Progress in ISCO's Parkinson's disease program was showcased in Seeking Alpha this morning. The article discusses some big pharma approaches as well as ISCO's and two other small biotechs.
Thursday, August 16, 2012
ISCO has attracted two talented and well-known scientists to help with our Parkinson's disease program. This will really help progress the PD program.
See the full press release here
See the full press release here
Monday, August 13, 2012
CARLSBAD, CA -- (Marketwire) -- 08/09/12 -- 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 and six months ended June 30, 2012.
Three and Six Months Ended June 30, 2012
Revenue for the three months ended June 30, 2012 totaled $1.06 million compared to $1.11 million for the three months ended June 30, 2011. The decrease in revenue was due largely to lower sales generated from Lifeline Cell Technology (LCT). LCT and Lifeline Skin Care (LSC) each accounted for approximately 50% total revenue in the three months ended June 30, 2012 compared to 52% and 48%, respectively, in the corresponding periods the prior year. Revenue for the six months ended June 30, 2012 was $2.13 million compared to $2.63 million for the corresponding period in 2011. The decrease in revenue was due principally to fewer sales generated from LSC, partially offset by LCT's higher sales generated from larger distributors. For the six months ended June 30, 2012, LSC generated $1.07 million or 50% of total revenue, compared to $1.66 million or 63% of total revenue for the corresponding period in 2011. For the six months ended June 30, 2012, LCT generated $1.06 million or 50% of total revenue, compared to $0.97 million or 37% of total revenue for same period in 2011.
Research and development expenses (R&D) were $0.87 million for the three months ended June 30, 2012, representing a decrease of approximately 23% compared to the corresponding period in 2011. The decrease was due primarily to lower consulting expenses associated with various research projects, lower stock-based compensation expense, lower laboratory-related expenses, and lower personnel-related spending. The decrease was partially offset by higher stem cell line research and testing expenses. R&D expenses were $1.80 million for the six months ended June 30, 2012, compared to $2.13 million for the same period in 2011. The 15% decrease was due primarily to lower consulting expenses associated with various research projects, lower stock-based compensation expense, lower laboratory-related expenses, and reduced travel expenses, partially offset by higher stem cell line research and testing expenses and higher personnel-related spending associated with higher headcount and increased research activities.
The Company continues to invest in its sales and marketing initiatives. Marketing expenses for the three months ended June 30, 2012 were $0.55 million, an increase of 58% from the same period in 2011. The increase was primarily driven by investments in marketing and promotion, advertising, higher shipping and logistic expenses, additions of sales and customer service staff, higher consulting expense and higher commission paid to various strategic partners. The increase was partially offset by a reduction in commission paid to a consultant who promoted, marketed, and sold skin care products through various proprietary mailings and employee stock-based compensation. For the six months ended June 30, 2012, marketing expenses amounted to $1.04 million, reflecting an increase of $0.38 million or 57%, as compared to $0.66 million for the corresponding period in 2011. The substantial increase was primarily driven by increased investments in marketing support, promotion, and advertising, higher consulting expense, higher shipping and logistic expenses, higher personnel-related expenses resulting from higher headcount in the sales and marketing of the skin care products, and higher commission paid to various strategic partners. The increase was partially offset by a reduction in sales commission paid to a consultant who promoted, marketed, and sold skin care products through various proprietary mailings and lower employee stock-based compensation.
General and administrative expenses for the three months ended June 30, 2012 were $1.76 million, down 18% compared to the same period in 2011, as a result of ongoing operational efficiency initiatives. The decrease resulted largely from lower employee stock-based compensation, reduced employee-related spending resulting from lower headcount, lower professional accounting fees, and lower corporate support expenses. The decrease was partially offset by higher legal fees relating to our corporate activities, and higher consulting expense. General and administrative expenses for the six months ended June 30, 2012 were $3.79 million, reflecting a decrease of $0.58 million or 13%, compared to $4.37 million for the same period in 2011. The decrease was primarily attributable to lower employee stock-based compensation, the absence of stock-based compensation incurred for services provided by a consultant, reduced employee-related spending resulting from lower headcount, and lower corporate support expenses. The decrease was partially offset by an increase in legal fees relating to our corporate expenses, higher consulting expense, and higher professional accounting fees related to Sarbanes-Oxley compliance efforts.
