Advanced Cell Technology Announces 2012 Third Quarter Results
<0> Investors:CEOcast, Inc.James Young, 212-732-4300orPress:ACT Corporate CommunicationsBill Douglass, 646-450-3615orRusso PartnersMartina Schwarzkopf, Ph.D., 212-845-4292 </0>
Advanced Cell Technology, Inc. (OTCBB: ACTC) (“ACT” or the “Company”), a leader in the field of regenerative medicine, announced today third quarter financial results for the period ended September 30, 2012.
Highlights from the third quarter included:
“We are excited with the developments we have seen in our U.S. and European trials and continue to accelerate enrollment in our clinical programs,” said Gary Rabin, Chairman and CEO of ACT. “We believe that these three trials could represent a paradigm shift in the way that stem cells are used in medicine and are pleased by the support we have received from our clinical trial site partners.”
ACT had revenue totaling $68,184 for the three months ending September 30, 2012. The revenue relates to license fees and royalties collected. Research and Development expenses for the three months ended September 30, 2012 and 2011 were $2.8 and $4.0 million respectively. The lower R&D costs were primarily due to restricted stock issued to an R&D executive in 2011 which vested immediately as opposed to over a period of quarters in 2012.
The Company reported a loss from operations of $(5.0) million for the three months ended September 30, 2012, compared to a loss from operations of $(6.9) million in the same period a year ago. ACT reported a net loss of $(8.5) million or $(0.00) loss per share in the 2012 third quarter, compared to a net loss of $(52.5) million or $(0.03) loss per share in the same period a year ago.
Net cash used in operations for the 2012 third quarter was $3.8 million, compared to net cash used in operations of $4.1 million in the same period in 2011. The Company ended the 2012 third quarter with cash and cash-equivalents of $8.3 million.
The Company will hold a conference call at 4:30 p.m. EDT today during which it will discuss third quarter 2012 results and provide a corporate update. Interested parties may dial (888) 264-3177 or 706-902-4345 and use reference conference ID number 90962762. The call will be available live and for replay by webcast at: .
Advanced Cell Technology, Inc., is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit .