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International Stem Cell Corporation Announces Second Quarter 2011 Financial Results and Corporate Events

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August 21st, 2011 4:02 pm


International Stem Cell Corporation (OTCBB: ISCO), a biotechnology company that developed a powerful new stem cell technology called "parthenogenesis" which promises to significantly advance the field of regenerative medicine, today announced financial results for the quarter ended June 30, 2011 and for the first six months of the fiscal year and provided an update on corporate events.

ISCO reported year-to-date revenues of $2.6 million compared to $0.7 million for the same time period in 2010, representing an increase of 271%. The increase in our revenues relates to sales generated by ISCO's wholly-owned subsidiaries Lifeline Skin Care (LSC) which contributed $1.7 million and Lifeline Cell Technology (LCT) which contributed $0.9 million of revenues.

Total year-to-date expenses, excluding cost of sales increased $2.0 million or 38%, compared to the first six months of the previous year. The most significant reasons for the increase in total expenses related to increases in R&D and G&A. Research & Development expenses increased primarily due to increased activity on our scientific projects. General & Administrative expenses increased primarily due to increased headcount, non-cash stock-based compensation and increased expenses related to business development activity and general corporate expenses.
Our cash balance at June 30, 2011 was $3.6 million. Net cash used in operating activities for the six months ended June 30, 2011 was $3.0 million.

Second Quarter 2011 Highlights:
-- The first U.S.-based donor was enrolled in ISCO's program to establish a bank of clinical-grade human parthenogenetic stem cells (hpSCs) capable of being immune-matched to millions of patients.

-- We strengthened our senior management team to assist in the continued development of the Company. Kurt May was appointed Senior Vice President responsible for mergers and acquisitions and development of new international collaborations. Donna Queen was added to the management team as Vice President of LSC, where she is responsible for marketing and business development.

-- We started a series of preclinical animal studies of neuronal cells derived from hpSCs. The studies will evaluate the in vivo safety and tumorigenicity of neuronal cells as well as their ability to develop into functioning dopaminergic neuron–like cells to treat Parkinson's disease.

-- We successfully completed the first series of preclinical testing of hepatocytes derived from hpSCs. In the transplantation mouse model, inoculated cells were capable of engrafting and surviving in specific niches within the liver, and were further developing into cells with essential hepatocyte-like features.

About International Stem Cell Corporation
International Stem Cell Corporation is focused on the therapeutic applications of human parthenogenetic stem cells 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 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, UniStemCell™. ISCO also produces and markets specialized cells and growth media for therapeutic research worldwide through its subsidiary Lifeline Cell Technology, and cell-based skin care products through its subsidiary Lifeline Skin Care. More information is available at http://www.internationalstemcell.com.
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International Stem Cell Corporation and Subsidiaries
(A Development Stage Company)
Condensed Consolidated Statements of Financial Condition
June 30,
2011
December 31,
2010
(Restated)(1)
(Unaudited)
Assets
Cash and cash equivalents
$
3,581,933
$
5,782,027
Accounts receivable
341,666
738,506
Inventory
1,329,433
856,083
Prepaid expenses and other current assets
290,196
228,338
Total current assets
5,543,228
7,604,954
Property and equipment, net
1,495,916
1,295,328
Patent licenses, net
1,056,562
986,714
Deposits and other assets
16,279
39,812
Total assets
$
8,111,985
$
9,926,808
Liabilities and Stockholders' Equity
Accounts payable
$
1,032,531
$
582,824
Accrued expenses
855,315
545,781
Deferred revenue
137,834
759,667
Advances
250,000
250,000
Warrants to purchase common stock
1,027,171
2,399,605
Total current liabilities
3,302,851
4,537,877
Commitments and contingencies
Stockholders' Equity
Common stock, $.001 par value, 200,000,000 shares authorized, 76,599,928 shares and 74,771,107 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively
76,600
74,771
Convertible preferred stock, $.001 par value, 20,000,000 shares authorized, 2,800,043 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively
2,800
2,800
Subscription receivable on common stock
-
(4,875
)
Additional paid-in capital
59,780,363
56,170,006
Deficit accumulated during the development stage
(55,050,629
)
(50,853,771
)
Total stockholders' equity
4,809,134
5,388,931
Total liabilities and stockholders' equity
$
8,111,985
$
9,926,808

(1)
The Company restated its financial statements for the year ended December 31, 2010, and the quarter ended March 31, 2011.
International Stem Cell Corporation and Subsidiaries
(A Development Stage Company)
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Inception
(August 2001)
through
June 30,
2011
(Restated)(1)
2011
2010
(Restated)(1)
2011
(Restated)(1)
2010
(Restated)(1)
Revenues
Product sales
$
1,114,309
$
441,118
$
2,629,225
$
713,744
$
5,728,390
Royalties and license
-
-
-
-
135,000
Total revenue
$
1,114,309
$
441,118
$
2,629,225
$
713,744
$
5,863,390
Development expenses
Cost of sales
362,131
214,330
791,125
360,706
2,506,597
Research and development
1,128,869
754,000
2,132,279
1,338,069
15,992,557
Marketing
345,800
291,576
664,006
424,994
3,063,155
General and administrative
2,135,732
2,033,615
4,368,470
3,408,821
27,692,292
Total development expenses
3,972,532
3,293,521
7,955,880
5,532,590
49,254,601
Loss from development activities
(2,858,223
)
(2,852,403
)
(5,326,655
)
(4,818,846
)
(43,391,211
)
Other income (expense)
Settlement with related company
-
-
-
-
(92,613
)
Miscellaneous expense
(12,040
)
(256
)
(11,140
)
(20,649
)
(28,652
)
Dividend income
-
350
-
25,999
92,875
Interest expense
-
(6,805
)
-
(14,079
)
(2,225,074
)
Sublease income
2,450
2,125
4,650
3,525
303,083
Change in market value of warrants
478,669
7,083,365
1,349,518
(1,347,960
)
(2,380,664
)
Total other income (expense)
469,079
7,078,779
1,343,028
(1,353,164
)
(4,331,045
)
Income (loss) before income taxes
(2,389,144
)
4,226,376
(3,983,627
)
(6,172,010
)
(47,722,256
)
Provision for income taxes
-
-
-
-
6,800
Net income (loss)
$
(2,389,144
)
$
4,226,376
$
(3,983,627
)
$
(6,172,010
)
$
(47,729,056
)
Dividends on preferred stock
$
(107,203
)
$
-
$
(213,231
)
$
(1,238,067
)
$
(7,751,380
)
Net income (loss) attributable to common stockholders
$
(2,496,347
)
$
4,226,376
$
(4,196,858
)
$
(7,410,077
)
$
(55,480,436
)
Basic earnings per common share
$
(0.03
)
$
0.06
$
(0.06
)
$
(0.11
)
Diluted earnings per common share
$
(0.03
)
$
0.04
$
(0.06
)
$
(0.11
)
Share used in per share calculations:
Weighted average shares outstanding
76,340,016
68,676,504
75,842,071
64,789,250
Weighted average shares outstanding on a Fully Diluted Basis
76,340,016
114,797,830
75,842,071
64,789,250
(1)
The Company restated its financial statements for the year ended December 31, 2010, and the quarter ended March 31, 2011.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20110817005393r1&sid=14230&distro=ftp
International Stem Cell Corporation
Kenneth C. Aldrich, Chairman
760-940-6383
kaldrich@intlstemcell.com
Or
Ray Wood, CFO
760-940-6383
rwood@intlstemcell.com

Source:
http://intlstemcell.blogspot.com/feeds/posts/default?alt=rss

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