Advanced Cell Technology Announces 2012 Second Quarter Results
MARLBOROUGH, Mass., Aug 08, 2012 (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, 2012.
Highlights of the second quarter include:
-- Company adds Massachusetts Eye and Ear as Additional Site for Clinical Trial
for Dry Age-Related Macular Degeneration using human Embryonic Stem Cell-Derived
Retinal Pigment Epithelial (RPE) Cells
-- ACT Announced Data Safety Monitoring Board Approval to increase RPE Dosage for
Stargardt's Disease Patients in U.S. Trial
-- Treated Second and Third Patient completing the first cohort of U.S. Dry AMD
Clinical Trial
-- Appointed Michael Heffernan, pharmaceutical product development expert, to the
Company's Board of Directors
-- Added Bascom Palmer Eye Institute in Florida, U.S. News and World Report top
ranked opthalmology hospital, as an additional site for dry-AMD Clinical trial
Second Quarter 2012 Financial Results
ACT had revenue totaling $218,184 for the 2012 second quarter, compared to
revenue of $153,688 in the prior year. Revenue was generated through license fees
and royalty payments. Research and Development expenses for the three months
ended June 30, 2012 and 2011 were $2,068,098 and $1,532,271 respectively.
The Company reported a loss from operations of $(4.5) million in the 2012 second
quarter compared to a loss from operations of $(3.6) million in the 2011 second
quarter. ACT reported a net loss of $(4.0) million or $(0.00) loss per share in
the 2012 second quarter, compared to a net loss in the same period of 2011 of
$(4.8) million, or $(0.0) per share.
Net cash used in operations for the 2012 second quarter was $2.9 million,
compared to net cash used in operations of $3.3 million in the same period in
2011. The net cash used in operations was a result of ongoing clinical
activities. The Company ended the 2012 second quarter with cash and cash
equivalents of $9.9 million, compared to approximately $10.8 million as of March
31, 2012.
"We are pleased with our progress to date in our ongoing Phase I/II clinical
trials for the treatment of Stargardt's Macular Dystrophy (SMD) and Dry
Age-Related Macular Degeneration (Dry AMD)," said Gary Rabin, interim Chairman
and CEO of ACT. "The promising preliminary results from the first cohort have
positioned the Company well as we enter the second cohort and higher dosage in
our landmark macular degeneration trials."
The company will hold a conference call and webcast to discuss the second quarter
results and provide a corporate update today at 4:30 p.m. eastern time.
Interested parties may access the call live by dialing (888) 264-3177 or
706-902-4345 and using conference ID 90962449. This event is also being streamed
via webcast. The webcast is available at:
us.meeting-stream.com.
A replay of the call will also be available via the same link.
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, 2011. 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 |