Cash and cash equivalents totaled $4.29 million at June 30, 2012 compared to $1.34 million as of December 31, 2011, due primarily to two financing transactions totaling approximately $6.9 million completed in the first six months of 2012 partially offset by normal business operations.
"We have made solid progress across our entire organization in the first half of this year," stated Dr. Andrey Semechkin, ISCO's CEO and Co-Chairman, "and I'm pleased to see that the operational efficiencies we implemented in the second quarter are resulting in lower administrative expenses. Going forward we will continue to look for further opportunities to improve our organization effectiveness and reduce expenses. As you may have read in my shareholder letter, following a detailed analysis of our research priorities, we concentrated our resources on the most promising therapeutic programs and this has already resulted in exciting achievements and progressed our programs closer to clinical development."
Q2 2012 Highlights:
Conference Call and Webcast Details:
Date: Friday, August 10, 2012
Time: 11:00 a.m. Eastern Time
Conference Call Dial-in Numbers
Participants from US Domestic: 1 877 317-6776
Participants from International: 1 412 317-6776
Conference ID: 10017300
Webcast link: http://webcast.mzvaluemonitor.com/Home/Login/7fd6c4da-37f0-472c-9f28-cd9eb1b99f87
Replay of the conference call will be available for two week following 1 hour after the end of the conference call through end date: Aug 24, 2012 at 9:00 am ET.
Teleconference Replay Details:
US Domestic: 1-877-344-7529
Conference ID: 10017300
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 parthenogenic, 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.
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
Safe harbor statement
Statements pertaining to anticipated developments, potential sales growth, new products and distribution channels 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 and Subsidiaries (A Development Stage Company) Condensed Consolidated Balance Sheets (in thousands, except share data) June 30, December 31, 2012 2011 (Unaudited) Assets Cash and cash equivalents $ 4,285 $ 1,337 Accounts receivable, net 210 140 Inventory, net 1,272 1,268 Prepaid expenses and other current assets 291 274 Total current assets 6,058 3,019 Property and equipment, net 1,246 1,420 Intangible assets, net 1,589 1,282 Deposits and other assets 16 16 Total assets $ 8,909 $ 5,737 ============ ============ Liabilities, Redeemable Preferred Stock and Stockholders' Equity Accounts payable $ 995 $ 777 Accrued liabilities 781 752 Deferred revenue 134 189 Related party payable 77 108 Advances 250 250 Warrants to purchase common stock -- 38 Total current liabilities 2,237 2,114 Convertible Redeemable Series G Preferred stock, $0.001 par value, 5,000,000 shares and 0 were authorized, issued and outstanding at June 30, 2012 and December 31, 2011, respectively, liquidation preferences of $5,092 and $0 at June 30, 2012 and December 31, 2011, respectively 5,033 -- Commitments and contingencies Stockholders' Equity Series D Preferred stock, $0.001 par value, 50 shares authorized, 43 issued and outstanding at June 30, 2012 and December 31, 2011 -- -- Series A Preferred stock, $0.001 par value, 0 and 5,000,000 shares authorized at June 30, 2012 and December 31, 2011, respectively, 0 and 500,000 issued and outstanding at June 30, 2012 and December 31, 2011, respectively, liquidation preferences of $0 and $615 at June 30, 2012 and December 31, 2011, respectively 0 1 Series B Preferred stock, $0.001 par value, 5,000,000 shares authorized, 300,000 issued and outstanding at June 30, 2012 and December 31, 2011, liquidation preferences of $376 and $367 at June 30, 2012 and December 31, 2011, respectively 0 0 Series C Preferred stock, $0.001 par value, 3,000,000 shares authorized, 2,000,000 issued and outstanding at June 30, 2012 and December 31, 2011, liquidation preferences of $2,447 and $2,387 at June 30, 2012 and December 31, 2011, respectively 2 2 Common stock, $0.001 par value, 300,000,000 shares authorized, 87,238,815 and 80,036,315 issued and outstanding at June 30, 2012 and December 31, 