Advanced Cell Technology Announces 2011 Second Quarter Results
Company Exits Quarter with $16.1 million in cash
MARBOROUGH, Mass., Aug 08, 2011 (BUSINESS WIRE) -- Advanced Cell Technology, Inc.
("ACT", OTCBB: ACTC)(the "Company"), a leader in the field of regenerative
medicine, announced today second quarter financial results for the period ended
June 30, 2011. ACT had revenue of approximately $0.2 million for the 2011 second
quarter, compared to revenue of $0.2 million in the year earlier period. Revenue
was generated through license fees and royalty payments. Research and Development
expenses for the three months ended June 30, 2011 and 2010 were $1,532,271 and
$1,484,141, respectively
The Company reported a loss from operations of $(3.6) million compared to a loss
from operations of $(1.1) million in the 2010 second quarter. ACT reported a net
loss of $(4.8) million or $(0.00) per share, compared to net income in the same
period of 2010 of $2.9 million, or $(0.00) per share. The change in net income
(loss) in each period is primarily related to the changes in the fair value of
the derivative liabilities, which were largely a result of an increase in the
Company's share price.
Net cash used in operations for the 2011 second quarter was $3.2 million,
compared to net cash used in operations of $1.8 million in the same period in
2010. The net cash used in operations increased as a result of the Company
preparing for, and commencing, its clinical trials. The Company ended the 2011
second quarter with cash and cash equivalents of $16.1 million, compared to $13.7
million as of March 31, 2011 after drawing down approximately $4 million from its
available equity commitment.
"We are excited to have commenced our landmark Phase I/II trials for Stargardt's
Macular Dystrophy (SMD) and Dry Age-Related Macular Degeneration (Dry AMD)," said
Gary Rabin, interim Chairman and CEO of ACT. "Entering the trials with a strong
balance sheet, ACT is well positioned to negotiate strategic partnerships and
licensing agreements as we move these exciting programs through the clinic."
The Company will hold a conference call at 4:30 p.m. today during which it will
discuss second quarter 2011 results and provide a corporate update. Interested
parties should dial 1-800-931-6358. A replay of the call will be available for
two weeks and can be accessed by dialing 1-800-633-8284 (domestically) or
1(402)977-9140 (internationally), using passcode 21533952.
The call will also be available live by webcast at:
cc.callinfo.com or through the Company's website at:
advancedcell.com.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular
technology in the field of regenerative medicine. For more information, visit
advancedcell.com.
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I would expect them to do a funding in the next 6 months or so.
Best,
S. |
