Stem Cell Sciences’ losses widen in 07; sees marketing delivering revenue growth in 08
Stem Cell Sciences plc, specialists in the commercialisation of stem cells and stem cell technologies, reported an increased net loss of £3.5m for the year ended 31st December 2007, compared to a loss of £2.7m in 2006.
It also reported that its cash balance at the end of the year was £3.6m, compared to £2.5m a year earlier.
CEO Alastair Riddell (pictured) said: “The changes we started to implement in 2007 are the catalyst for significant change in 2008, both in terms of business performance and operations. We believe strongly that revenue growth can be achieved by focused marketing of our stem cell product lines and technologies.
“We shall also actively prosecute our extensive IP portfolio. As announced recently, we have implemented an operations rationalisation and restructuring programme that will result in significant cost savings in the immediate future. We look forward to 2008 as a transformational and successful year for SCS."
The rationalisation will see its HQ and commercial operations shortly relocate from Edinburgh to Cambridge alongside its R&D and production arm.
The company reported turnover £0.6m (2006: £0.7m) and gross profit £0.5m (2006: £0.6m).
It said that its 2007 highlights were:
• The signing of a diabetes contract research agreement with a major biopharma to validate its suite of cell processing technologies for the scaled, automated production of human embryonic stem cells and demonstrate the bulk production of cells relevant for diabetes research at the SCS' Cambridge production facility.
• The launch of HEScGRO animal component-free medium for human embryonic stem cell research by Millipore Corporation under royalty paying license from SCS.
• The successful, over-subscribed secondary listing on the Australian Stock Exchange raising AU$12.4m (£4.94m) in April.
• Securing EU funding for NEUROscreen, a program that aims to discover new CNS disease drug candidates. Of a total grant of €2.4m over 3 years, approximately €0.42m went to SCS.
26 February 2008
