NEW YORK, Aug. 8, 2013 (GLOBE NEWSWIRE) -- NeoStem, Inc. (Nasdaq:NBS) (or the "Company"), a leader in the emerging cellular therapy market, today announced its second quarter results and provided highlights of its recent activities. Of particular significance, the Company's PreSERVE Phase 2 clinical trial, investigating the Company's most advanced product candidate, AMR-001, in preserving heart function after a severe heart attack, continues to be on track to complete enrollment in 2013 with data read out 6-8 months after the last patient is infused.
Second Quarter Financial Highlights
Revenues from continuing operations for the three and six months ended June 30, 2013 were $4.4 million and $6.9 million, respectively, compared to $3.4 million and $7.1 million for the same periods in 2012. For the three and six months ended June 30, 2013, net losses from continuing operations were $8.6 million and $17.5 million, respectively. For the six months ended June 30, 2013, net loss from continuing operations excluding non-cash charges was $13.0 million (see reconciliation in Appendix below). NeoStem ended the second quarter with $14.7 million in cash, and subsequent to June 30, 2013, raised an additional $3.9 million in cash through warrant exercises and issuance of stock.Important Highlights and Developments
- Continued enrollment in the PreSERVE Phase 2 clinical trial investigating the Company's most advanced product candidate, AMR-001, in preserving heart muscle function after a severe heart attack with 120 patients infused as of August 8, 2013;
- Executed agreements with the University of California, San Francisco and the laboratories of Jeffrey Bluestone, PhD, and Qizhi Tang, PhD, to collaborate on the development of human Regulatory T cells for the treatment of type 1 diabetes ("T1D");
- Effected 1-for-10 reverse split of the Company's common stock;
- Transferred listing to NASDAQ from NYSE MKT;
- Ended the second quarter with $14.7 million in cash and, subsequent to June 30, 2013, raised an additional $3.9 million in cash through warrant exercises and issuance of stock;
- Raised $11.5 million in an underwritten public offering through Aegis Capital Corp;
- Increased revenue in Q2 2013 to $4.4 million from $2.5 million in Q1 2013;
- Named Stephen W. Potter as Executive Vice President;
- Recruited Douglas W. Losordo, MD, FACC, FAHA as Chief Medical Officer;
- Acquired new clients for Progenitor Cell Therapy a leading contract development and manufacturing organization purchased by the Company in January, 2011;
- Continued the expansion of intellectual property worldwide which may accelerate commercialization and provide regional partnering opportunities;
- Secured $4.6 million in grants to support the Company's regenerative medicine VSEL™ Technology to advance treatments for wound care, bone regeneration, and macular restoration.