In case you are wondering why the ISCO symbol has changed from ISCO.OB to ISCOE.OB, it is due to the fact that ISCO has not yet filed our Quarterly Report for the first quarter. For further details please see our Press Release from yesterday, May 25, 2011.
Under the OTCBB rules, our symbol will revert back to ISCO.OB within a day or two after our filing is complete.
International Stem Cell Corporation Reports First Quarter Revenue of $1.5 Million on Strong Initial Sales of Skin Care Products and Strong Growth of Research Product Sales
International Stem Cell Corporation (OTCBB: ISCO) (ISCO) announces that revenue in the first quarter of 2011 was $1.5 million, compared with revenue of $273,000 in the first quarter of 2010. The increase was primarily due to $1.1 million in sales of Lifeline Skin Care products achieved in the pilot direct-to-consumer launch. Adding to the revenue growth was a 35% increase over the prior year in sales of human cell culture research products from subsidiary Lifeline Cell Technology.
ISCO also disclosed that it is delaying the filing of its Report on Form 10-Q for the period ending March 31, 2011 in order to resolve an accounting question as described below.
Shortly before the scheduled date for filing the 10-Q, ISCO identified an issue related to whether a technical interpretation of certain accounting guidance found in FASB ASC Topic 815, Derivatives and Hedging could require a change in the manner ISCO has historically accounted for the value of warrants originally issued as compensation to brokers working for the placement agent in the Company's 2007 initial public offering.
The accounting question is highly technical in nature and would have no impact on cash or revenues, but relates solely to the non-cash accounting for warrants issued several years ago. Rather than publish information that might be subject to further revision, ISCO has elected to delay the filing of its 10-Q until a decision can be made as to whether or not adjustments will need to be made and, if so, exactly what the accounting entries will be. The Company is committed to resolving this question as promptly as possible and will disclose the conclusion in the 10-Q.
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 www.internationalstemcell.com.
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Forward-looking Statements
Statements pertaining to anticipated developments, anticipated resolution of the accounting question, and 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, the application of accounting guidance, 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
Kenneth C Aldrich, Chairman
760-940-6383
kaldrich@intlstemcell.com
or
Lippert/Heilshorn & Associates
Don Markley
310-691-7100
dmarkley@lhai.com
CARLSBAD, Calif. -- (May 19, 2011) -- International Stem Cell Corporation (OTCBB:ISCO), www.internationalstemcell.com, has now enrolled the first U.S.-based donor in its program to establish a bank of clinical-grade human parthenogenetic stem cells (hpSCs) capable of being immune-matched to millions of patients.
Dr. Simon Craw, Vice President of ISCO with primary responsibility for building its UniStemCell Bank, said, “Enrolling our first donor is a key milestone towards our goal of creating a bank of clinical-grade pluripotent human stem cells with the ability to immune-match millions of patients. It is extremely exciting to start this new phase of development, and I look forward to making new clinical-grade hpSC lines available to medical researchers around the world.”
ISCO maintains the world’s largest collection of research-grade human parthenogenetic stem cell (hpSC) lines which it uses along with its partners and collaborators to investigate cellular therapies for a number of incurable human diseases.
ISCO previously announced it had successfully obtained the necessary regulatory approvals for obtaining human oocytes, including Institutional Review Board (IRB) approval and Stem Cell Research Oversight (SCRO) committee approval. Today’s announcement marks the next phase of development as the Company is now positioned to begin producing new clinical-grade hpSC lines.
These new cell lines will be ISCO’s first hpSCs to be produced in the United States in accordance with Good Manufacturing Practice (cGMP) specifications. The new cGMP hpSC lines will be uniquely valuable in therapeutic research and clinical development as cells or tissue derived from such cells can be used in human clinical trials.
ISCO’s scientific discoveries have resulted in the development of a unique new type of pluripotent stem cells that possess a number of distinct advantages over other types of human pluripotent stem cells. ISCO uses unfertilized oocytes to create human “parthenogenetic” stem cells. Like human embryonic stem cells (hESCs), hpSCs are pluripotent, i.e. they have the capacity to become almost any cell type in the body, yet avoid ethical issues associated with use or destruction of viable human embryos. Unlike hESCs, hpSCs can be created in a form such that they can be immunologically matched to millions of individuals.
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 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.
Forward-looking Statements
Statements pertaining to anticipated developments, the potential production and benefits of stem cell lines, 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 and the management of collaborations, 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.
Contacts:
International Stem Cell Corporation
760-940-6383
Kenneth C. Aldrich
Chairman
Simon Craw, Ph.D.
