Q3/10 Results, StemCells (STEM)
Q3/10 revenue was $254K which includes licensing and grant revenues as well as product sales revenue from the SC Proven(R) line of specialty cell culture products. Loss from operations was $7M. On a sequential basis, loss from operations declined for the 3rd straight quarter. SG&A expenses were $2.018M while R&D expenses were $5.2M. Q3/10 other income was $1.449M which included a $1.228M decrease in the estimated fair value of warrant liability. Shares used to compute basic an diluted loss per share were 127.09M. For the first 9 months of FY10, cash used in operations totaled $19.655M. STEM recently raised $7.015M in net proceeds through sales of common stock.
- Awarded QTDP grants totaling $977,917 for projects related to development of cell-based therapeutics targeting the central nervous system (CNS) and the liver;
- Cash and cash equivalents were $24.555M.
- In 8/10 published new preclinical data demonstrating that proprietary human neural stem cells restore lost motor function in mice with chronic spinal cord injury;
- In8/10, independent researchers used STEM’s technology to achieve the first-ever genetically engineered rat derived from rat embryonic stem (ES) cells which demonstrates the potential for the types of genetic manipulations previously only possible in mice, and for modeling a broader range of human diseases with the rat;
- In 8/10, STEM was notified by NASDAQ that the closing bid price for our shares had been below $1.00 per share for 30 consecutive business days, and therefore we did not meet the requirements for continued listing on the Nasdaq Global Market.;
- In accordance with NASDAQ listing rules, STEM has 180 calendar days or until 2/8/11 to regain compliance with this requirement;
- In 10/10, 2 of 4 planned patients in the Phase I clinical trial in Pelizeaus-Merzbacher Disease (PMD) were enrolled and transplanted with HuCNS-SC product candidate (purified human neural stem cells);
- In10/10, initiated a 2nd clinical trial of HuCNS-SC cells in Batten disease. This Phase 1b trial is designed to evaluate the safety and preliminary efficacy of the cells in patients with either infantile or late infantile NCL. The trial will enroll 6 patients with less advanced stages of the disease than those who enrolled in our Phase 1 NCL trial.