Capricor Therapeutics Inc. of Beverly Hills earned $2.4 million last year while demonstrating promise for a cell-based therapy for Duchenne muscular dystrophy, according to a company report.
For the fourth quarter ended Dec. 31, the clinical-stage biotechnology firm reported a net income of $12.3 million (or 48 cents a share), compared with a $4.5 million loss (or .21 a share) during the same period the year before.
For the year, the 13-year-old company reported net income of $2.43 million (or .10 a share) compared with a loss of $18.8 million loss (or $1.01 share) in 2016. Revenue for the fourth quarter was $475,800, and $2.67 million for the year.
After-hours trading following the March 14 report boosted the Capricor stock price nearly 8 percent to $1.95, compared with more than $3 a year ago.
Milestones last year included the November results of its first clinical trial of CAP-1002, its lead therapy product derived from specialized stem cells.
The cell injections were found to produce “significant and sustained improvement” in the cardiac and skeletal muscle function of young men and boys in advanced stages of Duchenne muscular dystrophy, Capricor reported. A second clinical trial is scheduled to start this year.
In 2017, the California Institute of Regenerative Medicine forgave a $15.7 loan to Capricor after its stem cell therapy proved unsuccessful in meeting certain benchmarks in treating heart disease, according to the state stem cell agency.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.