CalbaTech Files Nine Month Financial Results; Anticipates Profitability in 2007
The addition of sales from the Stem Cell Microbank(TM) Service operated byLifeStem(TM) Inc., a CalbaTech wholly-owned subsidiary, that has developed aunique process to harvest adult stem cells in micro quantities to becryopreserved for future transplantation into the same client for medicalpurposes, will play a key role in strengthening the Company's financialposition, the filing said.
CalbaTech announced that sales for the third quarter dropped to $290,298,down from $322,322 in the same quarter in 2006, and nine month sales decreasedto $887,959 in 2007 compared to $977,444 in the same period in 2007. TheCompany said a cash flow deficit was caused by its inability in the quarter tocollect receivables from the National Institutes of Health, which subsequentlydelayed the manufacture and shipment of order, impacting revenues. Theproblem has been resolved.
CalbaTech said gross profits improved to $198,464 for the quarter. "Weare managing our resources very carefully," said James DeOlden, CEO.
LifeStem preserves healthy cells for future medical treatments becausethe benefits of stem cell therapies have shown great success in the treatmentof life threatening disease includingchronic heart failure and cancer, withthe promise of playing prominent roles in cures for other diseases such asParkinson's, Alzheimer's and diabetes.
The MicroBanking process, for which LifeStem has filed for US patentprotection, is based on the theory that it is not necessary to harvest aquantity of stem cells capable of regenerating the entire immune system at thetime of collection, but rather that these cells can be collected in microquantities and cryo-preserved for future cellular expansion prior toreintroduction into the recipient.
CalbaTech, Inc. (OTC Bulletin Board: CLBE) is an emerging life sciencescompany (http://www.CalbaTech.com) concentrating on providing products andplatforms to the research market for biotech and pharmaceutical companies andto academic institutions, as well as providing services in the collection,processing and storage of adult stem cells.
Note: Certain statements in this news release may contain "forward-looking" information within the meaning of rule 175 under the Securities Actof 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to thesafe harbor created by those rules. We use words such as "anticipate,""believe," "expect," "future," "intend," "plan," and similar expressions toidentify forward-looking statements. These statements including those relatedto being in a large and growing market, exhibiting rapid growthcharacteristics, and having a growth strategy, are forward looking statements.These forward looking statements are only predictions and are subject tocertain risks, uncertainties and assumptions. Some of the risks, uncertaintiesand assumptions that could cause actual results to differ materially fromestimates or assumptions in this press release include the risk that we willnot be able to grow our revenues and market share, the risk that our prices donot remain competitive and the risk that we will not achieve profitability.Additional risks are identified and described in the Company's public filingswith the Securities and Exchange Commission, including our most recent Reporton Form 10-KSB, and Reports on Form 10-QSB and Form 8-K. Statements madeherein are as of the date of this press release and should
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