Advanced Cell Technology Receives Additional $400,000 in Funding
March 4, 2009
Advanced Cell Technology, Inc. (OTC: ACTC) announced today that it has received a total of $400,000 in additional funding through the receipt of the final payment from CHA Biotech Co, Ltd., a leading Korean-based biotechnology company focused on the development of stem cell technologies, in connection with its recently formed international joint venture with Advanced Cell; and research grants from the National Institutes of Health. Proceeds from these transactions as well as other transactions in advanced discussions will be used to support the Company's retinal pigment epithelium cells (RPE) program. The Company anticipates filing an IND with the FDA during the second half of this year.
"We continue to identify creative, non-dilutive ways to raise capital in a very challenging capital markets environment," said William M. Caldwell IV, Chairman and CEO of Advanced Cell Technology, Inc. "We believe that investors are beginning to focus on the potential of our RPE program and its potential therapeutic impact on some 200 different retinal disease conditions. The immune privilege nature of the eye, coupled with a small dosage relative to other cellular therapies, plus the ease of application via a simple injection by needle makes this an ideal candidate for validating therapeutic applications for the human embryonic stem cell technology platform."
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the emerging field of regenerative medicine. It's laboratory is located in Worcester, Massachusetts.
For more information, visit www.advancedcell.com
Forward-Looking Statements
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.