Thursday October 30, 8:00 am ET
WORCESTER, Mass.-- (BUSINESS WIRE)--Advanced Cell Technology, Inc. (OTCBB: ACTC.PK - News) announced today that an Irish institutional investor has increased its funding commitment to the Company by $500,000. Transition Holdings, Inc, which has already provided an additional $150,000 in funding, has increased its total commitment under which it will purchase a total of $1 million of one-year 7% convertible debentures over the next six months. The Company will use the proceeds for working capital, general corporate purposes and to continue the development of its most advanced clinical programs. The Company continues to negotiate with partners to jointly develop its pre-clinical and certain clinical programs in heart failure, retinal disease and the production of red blood cells.
"We are pleased that there are still investors who recognize the opportunities for our technology platform and the prospects to develop it through a more supportive political environment for stem cell companies as a result of the upcoming change in the administration,” said William M. Caldwell IV, Chairman and CEO of Advanced Cell Technology, Inc. "At a time where a lack of funding in the capital markets has created unprecedented challenges for development-stage biotechnology companies, Advanced Cell has managed to raise enough capital to continue operations, although on a far more limited basis than is desirable. Despite these funding difficulties, the Company has reduced debt from an aggregate balance of $49 million to a face value of $13 million over the past three years. We look forward to the upcoming Presidential Election and renewed governmental support for the stem cell industry.”
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the emerging field of regenerative medicine. It currently has approximately 250 million tradable shares in circulation with its laboratory located in Worcester, Massachusetts.
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-QSB for the quarter ended March 31, 2008. 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.