LAGUNA HILLS, Calif., Nov. 20 /PRNewswire-FirstCall/ -- CalbaTech, Inc. (OTC BB: CLBE), an emerging life sciences company (http://www.CalbaTech.com ) concentrating on the collection and banking of adult stem cells for possible future therapeutic uses and providing products and platforms to the biotech and pharmaceutical research markets and to academic institutions, said today in its 10Q filing with the U.S. Securities & Exchange Commission that it anticipates to be profitable in 2007.
The addition of sales from the Stem Cell Microbank(TM) Service operated by LifeStem(TM) Inc., a CalbaTech wholly-owned subsidiary, that has developed a unique process to harvest adult stem cells in micro quantities to be cryopreserved for future transplantation into the same client for medical purposes, will play a key role in strengthening the Company's financial position, 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 decreased to $887,959 in 2007 compared to $977,444 in the same period in 2007. The Company said a cash flow deficit was caused by its inability in the quarter to collect receivables from the National Institutes of Health, which subsequently delayed the manufacture and shipment of order, impacting revenues. The problem has been resolved.
CalbaTech said gross profits improved to $198,464 for the quarter. "We are managing our resources very carefully," said James DeOlden, CEO.
LifeStem preserves healthy cells for future medical treatments because the benefits of stem cell therapies have shown great success in the treatment of life threatening disease includingchronic heart failure and cancer, with the promise of playing prominent roles in cures for other diseases such as Parkinson's, Alzheimer's and diabetes.
The MicroBanking process, for which LifeStem has filed for US pa
|SOURCE CalbaTech, Inc.|
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