CARLSBAD, CA--(Marketwire - Nov 9, 2012) - International Stem Cell Corporation ( OTCQB : ISCO ) (www.internationalstemcell.com) ("ISCO" or "the Company") a California-based biotechnology company focused on therapeutic and research products, today announced financial results for the three months ended September 30, 2012.
Three Months Ended September 30, 2012
Revenue for the three months ended September 30, 2012 totaled $1.19 million compared to $0.84 million for the same period in 2011.Sales for Lifeline Skin Care (LSC) and Lifeline Cell Technology (LCT) increased by 46% and 37%, respectively. LSC and LCT accounted for 44% and 56% of total revenue in the three months ended September 30, 2012 compared to 43% and 57%, respectively, for the same period of 2011.
Research and development (R&D) expenses were $0.90 million for the three months ended September 30, 2012, compared to $1.13 million for the same period in 2011. The decrease was due primarily to lower stock-based compensation expense, lower personnel-related spending and lower consulting expenses, partially offset by higher stem cell line research and testing expenses and higher laboratory expenses associated with our Parkinson's disease program.
The Company continues to invest in its sales and marketing infrastructure. Marketing expenses for the three months ended September 30, 2012 were $0.48 million, compared to $0.37 million for the same period in 2011. The increase was primarily driven by investments to promote and build awareness of the Lifeline Skin Care brand and branded products. General and administrative expenses were $1.57 million, down 26% compared to the same period in 2011, as a result of ongoing operational efficiency initiatives.
Cash and cash equivalents totaled $2.38 million at September 30, 2012 compared to $1.34 million as of December 31, 2011 due primarily to two financing transactions totaling approximately $7.03 million completed in the first three months of 2012.
"We have made excellent progress in our therapeutic development programs, being able to start our non-human primate study in our Parkinson's disease program earlier than anticipated, and we remain on track to publish the results in the first half of next year," stated Dr. Andrey Semechkin, ISCO's CEO and Co-Chairman. "In addition, our results for the third quarter reflect good progress by LSC and LCT both in terms of growing sales and implementing their strategies. Particularly pleasing is LSC's continued revenue growth as they aim to diversify their sales channels, and LCT's strong quarter on quarter performance. General and administrative expenses continued to decrease reflecting our increased focus on cost containment.Looking ahead to next year, we anticipate our R&D expenses to increase further as we expand our pharmacology and safety studies and our Parkinson's program moves closer to IND filing in early 2014."
Q3 2012 Highlights:
Conference Call and Webcast Details:
Date: Friday, November 9, 2012 Time: 11:00 a.m. Eastern Time
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International Stem Cell Corp Announces Third Quarter 2012 Financial Results
