For the quarter, the Company’s loss from operations was $6,924,000, which was essentially unchanged compared to the loss from operations of $6,897,000 in the first quarter of 2008. The loss from operations in the first quarter of 2009 includes approximately $544,000 of expenses related to the Company’s acquisition of the operating assets and liabilities of Stem Cell Sciences Plc (“SCS”) which closed on April 1, 2009. In the first three months of 2009, net cash used in operating activities was $5,782,000, a decline of 21% compared to the $7,291,000 in net cash used for operating activities in the first quarter of 2008. The decline in cash used for operating activities in the first quarter of 2009 as compared to the same period in 2008 was primarily attributable to more proactive management of the Company’s working capital.
The Company reported a net loss of $9,282,000, or $0.10 per share, for the first quarter ended March 31, 2009, compared to a net loss of $6,545,000, or $0.08 per share, for the first quarter of 2008. The increase in net loss in 2009 compared to the same period in 2008 was primarily attributable to a non-cash expense of $2,755,000 recorded in the first quarter of 2009 to reflect an increase in the Company’s estimated warrant liability.
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