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Allied Healthcare Group Looks For Further Revenue Growth In 2013

Allied Healthcare Group (ASX:AHZ) has kicked off 2013 by adding $2.9 million to its cash balance of $1.99 million at the end of the December quarter from a share purchase plan.

For the current financial year, Allied Healthcare has also earned $3.64 million in revenues, up 10% for the year to date.

The company is forecasting continued growth in revenues.

The current cash balance will see the company with sufficient capital to achieve its major milestones.

This includes the initial approval and launch of CardioCel® and the initiation of the first clinical study for the DNA vaccine program.

The company's lead regenerative tissue product CardioCel® was successfully used in first patients during the quarter to treat and repair congenital heart defects.

This was after the company received early approval via the Authorised Prescriber Scheme in Australia in the previous quarter.

Additional early access approvals are expected at key centres in Australia in the coming months and full regulatory approval of CardioCel® in at least one jurisdiction in 2013.

A successful heart valve reconstruction study was completed in the quarter utilizing CardioCel® that demonstrated strong tissue regeneration in heart valve tissue as well as having the mechanical properties and characteristics required to be suitable material to reconstruct and repair heart valves.

The company is now advancing its pre-commercial launch activities in preparation of approvals and launching CardioCel in overseas markets.

Another milestone for the company are its DNA vaccine programs led by Professor Ian Frazer, which is focused on the lead Herpes vaccine as it advances towards clinical trials expected to start in the first half of 2013.