LAGUNA HILLS, Calif., May 14 /PRNewswire-FirstCall/ -- LifeStem International, Inc., (OTC Bulletin Board: LSTM), formerly CalbaTech, Inc., an emerging life sciences company 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, today announced revenues for the first quarter of 2008 ending March 31 totaled $318,853, up from revenues of $311,970 in the same period in 2007.
The Company also announced that its gross profit increased to $195,260 in 2008 compared to $159,828 during the same period last year. "Significantly, we were able to decrease operating expenses twenty-four percent to $356,060 in the first quarter of 2008 compared to $471,922 last year," said James DeOlden, CEO. LifeSteam International announced a loss for the quarter due to adjustments for non-operating, non-cash derivates embedded in the Company's financing instrument.
"The therapeutic possibilities that may be provided by collecting and preserving healthy adult stem cells on a pre-disease basis may revolutionize the practice of medicine. The power and promise of stem cell therapies is just emerging, and the corresponding development of new clinical applications and therapies are expected to follow. LifeStem's Stem Cell Microbank(TM) Service focuses on refining existing collection processes that are gaining significant acceptance. The focus will be providing a stem cell collection process and storage service that maintains adult stem cells for future use and broadens the availability of a collection and storage service," Mr. DeOlden said. The Company's initial client collections through the Stem Cell Microbank(TM), originally scheduled for May 10, have been, at the clients' request, rescheduled for June 20.
About LifeStem International, Inc.
LifeStem International, Inc. (OTC Bulletin B
|SOURCE LifeStem International, Inc.|
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