President and CEO of Collegium Pharmaceutical Brings 25 Years of Pharmaceutical Industry and Capital Markets Experience, Including Building a Diversified Pharma Product Portfolio
MARLBOROUGH, Mass. — April 9, 2012 – Advanced Cell Technology, Inc. (“ACT”; OTCBB: ACTC), a leader in the field of regenerative medicine, announced that Michael T. Heffernan, R.Ph. has been appointed to the company’s board of directors, effective today.
Heffernan, 47, has 25 years of pharmaceutical industry experience. He is co-founder, president, and CEO of Collegium Pharmaceutical, a specialty pharmaceutical company developing proprietary, late-stage pharmaceutical products, and building a portfolio of products for the treatment of chronic pain which use its patented DETERx® tamper resistant, extended release drug delivery platform.
“Michael’s expertise in pharmaceutical product development, as well as experience in capital markets and deal-making will be invaluable to the company as we continue our forward momentum with our clinical programs, and we are excited to welcome him to our board of directors,” said Gary Rabin, chairman and CEO of ACT.
While at Collegium, Heffernan also founded Onset Therapeutics which he spun out of Collegium to form PreCision Dermatology, a dermatology focused specialty pharmaceutical company. Prior to co-founding Collegium Pharmaceutical, he was President, CEO and Chairman of PhyMatrix (later renamed Innovative Clinical Solutions) a publicly-traded, diversified healthcare management company, where he was responsible for restructuring and refinancing the company. Prior to being named President of PhyMatrix, he served as President of the clinical research division of the company. Prior to that, he was President and CEO of Clinical Studies, Ltd. and led the successful sale of the company to PhyMatrix.He was previously with Eli Lilly & Company in a number of sales and marketing roles.
Heffernan said, “I am thrilled to join ACT’s board of directors at this exciting time, and I am looking forward to working with the rest of the board and ACT’s management team as we continue to progress quickly with the clinical trials for dry AMD and Stargardt’s disease.”
Heffernan serves on the board of Collegium Pharmaceutical, PreCision Dermatology, Cornerstone Therapeutics, Inc. (traded on the Nasdaq stock exchange under ticker symbol CRTX), and TyRx Pharma, Inc. Heffernan is a registered pharmacist.
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 www.advancedcell.com.
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.
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