IRVINE, Calif., Aug. 15 /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, and banking of adult stem cells for possible future therapeutic uses, today announced its second quarter financial results.
Revenues for the first six months of 2006 totaled $655,122, up five percent from the same period in 2005. Revenues were down slightly in the second quarter, dropping from $310,525 in 2005 to $242,558 in 2006 because of down time while the Company moved two subsidiaries into a new facility. Gross profit increased and totaled $205,377 in the second quarter of 2006 compared to $129,665 in 2005. Accounting for derivative liability recognition caused the company to achieve net revenues of approximately $13,000 for the six-month period, as compared to a loss of approximately $2.2 million for the same period in 2005.
The Company also announced that LifeStem, its wholly owned subsidiary, presented its Stem Cell MicroBank(TM) Service at a national convention of medspa owners and anticipates launching its MicroBank(TM) Service in Florida, New York, North Carolina and other states soon after the August 15th, 2006, California launch date. LifeStem is projecting $3.9 million in revenues in the first twelve months of operating the nation’s first service to collect micro-quantities of adult stem cells from multiple tissue sources for future potential therapeutic use.
James DeOlden, CalbaTech CEO, said the Company anticipates that revenues will increase throughout the balance of 2006, not only due to launching LifeStem’s Stem Cell Microbank(TM) Collection Service, but also due to two subsidiaries, Molecula, Inc. and KD Medical, Inc., having combined operations to be more efficient and having moved into a new facility that should increase quality and improve manufacturing capabilities.
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/
