Fibrocell Science Announces Delay in Filing Quarterly Report on Form 10Q

  Fibrocell Science Announces Delay in Filing Quarterly Report on Form 10Q

 - Accounting review addressing non-cash and non-operating warrant accounting
                                 treatment -

Business Wire

EXTON, Pa. -- May 12, 2014

Fibrocell Science, Inc. (NYSE MKT:FCSC), an autologous cell therapy company
primarily focused on developing first-in-class treatments for rare and serious
skin and connective tissue diseases with high unmet medical needs, today
announced that has filed a Form 12b-25 Notification of Late Filing with the
U.S. Securities and Exchange Commission allowing for a five day extension in
its quarterly filing of Form 10-Q for the quarter ended March 31, 2014.

The Company has not yet completed its financial statements for the quarter
ended March 31, 2014 due to additional time necessary to address a non-cash,
non-operating issue related to its historical accounting treatment of
warrants. The Company expects to file the Form 10-Q for the quarter ended
March 31, 2014 by not later than Monday, May 19, 2014.

As disclosed in a Form 8-K filed by the Company today, on May 6, 2014, the
Audit Committee of the Company’s Board of Directors, in connection with an
internal review initiated by Company management, concluded that, because of a
misapplication of the accounting guidance related to certain of the Company’s
warrants, the Company’s previously issued consolidated financial statements
for all periods beginning with the quarterly period ended September 30, 2011
through December 31, 2013 should no longer be relied upon. As such, the
Company will restate its financial statements for the following periods: (i)
the fiscal years ended December 31, 2013, December 31, 2012 and December 31,
2011, and (ii) all quarterly periods of 2013 and 2012. The Company is
presently anticipating filing the Amended 2013 10-K/A and each of the 2013
10-Q/A’s within the next two weeks, and in any event, on or before May 31,
2014.

These restatements result in non-cash, non-operating financial statement
corrections and will have no impact on the Company’s current or previously
reported cash position, operating expenses, total operating, investing or
financing cash flows, or net operating loss carryforward.

About Fibrocell Science, Inc.

Fibrocell Science, Inc. (NYSE MKT: FCSC) is an autologous cell therapy company
primarily focused on developing first-in-class treatments for rare and serious
skin and connective tissue diseases with high unmet medical needs. Based on
its proprietary autologous fibroblast technology, Fibrocell is pursuing
breakthrough medical applications of azficel-T for restrictive burn scarring
and vocal cord scarring. The company’s collaboration with Intrexon Corporation
(NYSE: XON), a leader in synthetic biology, includes using
genetically-modified fibroblasts for treating rare and serious skin and
connective tissue diseases for which there are no currently approved products.
For additional information, visit www.fibrocellscience.com.

Safe Harbor Statement

This press release includes information that constitutes forward-looking
statements. Forward-looking statements often address our expected future
business and financial performance, and often contain words such as “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” By their nature,
forward-looking statements address matters that are subject to risks and
uncertainties. Any such forward-looking statements may involve risk and
uncertainties that could cause actual results to differ materially from any
future results encompassed within the forward-looking statements. Factors that
could cause or contribute to such differences include: the review of the
Company’s accounting, accounting policies and internal control over financial
reporting; the preparation of and the audit or review, as applicable, of the
Form 10-Q for the quarter ended March 31, 2014, the Amended 2013 10-K/A and
each of the 2013 10-Q/A’s; and the subsequent discovery of additional
adjustments to the Company’s previously issued financial statements. Actual
events or results may differ materially from the Company’s expectations. In
addition, our financial results and stock price may suffer as a result of this
review and any subsequent determinations from this process or any actions
taken by governmental or other regulatory bodies as a result of this process.
We do not undertake to update our forward-looking statements, except as
required by applicable securities laws.

Contact:

Corporate:
Fibrocell Science, Inc.
Gregory Weaver
SVP & Chief Financial Officer
+1 484-713-6000
gweaver@fibrocellscience.com
or
Investor Relations:
S.A. Noonan Communications, LLC
Susan Noonan, 212-966-3650
susan@sanoonan.com
 
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