SAN DIEGO, May 17, 2006 (PRIMEZONE) -- MicroIslet, Inc. (AMEX:MII) has announced its results for the quarter ended March 31, 2006. The Company reported a net loss of $3.3 million for the first quarter of 2006, compared to $2.0 million for the same period in 2005. Grant revenue for the first quarter of 2006 was $141,000, consisting entirely of research grants. No grant revenue was recognized for the first quarter of 2005.
Research and development expenses increased to $1.9 million for the first quarter of 2006 from $1.4 million for the first quarter of 2005. This increase was mainly due to the new accounting for stock based compensation and higher levels of spending for our partnership with the Mayo Foundation, and materials and services relating to testing of our technology in animals. General and administrative expenses increased to $1.6 million for the first quarter of 2006 from $0.6 million for the first quarter of 2005. This increase was primarily due to the new accounting for stock based compensation, higher personnel expenses for new senior management, and temporary consulting services to fill open positions.
About MicroIslet
MicroIslet is a biotechnology company engaged in the research, development, and commercialization of patented technologies in the field of transplantation therapy for people with insulin-dependent diabetes. MicroIslet's patented islet transplantation technology, exclusively licensed from Duke University, includes methods for isolating, culturing, cryopreservation, and immuno-protection (microencapsulation) of islet cells. MicroIslet is working to develop and commercialize a first product, called MicroIslet-P(tm), a microencapsulated porcine islet cell suspension that will be used for transplantation in patients with insulin-dependent diabetes. Additional information about MicroIslet can be found at www.microislet.com.
Except for the historical information contained herein, the matters set forth in this press release, including the expectation of development of new therapeutic products and the impact of MicroIslet's products on diabetes patients, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including MicroIslet's ability to continue as a going concern, the risks and uncertainties inherent in medical treatment discovery, development and commercialization, the risks and uncertainties associated with MicroIslet's early stage xenotransplantation technologies, the risks and uncertainties of governmental approvals and regulation, dependence on the Mayo Foundation for Medical Education and Research as a sole source supplier of animal parts for pre-clinical and clinical studies, MicroIslet's need to raise substantial additional capital to proceed through human clinical trials and bring any product to market, the risks that MicroIslet's competitors will develop or market technologies or products that are more effective or commercially attractive than MicroIslet's products, and other risks detailed from time to time in MicroIslet's most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. MicroIslet disclaims any intent or obligation to update these forward-looking statements.
For more information, please visit our Web site at www.microislet.com.