Advanced Cell Technology Announces 2012 Third Quarter Results
MARLBOROUGH, Mass., Nov 08, 2012 (BUSINESS WIRE) -- Advanced Cell Technology,
Inc. (ACTC) ("ACT" or the "Company"), a leader in the field of regenerative
medicine, announced today third quarter financial results for the period ended
September 30, 2012.
Highlights from the third quarter included:
-- Treated first Dry Age-related Macular Degeneration (Dry AMD) and Stargardt's
Macular Dystrophy (SMD) patient with the higher dosage of hESC-Derived RPE cells
in second cohort of the U.S. clinical trial at Wills Eye Institute in
Philadelphia.
-- Closed out first patient cohorts in the U.S. and European Dry AMD and SMD
clinical trials, which have four cohorts of three patients. The first cohort
receives a dosage of 50,000 cells, the second receives 100,000 cells, the third
receives 150,000 cells and the final cohort is to be dosed with 200,000 cells.
-- Secured approval to proceed with increased dosage into the second cohorts of
SMD and AMD clinical trials.
-- Announced Scotland's NHS Lothian as additional site for the Company's European
clinical trial using hESC-Derived RPE Cells to treat Macular Degeneration.
-- ACT was issued a broad patent covering human RPE cells derived from all types
of pluripotent stem cells.
-- Secured a $35 million funding commitment from Lincoln Park Capital.
"We are excited with the developments we have seen in our U.S. and European
trials and continue to accelerate enrollment in our clinical programs," said Gary
Rabin, Chairman and CEO of ACT. "We believe that these three trials could
represent a paradigm shift in the way that stem cells are used in medicine and
are pleased by the support we have received from our clinical trial site
partners."
2012 Third Quarter Financial Results
ACT had revenue totaling $68,184 for the three months ending September 30, 2012.
The revenue relates to license fees and royalties collected. Research and
Development expenses for the three months ended September 30, 2012 and 2011 were
$2.8 and $4.0 million respectively. The lower R&D costs were primarily due to
restricted stock issued to an R&D executive in 2011 which vested immediately as
opposed to over a period of quarters in 2012.
The Company reported a loss from operations of $(5.0) million for the three
months ended September 30, 2012, compared to a loss from operations of $(6.9)
million in the same period a year ago. ACT reported a net loss of $(8.5) million
or $(0.00) loss per share in the 2012 third quarter, compared to a net loss of
$(52.5) million or $(0.03) loss per share in the same period a year ago.
Net cash used in operations for the 2012 third quarter was $3.8 million, compared
to net cash used in operations of $4.1 million in the same period in 2011. The
Company ended the 2012 third quarter with cash and cash-equivalents of $8.3
million.
Conference Call and Webcast:
The Company will hold a conference call at 4:30 p.m. EDT today during which it
will discuss third quarter 2012 results and provide a corporate update.
Interested parties may dial (888) 264-3177 or 706-902-4345 and use reference
conference ID number 90962762. 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. |
