Advanced Cell Technology to Host Conference Call to Provide a Corporate Update; Announces Settlement of Litigation
Jun 06, 2014 08:45:00 (ET)
Webcast Scheduled for Monday, June 9, 2014 at 5:00 p.m. Eastern Time
MARLBOROUGH, Mass.--(BUSINESS WIRE)--June 06, 2014-- Advanced Cell Technology, Inc. ("ACT" or "the Company"; OTC:ACTC), a leader in the field of regenerative medicine, announced today it will host a conference call on Monday, June 9, 2014 at 5:00 p.m. EDT during which ACT will provide an update on clinical and corporate developments.
Interested parties may access the call live by dialing (888) 264-3177 and using conference ID 57150680. This event is also being streamed via webcast. The webcast is available at engage.vevent.com. A replay of the call will also be available via the same link.
Among other topics, the following will be discussed during the update call:
-- Publication of Mesenchymal Stem Cell study in Stem Cell Reports -- Initiation of myopic macular degeneration trial at Jules Stein Eye Institute at UCLA -- Update on clinical plan for AMD and SMD trials -- Settlement of litigation against the Company Settlement of Warrant Holder Claim
ACT announced today that it had entered into a Settlement Agreement with Gary D. Aronson ("Aronson") and John S. Gorton, individually and as trustee of the John S. Gorton Separate Property Trust ("Gorton"), relating to lawsuits, previously disclosed in regulatory filings, filed against the Company by each of Aronson and Gorton in August 2011 in the United States District Court for the District of Massachusetts. The lawsuits claimed that the Company breached an anti-dilution provision contained in warrants held by each of Aronson and Gorton. Pursuant to the Settlement Agreement, in exchange for dismissal by Aronson and Gorton of the pending and non-consolidated lawsuit with prejudice and a mutual release of claims, the Company agreed that it would issue to the parties a total of 384 million shares of common stock, as payment in full satisfaction of any claims, including legal fees, by Aronson and Gorton in connection with their respective enforcement of the terms of their warrants.
The Company disclosed in its Quarterly report on Form 10-Q for the period ended March 31, 2014, that it had reserved approximately $13 million to settle the litigation and the unsettled liabilities associated with the warrants. In accordance with relevant accounting rules, the Company also disclosed that its total estimated exposure for the matter could have been as much as $25 million more than the amount accrued.
Edward Myles, ACT's Interim President, Chief Operating Officer and Chief Financial Officer commented, "We believe the resolution of this litigation removes uncertainty from the Company's capital structure and represents a significant step toward our objective of listing on a National Exchange. Furthermore, resolution of this matter now, allows us to avoid significant additional legal expenses."
Advanced Cell Technology, Inc., (ACT) is a Marlborough, Mass.-based biotechnology company focused on the development and commercialization of human embryonic stem cell (hESC) and adult stem cell technology. The company's most advanced products are in clinical trials for the treatment of dry age-related macular degeneration and Stargardt's macular degeneration. These cell therapies are also clinical trial candidates for the treatment of myopic macular degeneration. ACT's preclinical programs involve cell therapies for the treatment of other ocular disorders and for diseases outside the field of ophthalmology, including autoimmune, inflammatory and wound healing-related disorders. The company's intellectual property portfolio includes pluripotent stem cell platforms -- hESC and induced pluripotent stem cell (iPSC) -- and other cell therapy research programs. For more information, advancedcell.com or connect with the Company on Facebook, Twitter, LinkedIn, Google+, and YouTube.
Forward-Looking Statements |
