MARLBOROUGH, Mass. –Advanced Cell Technology, Inc. (“ACT”; OTCBB: ACTC 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:
“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. EST 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: http://us.meeting-stream.com/advancedcelltechnology110812.
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