LONDON, Dec. 04, 2018 (GLOBE NEWSWIRE) -- International Stem Cell (ISCO) reported Q318 revenues of $3.2m, up 73.0% compared to Q317 mainly due to the biomedical business, which had quarterly revenues of $2.8m, up 112.8% year-on-year. Additionally, the company reported updated data from the Phase I trial of ISC-hpNSC in Parkinson’s disease (PD). At the six-month time point, the percentage OFF-Time, a key endpoint for PD treatment, decreased an average of 49% for the second cohort of patients, compared to 24% for the first, with four patients in each cohort.
We have adjusted our valuation from $36m or $5.72 per basic share to $42m or $6.16 per basic share. The increase in valuation is mainly due to higher revenue estimates for the biomedical business and rolling forward our NPV. We project that the company will need at least $45m in additional financing before profitability in 2024 (down from $60m due to higher revenues and continued cost controls), of which an additional $8m will be required by the end of 2019.
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