Advanced Cell Technology Announces 2011 Financial Results
MARLBOROUGH, Mass., Mar 01, 2012 (BUSINESS WIRE) -- Advanced Cell Technology,
Inc. ("ACT", OTCBB: ACTC), a leader in the field of regenerative medicine, today
announced year-end results for the year ended December 31, 2011. The Company
utilized $13.6 million in cash for operations during the year, compared to $8.8
million in the year-earlier period. The increase in cash utilization resulted
primarily from ACT's ongoing clinical activities in the US and Europe. ACT ended
the year with cash and cash equivalents of $13.1 million, compared to $15.9
million in cash and cash equivalents in the year-earlier period.
Some of the 2011 highlights included:
-- FDA and MHRA clearance for clinical trials using human embryonic stem cell
(hESC)-derived retinal pigment epithelium (RPE) to treat dry age-related macular
degeneration (AMD) and Stargardt's Macular Dystrophy (SMD) in the US and Europe
-- Leading ocular medical institutions such as UCLA's Jules Stein Eye Institute
and the Wills Eye Institute in Philadelphia chosen as sites for the Company's
Phase I/II clinical trials
-- Commencement and dosing of patients in the first ever clinical trials using
(hESC)-derived RPE cells to treat dry AMD and SMD
-- First patients in SMD and dry AMD clinical trials pass Data & Safety
Monitoring Board (DMSB) review. Company approved to treat next patients
-- Global settlement agreement reached with debenture holders releasing the
Company from significant contingent liabilities
-- Strengthened Board of Directors through the appointments of industry experts
Gregory D. Perry, Zohar Loshitzer, and Dr. Robert Langer
-- Secured patent covering the single-blastomere technology allowing cultivation
of human embryonic stem cells without embryo destruction
-- Company receives exclusive license for hemangioblast technology in North
America and first patent for generating hemangioblast cells to treat vascular and
hematopoietic disorders
-- EU Orphan Medicinal Product Designation for hESC-derived RPE cells for
treatment of Stargardt's Disease
-- Issued broad patent for hESC-derived RPE cells in China
-- Collaboration with Roslin Cells for storage and distribution of embryonic stem
cells using ACT's Blastomere Technology
"2011 was a very important and successful year for ACT as we began our Phase 1/2
trials for the treatment of macular degeneration," said Gary Rabin, chairman and
CEO of ACT. "We are very excited about the preliminary Phase 1/2 clinical data
from our dry-AMD and Stargardt's disease trials, which were published in The
Lancet earlier this year. The data demonstrated the safety of ACT's human
embryonic stem cell (hESC)-derived retinal pigment epithelium (RPE) cells for the
treatment of both diseases. The vision of both patients appears to have improved
after transplantation, and no adverse safety issues have been observed. We look
forward to validating these early findings as we expand these clinical activities
throughout this year. Additionally, we made significant progress in advancing our
scientific platform, expanding our board of directors and management team and
strengthening our balance sheet."
The Company also announced today that it expects to shortly file a preliminary
proxy statement with the Securities and Exchange Commission in which it will seek
shareholder approval for a reverse split of between 1-for 20 and 1-for 80 shares.
The Company is pursuing the reverse split for the sole purpose of meeting the
requirements necessary for a listing on the Nasdaq Global Market. The Company
believes that a listing on a national change will allow it to expand its
shareholder base and improve the marketability of its common stock by attracting
a broader range of investors.
Conference Call
The Company will hold a conference call at 9:00 a.m. EST tomorrow, during which
it will discuss 2011 results and provide an update on clinical activities.
Interested parties should dial (888)264-3177 followed by the reference conference
ID number: 57426004. The call will be available live and for replay by webcast
at: us.meeting-stream.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.
Forward-Looking Statements
Statements in this news release regarding future financial and operating results,
future growth in research and development programs, potential applications of our
technology, opportunities for the company and any other statements about the
future expectations, beliefs, goals, plans, or prospects expressed by management
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements that are not statements
of historical fact (including statements containing the words "will," "believes,"
"plans," "anticipates," "expects," "estimates," and similar expressions) should
also be considered to be forward-looking statements. There are a number of
important factors that could cause actual results or events to differ materially
from those indicated by such forward-looking statements, including: limited
operating history, need for future capital, risks inherent in the development and
commercialization of potential products, protection of our intellectual property,
and economic conditions generally. Additional information on potential factors
that could affect our results and other risks and uncertainties are detailed from
time to time in the company's periodic reports, including the report on Form 10-K
for the year ended December 31, 2010. Forward-looking statements are based on the
beliefs, opinions, and expectations of the company's management at the time they
are made, and the company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions, expectations, or other
circumstances should change. Forward-looking statements are based on the beliefs,
opinions, and expectations of the company's management at the time they are made,
and the company does not assume any obligation to update its forward-looking
statements if those beliefs, opinions, expectations, or other circumstances
should change. There can be no assurance that the Company's clinical trials will
be successful.
SOURCE: Advanced Cell Technology, Inc.
Investors:
CEOcast, Inc.
James Young, 212-732-4300
or
Press:
ACT Corporate Communications
Bill Douglass, 646-450-3615
or
Russo Partners
Martina Schwarzkopf, Ph.D., 212-845-4292 |
