Ocata reports $34.7 million net loss in 2014
Marlborough’s Ocata Therapeutics (formerly Advanced Cell Technology) reported a net loss of $34.7 million in 2014, 12 percent higher than its net loss in 2013.
The figures are reported in the company’s annual report to the U.S. Securities and Exchange Commission (SEC).
Revenue was $157,875 for 2014, which was a decrease of $67,110 or 29.8 percent, compared to 2013. The decrease is due to license agreements that expired in 2013, the company reported. It said that deferred revenue of $1,749,699, as of Dec. 31, 2014, will be amortized and recorded to revenue over approximately 11 years.
Total operating expenses in 2014 were $35 million.
Ocata, a leader in the field of stem-cell treatment, is a clinical-stage company focused on developing regenerative ophthalmology therapeutics. It currently has no therapeutic products available for sale and said in the SEC filing it did not expect to have any commercially available treatments for a period of years, if at all.
“(O)ur ability to continue research and development activities is dependent upon the ability of management to obtain additional financing as required,” the company said.
Ocata reported that its most advanced products are in clinical trials for the treatment of Stargardt’s macular degeneration, dry age-related macular degeneration, and myopic macular degeneration. “We are also developing several pre-clinical terminally differentiated-cell therapies for the treatment of other ocular disorders. Additionally, we have a number of pre-clinical stage assets in disease areas outside the field of ophthalmology, including autoimmune, inflammatory and wound healing-related disorders,” Ocata said.
In February, the company announced it had been awarded two new U.S. patents for its cell therapy technology to treat ophthalmic, autoimmune and inflammatory diseases. The patents are directed to Ocata's Hemangio-derived Mesenchymal Cells (HMCs), which the company said introduces a new era of treatment for patients with such conditions.
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