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Sydney, July 27, 2007 AEST (ABN Newswire) - Clinical Cell Culture Ltd (ASX: CCE) today released its quarterly report, Appendix 4C, for the quarter ending 30 June 2007.
During the quarter, C3 has implemented the key decisions from the Strategic Review announced on 29 March 2007.
C3 Chief Executive Officer Andrew Cannon said the last quarter had been a period of significant change for the Company and some difficult decisions had been made. "As indicated at the time of our review, the Board has elected to make a number of changes to the Company's operations. These decisions were necessary to maximise our existing cash resources," said Mr Cannon.
"This has been a very challenging time but significant progress has been made and we are seeing the benefits of reduced expenditure.
"We are committed to the successful commercialisation of ReCell ® and the benefit of a more direct approach to marketing is already apparent in key markets including Australia, France and Italy."
Following the decision to put on hold active marketing of CellSpray ® and CellSpray ® XP, discussions are continuing with potential licensors.
Recruitment under the ReCell ® FDA trial continues to frustrate the Board and management team. The FDA has now agreed to requested changes to the trial protocols and an additional trial site has also been added in the United States. The Company is confident that the speed of patient recruitment will increase during the September quarter.
Encouragingly, the French Government has agreed to fund a study to assess the benefits of ReCell ® in comparison with the standard of care, both in terms of patient benefit and cost. The study will involve the treatment of 200 patients across more than 10 centres over an 18 month period, commencing in January 2008. A total of 340 ReCell ® kits will be supplied and invoiced. The results of the study will both stimulate demand and provide valuable clinical data.
In addition, C3 continues to explore a range of opportunities that have ability to grow the Company's revenues and earnings potential.
Net cash outflows for the quarter amounted to $1.9 million. The cash balance at 30 June 2007 was $12.3 million.
