SAN DIEGO, Nov. 22 /PRNewswire-FirstCall/ -- MicroIslet, Inc.
(AMEX:MII) has announced financial results for the period ended
September 30, 2005. For the quarter ended September 30, 2005, the
company reported a net loss of $1,915,168 or $0.05 per share
compared with a net loss of $1,412,257 or $0.04 per share, for the
same period in 2004. Net loss was $5,849,472 or $0.15 per share for
the nine months ended September 30, 2005 compared with a net loss
of $4,785,163 or $0.13 per share, for the same period in 2004.
Weighted-average common shares outstanding for the quarters ended
September 30, 2005 and 2004 were 40.0 million and 39.6 million,
respectively. The results for the 2004 period were restated to
correct errors in the accounting treatment for certain non-cash
expenses relating to warrants issued to service providers in 2004.
General and administrative expenses increased to $809,776 for the
three months ended September 30, 2005 compared to $633,955 for the
same period in 2004, and decreased to $2,088,149 for the nine
months ended September 30, 2005 compared to $2,927,533 for the same
period in 2004. The increase of $175,821 for the three month period
was primarily due to higher legal and accounting expenses in the
current year offset by lower investor relations expenses. The
decrease of $839,384 for the nine month period was primarily due to
lower investor relations expense for the current year offset by an
increase in legal and accounting expenses. Included in our legal
expenses and in accordance with our charter and bylaws, we are
advancing the litigation expenses of our Chairman and Chief
Executive Officer, subject to his undertaking to repay those
expenses if it is ultimately determined by a court of competent
jurisdiction that he is not entitled to be indemnified for such
expenses. Research and development expenses increased to $1,141,482
for the three months ended September 30, 2005 from $811,460 in the
same period in 2004, and increased to $3,872,181 for the nine
months ended September 30, 2005 from $1,923,109 in the same period
in 2004. These increases were due mainly to an increase in
headcount for lab personnel, the company's partnership with the
Mayo Foundation, and materials and services relating to testing of
the company's technology in animals. The company reported $4.0
million in cash at September 30, 2005. About MicroIslet MicroIslet
is a biotechnology company engaged in the research, development,
and commercialization of patented technologies in the field of
transplantation therapy for people with insulin-dependent diabetes.
MicroIslet's patented islet transplantation technology includes
methods for isolating, culturing, cryopreservation, and
immuno-protection (microencapsulation) of islet cells. MicroIslet
is working to develop and commercialize a first product, called
MicroIslet-P(TM), a microencapsulated porcine islet cell suspension
that will be used for transplantation in patients with
insulin-dependent diabetes. Additional information about MicroIslet
can be found at http://www.microislet.com/. Except for the
historical information contained herein, the matters set forth in
this press release, including the expectation of securing
additional working capital, are forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including that capital may not
be available on terms and conditions acceptable to MicroIslet, or
at all, the substantial dilution that may occur to existing
stockholders if MicroIslet raises capital through the sale of
equity securities, and other risks detailed in MicroIslet's most
recent filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date hereof.
MicroIslet disclaims any intent or obligation to update these
forward-looking statements. For further information, please
contact: William G. Kachioff, Vice President, Finance and Chief
Financial Officer of MicroIslet Inc., +1 858-657-0287, .
MicroIslet, Inc. (A Development Stage Company) Condensed
Consolidated Balance Sheets (unaudited) September 30, December 31,
2005 2004 Assets Current Assets: Cash and cash equivalents
$4,011,453 $8,777,364 Prepaid expenses 409,368 223,284 Total
current assets 4,420,821 9,000,648 Property and equipment, net
380,408 203,018 Patents, net 10,693 11,048 Deposits and other
assets 56,814 57,602 Total assets $4,868,736 $9,272,316 Liabilities
and Stockholders' Equity Current Liabilities: Accounts payable and
accrued expenses $1,171,613 $393,270 Current portion of capital
lease obligation 32,143 -- Total current liabilities 1,203,756
393,270 Capital lease obligation - net of current portion 68,825 --
Total liabilities 1,272,581 393,270 Stockholders' Equity: Common
stock - $.001 par value: 100,000,000 shares authorized; 40,242,469
and 39,646,846 shares issued and outstanding at September 30, 2005
and December 31, 2004 respectively 40,242 39,647 Additional paid-in
capital 31,001,903 30,435,917 Deficit accumulated during the
development stage (27,445,990) (21,596,518) Total stockholders'
equity 3,596,155 8,879,046 Total liabilities and stockholders'
equity $4,868,736 $9,272,316 MicroIslet, Inc. (A Development Stage
Company) Condensed Consolidated Statements of Operations
(unaudited) Three Months Ended Nine Months Ended September 30,
September 30, 2005 2004 2005 2004 Grant revenue $-- $-- $-- $--
Expenses: Research and development expenses 1,141,482 811,460
3,872,181 1,923,109 General and administrative expenses 809,776
633,955 2,088,149 2,927,533 Operating expenses 1,951,258 1,445,415
5,960,330 4,850,642 Loss from operations (1,951,258) (1,445,415)
(5,960,330) (4,850,642) Other income (expense): Interest income
37,496 33,877 121,190 68,970 Interest expense (1,906) (43) (1,917)
(163) Other 500 (676) (8,415) (3,328) Total other income (expense)
36,090 33,158 110,858 65,479 Net loss $(1,915,168) $(1,412,257)
$(5,849,472) ($4,785,163) Basic and diluted net loss per share
($0.05) ($0.04) ($0.15) ($0.13) Weighted average number of shares
outstanding used in calculation 40,043,431 39,646,846 39,904,078
36,755,651 August 21, 1998 (Inception) to Sept. 30, 2005 Grant
revenue $409,790 Expenses: Research and development expenses
14,148,408 General and administrative expenses 13,800,436 Operating
expenses 27,948,844 Loss from operations (27,539,054) Other income
(expense): Interest income 285,738 Interest expense (174,811) Other
(17,863) Total other income (expense) 93,064 Net loss $(27,445,990)
Basic and diluted net loss per share $(1.17) Weighted average
number of shares outstanding used in calculation 23,473,998
DATASOURCE: MicroIslet Inc. CONTACT: William G. Kachioff, Vice
President, Finance and Chief Financial Officer of MicroIslet Inc.,
+1-858-657-0287, Web site: http://www.microislet.com/
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