|
|
|
718
|
|
|
|
692
|
|
|
Property and
equipment, net
|
|
|
384
|
|
|
|
321
|
|
|
Intangible assets,
net
|
|
|
2,910
|
|
|
|
2,922
|
|
|
Deposits and other
assets
|
|
|
64
|
|
|
|
74
|
|
|
Total
assets
|
|
$
|
8,416
|
|
|
$
|
6,864
|
|
|
Liabilities
and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,817
|
|
|
$
|
830
|
|
|
Accrued
liabilities
|
|
|
819
|
|
|
|
607
|
|
|
Related party
payable
|
|
|
1,108
|
|
|
|
|
|
|
Advances
|
|
|
250
|
|
|
|
250
|
|
|
Fair value of warrant
liability
|
|
|
2,779
|
|
|
|
3,113
|
|
|
Total current
liabilities
|
|
|
6,773
|
|
|
|
4,800
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
Series B Convertible
Preferred stock, $0.001 par value, 5,000,000 shares authorized,
250,000
issued
and outstanding, with liquidation preferences of $402 and $396 at
June 30, 2018
and
December 31, 2017, respectively
|
|
|
|
|
|
|
|
|
|
Series D Convertible
Preferred stock, $0.001 par value, 50 shares authorized, 43 issued
and
outstanding, with
liquidation preference of $4,320
|
|
|
|
|
|
|
|
|
|
Series G Convertible
Preferred stock, $0.001 par value, 5,000,000 shares
authorized,
issued
and outstanding, with liquidation preference of $5,000
|
|
|
5
|
|
|
|
5
|
|
|
Series I-1
Convertible Preferred stock, $0.001 par value, 2,000 shares
authorized, 1,094 and
1,304
issued and outstanding, with liquidation preferences of $1,094 and
$1,304 at
June 30,
2018 and December 31, 2017, respectively
|
|
|
|
|
|
|
|
|
|
Series I-2
Convertible Preferred stock, $0.001 par value, 4,310 shares
authorized,
issued
and outstanding with liquidation preference of $4,310
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 120,000,000 shares authorized, 6,295,888 and
6,057,132
shares
issued and outstanding at June 30, 2018 and December 31, 2017,
respectively
|
|
|
6
|
|
|
|
6
|
|
|
Additional paid-in
capital
|
|
|
107,388
|
|
|
|
106,585
|
|
|
Accumulated
deficit
|
|
|
(105,756
|
)
|
|
|
(104,532
|
)
|
|
Total stockholders'
equity
|
|
|
1,643
|
|
|
|
2,064
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
8,416
|
|
|
$
|
6,864
|
|
| |
|
|
|
|
|
|
|
|
International Stem Cell Corporation and
Subsidiaries
Condensed Consolidated Statements of
Operations
(in thousands, except per share data)
(Unaudited)
|
|
Three
Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
sales
|
$
|
3,038
|
|
|
$
|
1,762
|
|
|
$
|
5,671
|
|
|
$
|
3,767
|
|
|
Total
revenues
|
|
3,038
|
|
|
|
1,762
|
|
|
|
5,671
|
|
|
|
3,767
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
1,095
|
|
|
|
471
|
|
|
|
1,920
|
|
|
|
1,024
|
|
|
Research and
development
|
|
452
|
|
|
|
739
|
|
|
|
1,263
|
|
|
|
1,384
|
|
|
Selling and
marketing
|
|
624
|
|
|
|
557
|
|
|
|
1,332
|
|
|
|
1,133
|
|
|
General and
administrative
|
|
1,233
|
|
|
|
997
|
|
|
|
2,707
|
|
|
|
2,274
|
|
|
Total
expenses
|
|
3,404
|
|
|
|
2,764
|
|
|
|
7,222
|
|
|
|
5,815
|
|
|
Loss from
operations
|
|
(366
|
)
|
|
|
(1,002
|
)
|
|
|
(1,551
|
)
|
|
|
(2,048
|
)
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value
of warrant liability
|
|
(21
|
)
|
|
|
1,584
|
|
|
|
334
|
|
|
|
(448
|
)
|
|
Interest
expense
|
|
(7
|
)
|
|
|
(14
|
)
|
|
|
(9
|
)
|
|
|
(20
|
)
|
|
Miscellaneous
income
|
|
1
|
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
Total other income
(expense)
|
|
(27
|
)
|
|
|
1,570
|
|
|
|
327
|
|
|
|
(468
|
)
|
|
Income (loss) before
income taxes
|
|
(393
|
)
|
|
|
568
|
|
|
|
(1,224
|
)
|
|
|
(2,516
|
)
|
|
Provision for income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(393
|
)
|
|
$
|
568
|
|
|
$
|
(1,224
|
)
|
|
$
|
(2,516
|
)
|
|
Net income (loss)
applicable to common stockholders
|
$
|
(393
|
)
|
|
$
|
568
|
|
|
$
|
(1,224
|
)
|
|
$
|
(2,516
|
)
|
|
Net income (loss) per
common share-basic
|
$
|
(0.06
|
)
|
|
$
|
0.14
|
|
|
$
|
(0.20
|
)
|
|
$
|
(0.63
|
)
|
|
Net loss per common
share-diluted
|
$
|
(0.06
|
)
|
|
$
|
(0.25
|
)
|
|
$
|
(0.20
|
)
|
|
$
|
(0.63
|
)
|
|
Weighted average
shares-basic
|
|
6,225
|
|
|
|
3,996
|
|
|
|
6,181
|
|
|
|
3,974
|
|
|
Weighted average
shares-diluted
|
|
6,225
|
|
|
|
4,017
|
|
|
|
6,181
|
|
|
|
3,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
International Stem Cell
Corporation
Russell Kern,
PhD
Executive Vice
President, CSO
Phone: 760-940-6383
Email:
ir@intlstemcell.com
Grafico Azioni International Stem Cell (QB) (USOTC:ISCO)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni International Stem Cell (QB) (USOTC:ISCO)
Storico
Da Dic 2023 a Dic 2024
