International Stem Cell Corporation detailed their financial results for the fourth quarter and full year 2016 and provided a company update.
International Stem Cell Corporation (OTCQB:ISCO) detailed their financial results for the fourth quarter and full year 2016 and provided a company update.
As quoted in the press release:
“In 2016 we made a significant progress in the field of neurology. We transplanted human parthenogenetic stem cells-derived neural stem cells into patients with Parkinson’s disease and we also were able to demonstrate a significant therapeutic potential of our cells in traumatic brain injury animal model,” stated Andrey Semechkin, Ph.D., CEO and Co-Chairman of ISCO. “In the area of ISCO commercial subsidiaries, substantial attention was dedicated to logistics and manufacturing processes optimization. Additionally, we have significantly expanded Lifeline Skin Care and Lifeline Cell Technology product lines. I believe that based on our recent achievements, we are well positioned for ISCO’s future growth.”
FY 2016 Financial highlights:
- $7.2 million in revenue for the year ended December 31, 2016, a decrease of 5% compared to 2015.
- Combined operating income for the year ended December 31, 2016 from our two wholly owned revenue generating subsidiaries, Lifeline Cell Technology and Lifeline Skin Care, was $1.3 million;
- Gross margin remained unchanged at 73% year-over-year;
- Average net cash used in operating activities was $350,000 per month for the year ended December 31, 2016;
Q4 Corporate Highlights
- The second patient in the clinical trial for Parkinson’s Disease was successfully transplanted with 30,000,000 ISC-hpNSC® cells;
- Demonstrated that ISC-hpNSC® can improve cognitive performance and motor coordination in rodents with traumatic brain injury;
- Ten pending patent applications covering internally-generated and in-licensed technologies were issued as patents;
- Lifeline Skin Care expanded its two core technology product lines by launching four new skincare products targeting retail and professional markets. In 2016 a new patent covering small molecule technology in skin care was issued to the Company in the United States.
2017 Anticipated Events
- Complete dosing patients in Phase I Parkinson’s disease clinical trial in Australia;
- Report preliminary safety and efficacy results Phase I Parkinson’s disease clinical trial in Australia;
- Report on dose escalating animal study results for the treatment of traumatic brain injury;
- Start phase II clinical study of ISC-hpNSC® for the treatment of traumatic brain injury.
Presentations & Publications
In 2016, the company presented comprehensive findings of its preclinical and clinical studies in Parkinson’s disease at:
- The American Society for Neural Therapy and Repair Annual Meeting;
- The Society for Neuroscience Annual Meeting at Neuroscience 2016.
The Company published results of pre-clinical studies demonstrating the safety and efficacy of the company’s treatment of Parkinson’s disease in two peer-reviewed journals, Cell Transplantation and Scientific Reports by Nature Publishing Group.
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.