CARLSBAD, Calif., July 10, 2018 (GLOBE NEWSWIRE) -- International Stem Cell Corporation (OTCQB:ISCO) ("ISCO" or "the Company"), a California-based clinical stage biotechnology company developing novel stem cell-based therapies and biomedical products, announced today that its wholly owned subsidiary, Lifeline Cell Technology (LCT), has expanded its business and manufacturing capabilities to fulfill current and forecasted demand.
LCT has demonstrated stable manufacturing and revenue growth over the last five years. In 2017 alone, the annual revenue growth outperformed 2016 by over 20 percent. And in Q1 2018, LCT experienced more than a 50 percent increase in sales growth from the prior year quarter. During this time, several projects have been completed that greatly improved LCT’s manufacturing capabilities, allowing LCT to meet the growing demand of its products.
The upgrades have been made in all operational departments, including new equipment that has significantly improved its manufacturing and testing capabilities, now handling quadruple its original batch sizes. LCT has also hired additional staff in manufacturing and is in the process of expanding its facilities to include a formulation lab, a warehouse, and more working space.
“We continue to receive positive feedback from both new and current customers on the performance of our products and the efficiency of our distribution channels. Customer loyalty, our growing catalog of items, and increasing research and development spent in the biomedical market should help us continue our sales growth” commented Andrey Semechkin, PhD, Co-Chairman and Chief Executive Officer of ISCO.
LifelineÂ® Cell Technology develops manufactures and distributes high quality cells, media, and reagents for the research market world-wide. LCT’s modern laboratories and strict Quality Assurance provide high levels of consistent value to the research community. LCT conducts human cell in vitro research, product development, and manufacturing at the facilities in Oceanside, CA and Frederick, MD. The laboratories include all the necessary equipment used to manufacture, package, test, store, and distribute primary human cells and cell culture media. We are continuing to expand the cell culture facilities to include therapeutic cell research, development, and production in the cGMP suites.
About International Stem Cell Corporation
International Stem Cell Corporation is focused on the therapeutic applications of human parthenogenetic stem cells (hpSCs) and the development and commercialization of cell-based research and cosmetic products. ISCO's core technology, parthenogenesis, results in the creation of pluripotent human stem cells from unfertilized oocytes (eggs). hpSCs avoid ethical issues associated with the use or destruction of viable human embryos. ISCO scientists have created the first parthenogenetic, homozygous stem cell line that can be a source of therapeutic cells for hundreds of millions of individuals of differing genders, ages and racial background with minimal immune rejection after transplantation. hpSCs offer the potential to create the first true stem cell bank, UniStemCellâ„¢. ISCO also produces and markets specialized cells and growth media for therapeutic research worldwide through its subsidiary Lifeline Cell Technology (www.lifelinecelltech.com), and stem cell-based skin care products through its subsidiary Lifeline Skin Care (www.lifelineskincare.com). More information is available at www.internationalstemcell.com.
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Safe harbor statement
Statements pertaining to anticipated developments, expected LCT sales growth, and other opportunities for the company and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates,") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, regulatory approvals, need and ability to obtain future capital, application of capital resources among competing uses, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the company's business, particularly those mentioned in the cautionary statements found in the company's Securities and Exchange Commission filings. The company disclaims any intent or obligation to update forward-looking statements.
International Stem Cell Corporation
Russell Kern, PhD
Executive Vice President, CSO