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 patent protection, is based on the theory that it is not necessary to harvest a quantity of stem cells capable of regenerating the entire immune system at the time of collection, but rather that these cells can be collected in micro quantities and cryo-preserved for future cellular expansion prior to reintroduction into the recipient.
CalbaTech, Inc. (OTC Bulletin Board: CLBE) 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, 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 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.
Contact: Paul Knopick
E & E Communications
|SOURCE CalbaTech, Inc.|
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