Advanced Cell Technology Announces 2012 Third Quarter Results
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:
- Treated first Dry Age-related Macular Degeneration (Dry AMD) and Stargardt’s Macular Dystrophy (SMD) patient with the higher dosage of hESC-Derived RPE cells in second cohort of the U.S. clinical trial at Wills Eye Institute in Philadelphia.
- Closed out first patient cohorts in the U.S. and European Dry AMD and SMD clinical trials, which have four cohorts of three patients. The first cohort receives a dosage of 50,000 cells, the second receives 100,000 cells, the third receives 150,000 cells and the final cohort is to be dosed with 200,000 cells.
- Secured approval to proceed with increased dosage into the second cohorts of SMD and AMD clinical trials.
- Announced Scotland’s NHS Lothian as additional site for the Company’s European clinical trial using hESC-Derived RPE Cells to treat Macular Degeneration.
- ACT was issued a broad patent covering human RPE cells derived from all types of pluripotent stem cells.
- Secured a $35 million funding commitment from Lincoln Park Capital.
“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.”
2012 Third Quarter Financial ResultsACT 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.
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