MARBOROUGH, Mass.--(BUSINESS WIRE)-- Advanced Cell Technology, Inc. (“ACT”, OTCBB: ACTC)(the “Company”), a leader in the field of regenerative medicine, today announced third quarter financial results for the period ended September 30, 2011. The Company reported a loss from operations of $(6.9) million compared to a loss from operations of $(5.4) million in the same period a year ago. Net cash used in operations for the 2011 third quarter was $4.1 million, compared to net cash used in operations of $2.5 million in the same period in 2010. The increase in cash used in operations was a result of the clinical activities related to the Company's Phase I/II trials for Stargardt’s Macular Dystrophy (SMD) and Dry Age-Related Macular Degeneration (Dry AMD). The Company ended the 2011 third quarter with cash and cash equivalents of $13.9 million, compared to $16.1 million as of June 30, 2011.
“We are excited by the developments we have seen to date in patients with SMD and AMD in clinical activities,” said Gary Rabin, interim Chairman and CEO of ACT. “We believe that these two trials could represent a paradigm shift in the way that stem cells are used to treat patients with unmet medical needs.”
The Company will hold a conference call at 4:30 p.m. EDT today during which it will discuss third quarter results and provide a clinical update. Interested parties may dial (888) 264-3177 and reference conference ID number 19849491. The call will be available live and for replay by webcast at:
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, 2010. 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.
James Young, 212-732-4300
ACT Corporate Communications
Bill Douglass, 646-450-3615
Martina Schwarzkopf, Ph.D., 212-845-4292
KEYWORDS: United States North America Massachusetts
INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials