OLDSMAR, Fla., Oct. 15 /PRNewswire-FirstCall/ -- Cryo-Cell International, Inc. (OTC Bulletin Board: CCEL) (the "Company"), one of the world's largest and most established family cord blood banks, today announced results for the third quarter and nine months ended August 31, 2008.
Consolidated revenues for the third quarter were approximately $4.5 million compared to approximately $4.6 million for the third quarter of 2007. The Company reported a net loss in the third quarter 2008 of approximately ($189,000), or ($0.02) per basic common share, compared to a net loss of approximately ($1,148,000), or ($0.10) per basic common share, in the third quarter of 2007. The decrease in the net loss in the third quarter of fiscal 2008 is primarily the result of a 24% decrease in marketing, general and administrative expenses. In addition, research and development expenses were approximately $68,000 in the third quarter of 2008, a decrease of approximately 58% in comparison to the same period in 2007. Research and development expenses in 2008 represented expenses related to the development of the Company's new C'elle(R) menstrual stem cell technology.
The Company recognized approximately $293,000 in licensee income for
the third quarter of fiscal 2008, compared to approximately $226,000 for
the 2007 period. On February 20, 2008, the Company entered into a
definitive License and Royalty Agreement with Cryo-Cell de Venezuela to
market its U-Cord program in Venezuela and to collect and ship the
specimens to the Company's facility in Oldsmar, FL. The non-refundable
up-front license fee of $200,000 is expected to be paid by Cryo-Cell de
Venezuela in installments. The Company received the first installment
payment of $100,000 during the first quarter of fiscal 2008. The agreement
was amended on August 29, 2008. The amendment to the agreement acknowledges
that the first installment payment is non-refundable and the Company
recognized the $100,000 payment during the
|SOURCE Cryo-Cell International, Inc.|
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