MARLBOROUGH, Mass. – Advanced Cell Technology, Inc. (“ACT”; OTCBB: ACTC), a leader in the field of regenerative medicine, announced today first quarter financial results for the period ended March 31, 2012. The Company reported a loss from operations of $(5.4) million compared to a loss from operations of $(4.8) million in the 2011 first quarter. ACT reported a net loss of $(5.7) million or $(0.00) per share, compared to a loss in the same period in 2011 of $(3.3) million, or $(0.00) per share.
Net cash used in operations for the 2011 first quarter was $4.8 million, compared to net cash used in operations of $3.4 million in the same period in 2011. The Company ended the 2012 first quarter with cash and cash equivalents of $10.8 million, compared to $13.1 million as of December 31, 2011.
Highlights from the first quarter of 2012 included:
“We are very pleased with our progress in the clinic so far,” said Chairman and CEO Gary Rabin. “We are encouraged by the results we have seen from the early patients treated in each of our indications, and look forward to completing the trials on schedule.”
Conference call and Webcast
The Company will hold a conference call tomorrow at 9 a.m. eastern time to discuss the first quarter results and business outlook. Interested parties may access the call live by dialing (888) 264-3177 and using conference ID 72827188. This event will be streamed via webcast. The webcast will be available at http://us.meeting-stream.com/advancedcelltechnology050912. 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 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.
CEOcast, Inc., James Young, 212-732-4300
ACT Corporate Communications, Bill Douglass, 646-450-3615
Russo Partners, Martina Schwarzkopf, Ph.D., 212-845-4292
Advanced Cell Technology, Matthew Vincent, Ph.D., email@example.com