Fibrocell Science Swings To Loss In Q3

(RTTNews) - Fibrocell Science, Inc. (FCSC), an autologous cell therapy company, reported loss for the third quarter over profit in the same period last year predominantly due to higher research and development expenses and changes in warrant and derivative revaluation. In addition, the company said that a gain on sale of a discontinued operation was recorded in the previous-year period.

The company posted third quarter loss of $12.9 million, compared with a profit of $11.4 million a year ago. Loss per share was $0.48 for the period, narrower than the loss per share of $1.27 a year earlier. Warrant income of the company declined to $188,000 from $14.54 million a year ago.

With regard to higher R&D costs, the company stated that it had incurred a one-time charge of $6.4 million for the fair value of common stock issued to Intrexon Corporation related to amended collaboration and stock issuance agreements. The results of the third quarter of 2012 included a gain on sale of a discontinued operation of $433,000.

Fibrocell registered revenue of $68,000 for the current period, compared with $69,000 a year ago.

Currently, the stock is trading at $3.34 on the NYSE.