Aug 31, 2016, 2:06 pm MST
The Scottsdale-based company provides personalized medicine for cellular therapies and tissue engineering.
CEO Guy Cook said he had to eliminate some positions as part of cost-containment measures recently, bringing total employment to 22. But now that the company is quadrupling production, he said he’ll need more support staff to meet demand and increase production.
The company is developing musculoskeletal products used by spine surgeons, acellular dermal matrix used in breast reconstruction and sports medicine, demineralized bone matrix putty, precision diagnostics tools for cancer screening and amnion-based products for injecting into joints for pain management.
Lattice Biologics reported a loss of $1.3 million on $972,320 in revenue for the three months ended June 30. That compares with a loss of $1.1 million on $914,556 in revenue for the same period in 2015.
“Our core revenues increased 205 percent in the acellular dermal matrix and DBM putty product categories,” CFO Cheryl Farmer told analysts in the company’s third quarter earnings conference call on Aug. 30.
For the nine months ended June 30, the company reported a $6.3 million loss on $3 million in revenue, compared with a loss of $2.84 million on $3.2 million in revenue for the nine months ended June 30, 2015.
In March, Cook and Farmer converted their $1.4 million loans to equity in Lattice Biologics. Rather than getting their money back from their investment in the company, they bought back 8.9 million shares of the company.
The company made its debut on the Toronto stock exchange in January, with an opening price of 35 cents a share.The company’s stock was trading around 24 cents a share, closer to its 52-week high of 35 cents than its low of 12 cents a share.
Cook told analysts he eventually would like to move the company up to the Nasdaq.
Read the full article at the Phoenix Business Journal
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Melanie Battista, Public Relations, Lattice Biologics Ltd., (TSX-V: LBL) (OTCBB: BLVKF)
16701 N 90th Street, Suite #101, Scottsdale, AZ 85260, 480-563-0800 Office
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