Cord Blood narrows net loss, report to regulators reveals
The net loss declined at Las Vegas-based Cord Blood America, which stores umbilical cord blood samples in the hope that the stem cells contained in it could help cure health problems.
In its annual report filed with the Securities and Exchange Commission, Cord Blood said its loss fell to $8.1 million last year from $9.8 billion in 2009. Lower interest expense and derivative liability accounted for much of the improvement.
The accumulated loss during the history of the company has now reached $42.8 million.
Revenue rose 27 percent to $4.1 million, due mainly to the purchase of cord blood companies in Argentina and Germany. Operations in the United States grew 7 percent.
Separately, the company is seeking shareholder approval for a 1-for-100 reverse stock split.
