Advanced Cell Technologies is restructuring. The company has been on the rocks since it saw stock prices nosedive in July on news that the company didn't have enough funding to continue operations. Now the Worcester, MA-based stem cell company is looking to save $5 million to $6 million a year in operating costs by streamlining and focusing on its most advanced clinical program. As part of the process, ACT has not renewed its Alameda, California sublease and has vacated its Charlestown, Massachusetts facility. ACT will be looking for a partner on its preclinical programs in retinal disease and the manufacturing of red blood cells. It is also on the hunt for funding for a Phase II Trial for its Myoblast program.
"We believe in this challenging capital market environment that it is prudent to focus on our most advanced clinical programs," stated William M. Caldwell IV, Chairman and CEO of ACT. "These cost reduction activities and successfully implementing our partnering/licensing strategy should afford the Company the ability to allocate funding to further develop its later-stage clinical programs while significantly reducing its cash utilization for developmental activities. Near term funding continues to be our major challenge."
- see ACT's release
ALSO: The Defense Advanced Research Projects Agency--a key player in biomedical research--has begun a blood pharming project that will explore just how feasible it would be to produce an unlimited supply of blood. The work has been pioneered by Advanced Cell Technology. Report