International Stem Cell Corp., a California-based biotech company developing novel stem cell-based therapies and biomedical products, today issued a business update and posted its financial results for the first quarter of 2015.
Business updates for the first quarter of the year include:
• Completed the required preclinical studies and submitted a clinical trial exemption application to the Australian Therapeutics Goods Administration (TGA) to begin the phase 1/2a clinical study of the company’s cell therapy for the treatment of Parkinson’s disease. To be administered through the company’s wholly owned Australian subsidiary, Cyto Therapeutics Pty Ltd.
• Completed the manufacture of the bank of clinical-grade human neural stem cells for use in the Parkinson’s disease clinical trial. The cell bank contains more than 2.6 billion human cells, sufficient to meet the company’s foreseeable clinical trial requirements.
• Japan Patent Office granted International Stem Cell’s patent covering methods of making a bank of human stem cells from parthenogenetically activated eggs significantly strengthening and expanding the company’s intellectual property to now include Japan as well as the United States and the European Union.
“In the first quarter of 2015 we completed all the necessary preclinical studies of our Parkinson’s program and formally submitted our application to begin the first clinical study of this novel approach to treating this debilitating disease in humans,” Andrey Semechkin, Ph.D., CEO and Co-chairman of International Stem Cell, stated in the news release. “We continue to expect to make significant progress during the rest of 2015 towards our goal of providing a viable treatment options for people with Parkinson’s disease.”
On the financial side, International Stem Cell achieved first-quarter revenue of $1.62 million; Lifeline Skin Care increased 5% while Lifeline Cell Technology sales decreased by 8%. Operating income from cosmeceutical and biomedical markets grew 76% compared with the first quarter of 2014. Gross margin improved to 74%
The company narrowed its first-quarter 2015 net loss to $1.29 million compared to a net loss of $1.44 million reported in the year ago quarter. International Stem Cell ended the first quarter of 2015 with cash of $0.61 million.
For more information, visit www.internationalstemcell.com
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