Alameda, CA, May, 12, 2006 - Advanced Cell Technology, Inc. (OTCBB:ACTC) has entered into exclusive and non-exclusive license agreements of key intellectual property with Kirin Brewery Company, Ltd. (TSE: 2503; NASDAQ: KNBWY) with offices located in Tokyo, Japan and the United States ("Kirin”) and certain other Kirin subsidiaries. In addition, the Company sold to Kirin all of its interests in Hematech, LLC, an indirect subsidiary of Kirin.
The Company entered into a non-exclusive license with Kirin. Pursuant to that license the Company has granted Kirin the use of specified intellectual property for use in connection with the development of polyclonal antibodies in non-human mammals. Additionally, the Company entered into an exclusive license with Kirin. Pursuant to that license, the Company has obtained exclusive rights from Kirin to important intellectual property that is directed at methods for the reprogramming of cells for use in connection with the research, development and sale of therapeutic and diagnostic human cell products.
Concurrent with entering into the license agreements, Kirin purchased all of the Company's interests in an indirect subsidiary of Kirin, Hematech, LLC. In July, 2005, Kirin acquired all of the outstanding interests in Hematech, LLC except for the interest held by the Company.
These licensing arrangements and the sale of the Company's interest in Hematech, LLC, result from the recent settlement of certain litigation between the University of Massachusetts and James Robl and Philippe Collas. The parties to this litigation have entered into settlement agreements which provide for the various licensing transactions and have also agreed to dismiss this litigation as quickly as practicable.
Mr. William Caldwell, CEO of Advanced Cell Technology said, "Advanced Cell Technology is committed to identifying and working with all reprogramming technologies that will further the development of therapies derived from human embryonic stem cells. Our exclusive license with Kirin is an excellent strategic fit to further this objective.”
"While ACT's focus is on cell therapy for application in regenerative medicine, we recognize the large opportunity in medicine for human polyclonal antibodies." said Dr. Michael West, Chairman, President and Chief Scientific Officer of Advanced Cell Technology. "We believe Kirin is ideally suited to lead the world in commercializing this new and important technology."
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying embryonic stem cell technology in the emerging field of regenerative medicine. The company operates facilities in Alameda, California and Worcester, Massachusetts. For more information about the company, please visit "http://www.advancedcell.com":http://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-KSB for the fiscal year ended December 31, 2005.
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.
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