Exton based Fibrocell Science, Inc. recently reported its first quarter financials and what the company believes is a strong start for 2014.

The company, in collaboration with UCLA, is focused on translating the power of personalized biologics into medical breakthroughs for those with rare and serious skin and connective tissue diseases such as vocal cord and restrictive burn scarring.

“2014 is an important year for Fibrocell and the first quarter has us off to a strong start,” said David Pernock, chairman and chief executive officer of Fibrocell. “We began enrollment in our two azficel-T label-extension Phase II trials in restrictive burn scarring and vocal cord scarring. We initiated technology transfer with a second-source cell-therapy manufacturer to produce our genetically-modified autologous fibroblasts for recessive dystrophic epidermolysis bullosa (RDEB), and as a potential source for autologous fibroblasts. And, we expanded our strategically important collaboration agreement with Intrexon Corporation (NYSE: XON) to address the rare connective tissue disorder Ehlers-Danlos syndrome hypermobility-type, made possible through our unique technologies.”

For the quarter ended March 31, Fibrocell reported basic net loss of $0.35 per share, compared to basic net loss of $0.17 per share for the same period in 2013. Operating loss for the first quarter of 2014 was $11 million as compared to $5.9 million in the same period in 2013. Revenues for each of the first quarters of 2014 and 2013 were insignificant, the company said. It used $6 million in cash for operations during the first quarter of 2014, as compared to $5.2 million in the first quarter 2013. As of March 31, 2014 total cash and cash equivalents were $54 million.

Research and development expenses in the quarter ended March 31 were $7.4 million, as compared to $1.5 million in the first quarter of 2013. Selling, general and administrative expenses were $2.8 million, an increase of $0.6 million compared to last year, due to an increase of $0.3 million for facilities and related expenses, as well an increase of $0.3 million in compensation and related expense. The full financial report is on the company’s web site, www.fibrocellscience.com.

Links: www.fibrocellscience.com