Regenerative medicine company, Regeneus Ltd (ASX: RGS), today reported its financial results for the half-year ended 31 December 2014.
During the 6 month period, the company made good progress on the development of its portfolio of cell-based therapies for the treatment of musculoskeletal disease and oncology conditions in humans and animals.
The financial highlights for the reporting period included:
- Revenues up 46% to $1.14m driven by increased product and R&D licensing activities;
- Net loss down 10% to $5.75m;
- Net operating cash outflows of $1.96m reduced significantly, compared to outflows of $3.85m during the previous half-year corresponding period;
- Successful capital raising completed, net of costs of $6.17m;
- $3.73m R&D tax incentive received;
- Cash at 31 December 2014, $6.74m;
- Cash containment measures implemented (savings in excess of $1.7m pa);
In the second-half of the financial year, the company remains focused on unlocking the value in its product portfolio with the following activities:
- Partnering its clinical-stage veterinary products: Kvax, its autologous canine cancer vaccine that is in marketing trials in US and Australia; and CryoShot, its allogeneic off-the-shelf stem cell therapy for canine and equine osteoarthritis;
- Commencing its first in man trials for its human products: Progenza, its allogeneic off-the-shelf stem cell therapy for human osteoarthritis; and its autologous human cancer vaccine;
- Licensing HiQCell, its autologous stem cell therapy for human osteoarthritis; and
- Partnering its stem cell secretions cream for the treatment of acne and other inflammatory skin conditions.