Vice President
or:
Lippert/Heilshorn & Associates
Don Markley (dmarkley@lhai.com)
310-691-7100
# # #
International Stem Cell Corporation Chairman Comments on UC San Diego Study That Finds Therapies Using Induced Pluripotent Stem Cells Could Encounter Immune Rejection Problems
Scientists at the University of California, San Diego, announced last week that they had discovered that the class of stem cells known as "induced pluripotent stem cells" or "iPS" cells could cause an immune rejection problem when transplanted into mice. Scientists had hoped that these cells would have two big advantages over embryonic stem cells: they would not be controversial because their creation did not entail the destruction of human embryos; and, since the stem cells could be made from a particular patient’s skin cells, they could be used to make tissues that would not be rejected by the patient’s own immune system. Although responses in humans may be different, the discovery of an immune response in mice suggests that the second of these hopes may not be so easily realized.
That is disappointing news in many ways, but it illustrates what we at International Stem Cell Corporation (ISCO) think will be one of the great benefits of the Parthenogenetic Stem Cells our scientists have created and patented.
Parthenogenetic stem cells are not only pluripotent they also do not involve any destruction or damage to a viable human embryo. Since they are never fertilized (and can't become a child) they carry the DNA of only the egg donor and not the added DNA of a father or other sperm donor. This results in the possibility of matching these cells to large groups of people without causing immune response problems.
The science is a bit complicated, but the result is illustrated by the fact that the very first stem cell line ISCO created using its newest techniques has the potential to match the immune systems of over 50 million people. With the right donors, cell lines from as few as 50 donors (one respected scientist has said as few as 10 donors) could match a very large portion of the world's population. There is a lot of work yet to be done, but if one thinks of it as comparable to a blood bank, but for stem cells instead, the concept becomes quite exciting.
Lastly, even if iPS cells are never used for transplant therapy, they still have wonderful research potential, so those who hoped for medical breakthroughs using them should not despair. They are, and will be, very important, even though there are better pathways to transplant therapy.
Kenneth C. Aldrich - Chairman
International Stem Cell Corporation
Source: Press Release from the University of California San Diego http://www.eurekalert.org/pub_releases/2011-05/uoc--sft051211.php
ISCO Scientists to Present Results of Recent Stem Cell Research on Central Nervous System and Liver Diseases at Annual Meeting of American Society of Gene and Cell Therapy
International Stem Cell Corporation (OTCBB: ISCO) announced today that two of its leading scientists, Vice President Dr. Ruslan Semechkin and Director of Research and Therapeutic Development Dr. Nikolay Turovets, will present the results of their most recent experiments on the therapeutic use of human parthenogenetic stem cells (hpSCs) at the 14th Annual Meeting of American Society of Gene and Cell Therapy in Seattle.
ISCO's breakthrough discoveries have resulted in a new type of pluripotent human stem cells with distinct advantages over other human pluripotent stem cells. ISCO uses unfertilized oocytes to create human "parthenogenetic" stem cells. Like embryonic stem cells, hpSCs are pluripotent, i.e. they have the capacity to become almost any cell type in the body, yet avoid ethical issues associated with use or destruction of viable human embryos. Unlike embryonic stem cells, hpSCs can be created in a form such that cells from a single donor can be immunologically matched to millions of individuals.
The data presented at the Seattle conference represents progress made in two specific areas: 1) the successful derivation of neuronal stem cell lines, which can potentially be used for treatment of degenerative diseases of the central nervous system (CNS), and 2) the differentiation of hpSCs towards liver cells and their progenitors.
Dr. Semechkin's oral presentation titled "Neural Stem Cells of Parthenogenetic Origin" will be on Thursday, May 19, 2011 at 4:15 pm.
Dr. Turovets poster presentation titled "An in vitro Analog of the Primitive Streak to Derive High-Purity Definitive Endoderm Lineages Uncontaminated with Undifferentiated Cells" will be on Saturday, May 21, 2011.
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 www.internationalstemcell.com.
To subscribe to receive ongoing corporate communications, please click on the following link:http://www.b2i.us/irpass.asp?
Forward-looking Statements
Statements pertaining to anticipated developments, the potential benefits of research programs and products, 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 and the management of collaborations, 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
760-940-6383
Ruslan Semechkin, PhD
Vice President, ISCO
CEO & President, Lifeline Skin Care
ras@intlstemcell.com
Or:
Nikolay Turovets, Ph.D.
Director, Research and Therapeutic Development
nturovets@intlstemcell.com
