ALAMEDA, California" (June 28, 2007) (BUSINESS WIRE)�"Advanced Cell Technology, Inc. (OTCBB:ACTC - News) announced that the registration statement related to new shares of common stock underlying the company's September 2006 PIPE (private investment in public equity) transaction became effective, and those shares became eligible for trading on June 27, 2007.
In September 2006, Advanced Cell Technology (ACT) raised over $10 million by selling senior secured convertible debentures in a PIPE transaction. On June 27, 2007, 13,516,367 additional shares of common stock became eligible for trading and over 21 million shares of ACTC changed hands, creating the highest volume day in company history.
"We are pleased that the conversion of the debentures issued in the September 2006 financing will eliminate debt from our balance sheet and mitigating a portion of the equity overhang presented by the September 2006 transaction,�” noted William M. Caldwell, IV, Chairman and CEO of Advanced Cell Technology. "While we are disappointed by the downward pressure on our stock price resulting from the availability of additional shares, our company remains committed to applying regenerative medicine to develop novel therapies for the treatment of diseases and indications with little or no alternatives such as retinal degenerative disorders and cardiovascular disease. We believe that as we continue to reach our developmental and clinical milestones, the market will recognize the value of our technology platform and the potential for the commercialization of our stem cell therapies.”
Recently, ACT announced significant progress in both its retinal pigment epithelium (RPE) and hemangioblast (HG) programs for which the company plans to file investigational new drug (IND) applications in 2008. In May 2007, the company entered into a letter of intent to acquire Mytogen, Inc., an autologous adult stem cell company with a therapy for cardiovascular disease that has successfully completed Phase I clinical trials. Upon closing the Mytogen transaction, ACT plans to begin Phase II trials. In addition, last week ACT announced that it had developed the world's first human embryonic stem cell line without destroying an embryo, which could circumvent President Bush's objections to embryonic stem cell research.
For additional information about the registration statement (Form SB-2), please visit "www.sec.gov":http://www.sec.gov.
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, 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 ending March 31, 2007.
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.
The Investor Relations Group
James Carbonara or Joseph Kessler, 212-825-3210
Bill Douglass, 212-825-3210