As of August 31, 2008, the Company had approximately $4.4 million in available cash, cash equivalents, marketable securities and other investments. The Company had no long-term debt at the end of the quarter.
"We continue to be encouraged by Cryo-Cell's improved performance in the third quarter of 2008 and by the 76% year over year decrease in the net loss through FY08. In accordance with our long-term strategic plan, we believe that the Company is making considerable progress towards profitability as we review our achievements during the first three quarters of fiscal 2008. Much of the progress stems from the build out on the launch of our new product, C'elle, combined with significant operating efficiencies," stated Mercedes Walton, Chairman and Chief Executive Officer.
"Looking ahead, the private cord blood bank industry may potentially
face formidable challenges associated with the overall impact of the
domestic economy on discretionary consumer and family spending. In
addition, the increased prevalence of public cord blood banking offers
families a practical alternative to private banking during times of
economic hardship." Walton continued, "However, Cryo-Cell's recent
announcement of C'elle's global expansion to seven countries of Europe,
Latin America and Southeast Asia demonstrates growing worldwide interest
from partners who are keenly eager to introduce our innovative C'elle
service abroad. Taking int
|SOURCE Cryo-Cell International, Inc.|
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