Cardium Therapeutics today presented its financial results for the first quarter ended March 31, 2013, and reported on highlights and other recent developments.
The company narrowed its first-quarter loss to $2.2 million from a net loss of $2.6 million for the comparable three months of 2012.
Sales in the first quarter totaled $599,000, an increase compared to sales of $20,000 reported for the same period in 2012. The company attributes the increase in sales to its To Go Brands health science-based operating unit, which represents roughly 92 percent of total product sales, and sales of the Excellagen advanced wound care product, which represents 8 percent of total product sales.
Research and development costs for the quarter were $762,000, as compared to $1.2 million for the prior year period. Cardium attributes the decrease to lower expenses related to the development of Excellagen, partially offset by increased costs associated with the company's ongoing Generx ASPIRE study.
Cardium also highlighted recent achievements including:
• Awarded ISO 13485 Certification for Excellagen; State of California manufacturing license and state clearances to market and sell Excellagen in the U.S.; and advanced other international registrations for Excellagen, including CE Mark registration, which the company expects to receive approval on or around the end of Q2 2013.
• Signed sales and distribution agreement with Academy Medical, LLC to market, sell and distribute Excellagen to U.S. government medical providers. Excellagen awarded the American Podiatric Medical Association's Seal of Approval for its contributions to better foot health and mobility.
• Presentation at the Symposium on Advanced Wound Care Spring 2013 Meeting highlighting Excellagen's capability of promoting rapid granulation and complete healing in three difficult and complex post-surgical wounds, including Mohs surgery and wound dehiscence.
• Presentation at the 2013 Phacilitate Annual Cell & Gene Therapy Forum in Washington, DC, "Optimizing Phase III Trial Design for Generx® (Ad5FGF-4)."
• Publication of the paper, "Mechanistic, Technical, and Clinical Perspectives in Therapeutic Stimulation of Coronary Collateral Development by Angiogenic Growth Factors," in the April issue of Molecular Therapy publication.
• Expanded To Go Brands® VitaRocks® kids vitamin product line and broadened retail distribution of the newly-designed products into select nationwide Target stores.
For more information visit cardiumthx.com
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