Perth-based burns treatment developer Clinical Cell Culture Ltd, or C3, has made a net loss of $5.4 million for the first six months of the financial year, down five per cent from the $5.7 million loss recorded in the previous corresponding period.
The full text of a company announcement is pasted below
Clinical Cell Culture Ltd today released its results for the half year ended 31 December 2006.
Important corporate and operational milestones during the half year included:
- Successful completion of the Share Purchase Plan (SPP) and placement raising $13.7m in new capital
- Regulatory approval for sale of ReCell® in Brazil and Turkey
- Regulatory approval for sale of CellSpray® in Greece
- Selection of US FDA trial centres, initial site visits and training concluded.
The net loss for the 6 month period was $5,411,444 down from a loss of $5,680,870 in the previous corresponding period. Operating expenses were 12% below the corresponding period reflecting the reduction in research and development activity and the impact of the staff reductions previously made.
The cash balance at 31 December 2006 was $16.1 million.
The Board announced this month that previously announced revenue targets for 2007 financial year would not be met and as a result the Board had launched a strategic review which will examine the optimum commercialisation paths for what the Board continues to
believe is a valuable and unique technology.
The review will be concluded in late March and the Board will make a statement to the market shortly after setting out its decisions on the optimum commercialisation path.