Operator
Operator
Plus Therapeutics, Inc. (PSTV)
Q4 2008 Earnings Call· Sat, Mar 21, 2009
$5.83
-2.67%
Operator
Operator
Chris Calhoun
Management
Great, thank you. Good morning.Before we turn to the Company's update, I need to let you know that our discussions today will include forward-looking statements regarding events and trends, which may affect the Company's future operating results and financial position. Some of the risks and uncertainties are described in the Risk Factors section of Cytori Therapeutics' 2007 Form 10-K and subsequent SEC filings available either through the SEC or Cytori's website.To start, let me quickly summarize the key points for today's call. First, the Company ended 2008 with $13.9 million in cash and accounts receivable. Cytori will require additional capital in the near term, and the Company is currently in certain discussions to accomplish this objective. The top priority in 2009 is to move as rapidly as possible to reduce our cash needs and accelerate to profitability. Toward this end, we're moving quickly to reduce our cash operating loss to approximately $1 million per month.Product revenues were $4.5 million, predominantly derived from clinical system sales, along with the first bank sale in Greece. At year end, we have 54 systems in the field, and 820 consumables were shipped during the year. We expect to more than double revenue this year, with a revenue target of $10 million, and we are off to a strong start in Q1, in part supported by our new distribution partnership with General Electric in Europe. This quarter, we installed the first Stem Cell Bank in Japan. We're nearing 50% enrollment in our RESTORE II trial, and we have completed the second dose cohort in PRECISE, and the Data Safety and Monitoring Board has deemed that the first two dose cohorts are safe, and the study is clear for continued enrollment. Finally, we have very exciting updates for you regarding APOLLO, which I will discuss further…
Operator
Operator
Steve Brozak - WBB Securities
Management
Marc Hedrick
Management
Steve Brozak - WBB Securities
Management
Marc Hedrick
Management
Operator
Operator
Christopher Calhoun
Management
Operator
Operator
Ladies and gentlemen, this concludes the Cytori Therapeutics conference call. If you'd like to listen to a replay of today's conference, please dial 303-590-3000 or 1-800-405-2236, with access code 111-268-47. ACT would like to thank you for your participation. You may now disconnect.