FREEHOLD, N.J., May 14, 2018 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. (OTCQB:AVCO), a leading global developer of cell-based technologies, today announced financial results and provided a business update for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights:
David Jin, M.D., Ph.D., CEO and President of Avalon GloboCare Corp., stated, “We made significant progress in the first quarter of 2018. We started off the year by forming a strategic partnership with Da An Gene, which is a leader in the molecular diagnostics market. We believe this partnership will help significantly accelerate our product development and commercialization by leveraging Da An Gene’s genomic sequencing and profiling platform, as well as its commercial network.”
“We have continued our expansion in the U.S. by launching operations of our GenExosome subsidiary in Ohio, where we plan to market and distribute our Exosome Isolation Systems. We are making progress with our commercial launch and believe this technology has the potential to transform the liquid biopsy and regenerative medicine markets by making exosome-specific diagnostics and therapies readily available and commercially viable. Continuing our U.S. growth, we have also jointly established a translational research training program with the Shahin Rafii Laboratory of the Division of Regenerative Medicine at Weill Cornell Medicine in New York. The joint laboratory provides us access to a world-class stem cell facility along with the existing clinical resources available to us through the Lu Daopei hospital network,” continued Dr. Jin.
“Importantly, we are moving forward with our plans to list on NASDAQ, which we believe will provide us greater exposure within the investment community as we execute on our upcoming milestones,” concluded Dr. Jin.
Revenues for the first quarter ended March 31, 2018 were $307,913 versus $66,286 for the first quarter ended March 31, 2017. The increase in revenues was due to property rental income, development services and sales of developed products. Operating loss for the quarter ended March 31, 2018 was $1.3 million versus operating loss of $0.5 million for first quarter ended March 31, 2017, which reflects increased SG&A expenses to support the anticipated growth, as well as an increase in public company expenses in advance of the planned listing on a national exchange. Net loss for the first quarter ended March 31, 2018 was $1.55 million or ($0.02) earnings per share, versus net loss of $0.55 million or ($0.01) earnings per share for the first quarter ended March 31, 2017.
About Avalon GloboCare Corp.
Avalon GloboCare Corp. (OTCQB:AVCO) is a global intelligent biotech developer and healthcare service provider dedicated to promoting and empowering high impact, transformative cell-based /technologies and their clinical applications, as well as healthcare facility management through its core platforms, namely "Avalon Cell" and "Avalon Rehab." In addition, Avalon provides strategic advisory and outsourcing services to facilitate and enhance their clients' growth, development, as well as competitiveness in both domestic and global healthcare markets. Avalon also engages in the management of stem cell banks and specialty clinical laboratories. Through its U.S. subsidiary, GenExosome Technologies Inc., Avalon further establishes its leading role in the fields of liquid biopsy, precision medicine and regenerative medicine.
Forward-Looking StatementsCertain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Contact Information: Avalon GloboCare Corp. 4400 Route 9, Suite 3100Freehold, NJ 07728 PR@Avalon-GloboCare.com
Investor Relations: Crescendo Communications, LLC Tel: (212) 671-1020 firstname.lastname@example.org
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