2011, respectively 87 80 Additional paid-in capital 68,755 63,995 Deficit accumulated during the development stage (67,205) (60,455) Total stockholders' equity 1,639 3,623 Total liabilities, redeemable preferred stock and stockholders' equity $ 8,909 $ 5,737 ============ ============ International Stem Cell Corporation and Subsidiaries (A Development Stage Company) Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) Inception (August 17, 2001) Three Months Ended Six Months Ended through June 30, June 30, June 30, 2012 2011 2012 2011 2012 Revenues Product sales $ 1,056 $ 1,114 $ 2,133 $ 2,629 $ 9,764 Royalties and license -- -- -- -- 135 Total revenue 1,056 1,114 2,133 2,629 9,899 Development expenses Cost of sales 313 362 637 791 3,971 Research and development 865 1,129 1,802 2,132 20,096 Marketing 548 346 1,044 664 4,918 General and administrative 1,755 2,135 3,794 4,369 35,478 Total development expenses 3,481 3,972 7,277 7,956 64,463 Loss from development activities (2,425) (2,858) (5,144) (5,327) (54,564) Other income (expense) Settlement with related company -- -- -- -- (93) Miscellaneous expense (56) (12) (54) (11) (235) Dividend income -- -- -- -- 94 Interest expense -- -- -- -- (2,225) Sublease income 4 2 7 5 316 Change in market value of warrants -- 479 38 1,349 (1,357) Total other income (expense), net (52) 469 (9) 1,343 (3,500) Loss before income taxes (2,477) (2,389) (5,153) (3,984) (58,064) Provision for income taxes -- -- -- -- 7 Net loss $ (2,477) $ (2,389) $ (5,153) $ (3,984) $ (58,071) ========= ========= ========= ========= ========== Deemed dividend on preferred stock $ -- $ -- $ (1,375) $ -- $ (1,375) Dividends on preferred stock $ (139) $ (107) $ (222) $ (213) $ (8,189) Net loss attributable to common stockholders $ (2,616) $ (2,496) $ (6,750) $ (4,197) $ (67,635) ========= ========= ========= ========= ========== Net loss per common share-basic and diluted $ (0.03) $ (0.03) $ (0.08) $ (0.06) ========= ========= ========= ========= Weighted average shares-basic and diluted 87,106 76,340 84,446 75,842 ========= ========= ========= =========
Dr. Simon Craw
Executive Vice President
Email: Email Contact
Chief Financial Officer
Email: Email Contact
Senior Vice President
Email: Email Contact
We have been made aware that some sources of financial data and websites are incorrectly stating the tier where our stock is traded. Since OTCMarkets upgraded their trading platform yesterday, some finance sites such as Google are now mis-characterizing our market tier.
Our stock continues to be quoted in the OTCQB markets as usual, but now using the OTC Link platform exclusively. This is a significant benefit to ISCO since, instead of only one or two market makers, as we have had in recent months, we now have multiple market makers quoting bid and asked prices for our stock. We believe that over time that will result in a more stable market for our shares and more “transparency” for investors.
For an example of this, we suggest you look at http://www.otcmarkets.com/stock/ISCO/quote , which will show the number of market makers in our stock and what each is quoting as its bid and asked prices. You might also find it interesting to click on the “short sales” tab, which will show you that short interest in ISCO stock declined by over 95% in the month of June.
As an ISCO investor you may want to use www.OTCMarkets.com as your real time source of our financial data, as other websites may still be incorrectly displaying our previous tier listing.
CARLSBAD, CA -- (Marketwire) -- 07/18/12 -- International Stem Cell Corporation (OTCBB: ISCO),www.internationalstemcell.com, a California-based biotechnology company focused on therapeutic and research products, announced today that Co-Chairman of the Board and Chief Executive Officer Andrey Semechkin PhD has published a letter to shareholders.
The letter addresses recent corporate governance and operational changes, as well as providing an update on ISCO's Research and Development accomplishments, challenges and 2012 - 2013 major milestones and information on both the Lifeline Skin Care's and Lifeline Cell Technology's recent activities.
The full text of the letter can be found at