Alameda, CA and Worcester, MA, February 28, 2006 -- Advanced Cell Technology, Inc. (OTCBB:ACTC), a leading biotechnology company applying human embryonic stem cell technology in the field of regenerative medicine, announced today the official opening of its new 15,000 square foot state-of-the-art facility in Alameda, California. This facility will now serve as the Company's headquarters. Historically Advanced Cell Technology was headquartered at its laboratories in Worcester, Massachusetts that will continue to operate under the leadership of Dr. Robert Lanza.
Dr. Michael West, Chief Scientific Officer of ACT, California State Treasurer Phil Angelides, and ACT Chief Executive Officer William Caldwell, discuss the promise of stem cell technology at the opening of ACT's new headquarters in Alameda, California.
Advanced Cell Technology's CEO, William M. Caldwell, IV, and the Company's President and Chief Scientific Officer, Dr. Michael West, led the ceremonies and conducted a tour of the facility. Dignitaries in attendance included California State Treasurer Phil Angelides, Alameda Mayor Beverly Johnson, and the Director of Scientific Programs and Review of the California Institute for Regenerative Medicine, Arlene Chiu, Ph.D., among others.
"We are proud to be among the first companies to make this move to California and be able to support the promise of Prop 71 - working to ensure that California remains the hub of medical innovation and breakthrough therapies and to generate new revenue for the state by creating research jobs and a new facility,” said William Caldwell. "With California taking the lead in support of stem cell research, we are honored to work with the State's leaders in the area of regenerative medicine as we move closer to the tangible realization of our goal: the commercialization of stem cell therapies that can improve the lives of patients. This move to California will allow us to gain significant momentum by being able to take advantage of a favorable environment for funding. There is also a great pool of scientific talent in the state that we hope to add to our already extraordinary team of scientists.”
"California voters overwhelmingly approved Proposition 71 to ensure that California remains the hub of groundbreaking scientific innovation that has the potential to cure and treat debilitating and life-threatening ailments. Advanced Cell Technology's move to California sends a powerful message that this promise can be realized - bringing high-skilled jobs and revenues to our state, and most importantly, offering hope to millions of patients and their families,” said California State Treasurer Phil Angelides.
"Our new facility encompasses a 10,000 square foot Good Manufacturing Practice (GMP) capable laboratory. Having a laboratory capable of manufacturing clinical-grade product based on human embryonic stem cell technology demonstrates our commitment to being a world leader in the development of new human therapies in the emerging field of regenerative medicine,” said Dr. West. In conjunction with the sublease, the company acquired cell culture and manufacturing equipment previously validated for use in the GMP manufacture of cell-based therapies.
The company is in part opening its new facility in California in order to participate in the California Institute of Regenerative Medicine's (CIRM) funding program. CIRM was established in 2004 with the passage of Proposition 71, the California Stem Cell Research and Cures Initiative, and will be responsible for disbursing $3 billion for stem cell research to California universities and research institutions over ten or more years.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying 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 "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-QSB for the quarter ended September 30, 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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