IRVINE, Calif., May 8 /PRNewswire-FirstCall/ -- CalbaTech, Inc. , an emerging life sciences company (http://www.CalbaTech.com) concentrating on providing products and platforms to the biotech and pharmaceutical research market and to academic institutions, today announced sales of $412,567 in the quarter, up thirty-one percent compared to sales of $314,820 in the first quarter of 2005.
James DeOlden, CalbaTech CEO, said the Company “anticipates that revenues will continue to increase significantly from operations in the coming year because two subsidiaries, Molecula, Inc. and KD Medical, Inc., have combined their operations to be more efficient and these subsidiaries are moving into a new facility that will increase and improve manufacturing capabilities, and will create new custom product offerings to the National Institutes of Health, as well as major universities and pharmaceutical companies.
“The new facility also affords KD Medical contract research opportunities for pharmaceutical companies in the region and KD expects to experience growth and greater profitability due to contracting with a larger company to OEM some of its products, producing anticipated savings to KD. This contract should make KD more competitive and result in an increase in revenues and profitability,” CalbaTech’s CEO said.
Mr. DeOlden also said that CalbaTech’s wholly owned subsidiary, LifeStem, is on schedule to begin generating revenues from its Stem Cell Microbank(TM) service in the second quarter of 2006. LifeStem is the only company that will collect and store adult stem cells from two different cell sources for autologous banking.
“The Stem Cell Microbank(TM) process, for which LifeStem has filed a U.S. patent application, is based on the perspective that it is not necessary to harvest an amount of stem cells that is immediately capable of regenerating the entire immune system at the time of collection,” CalbaTech’s CEO said. “Rather the cells are collected in micro quantities and cryo-preserved for future cellular expansion prior to reintroduction into the owner. We also believe it is in the client’s best interest to store stem cells from two tissue samples.”
Finally, the Company also announced net income of $1.18 million, or $0.01 a share, for the first quarter ended March 31, 2006, compared to a loss in the same period in 2005. The first quarter included a $1.8 million adjustment of derivative and warrant liability to fair value of the underlying securities.
About CalbaTech
CalbaTech, Inc. is an emerging life sciences company (http://www.CalbaTech.com) concentrating on providing products and platforms to the research market for biotech and pharmaceutical companies and to academic institutions.
Contact: Paul Knopick E&E Communications (949) 707-5365 pknopick@eandecommunications.com
Note: Certain statements in this news release may contain “forward- looking” information within the meaning of rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. We use words such as “anticipate,” “believe,” “expect,” “future,” “intend,” “plan,” and similar expressions to identify forward-looking statements. These statements including those related to being in a large and growing market, exhibiting rapid growth characteristics, and having a growth strategy, are forward-looking statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or assumptions in this press release include the risk that we will not be able to grow our revenues and market share, the risk that our prices do not remain competitive and the risk that we will not achieve profitability. Additional risks are identified and described in the Company’s public filings with the Securities and Exchange Commission, including our most recent Report on Form 10-KSB, and Reports on Form 10-QSB and Form 8-K. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company’s past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
CalbaTech, Inc.
CONTACT: Paul Knopick of E&E Communications, +1-949-707-5365,pknopick@eandecommunications.com, for CalbaTech, Inc.
Web site: http://www.CalbaTech.com/
