Advanced Cell Technology Announces Second Quarter 2013 Results
August 07 2013 - 4:00PM
Business Wire
Advanced Cell Technology, Inc. (“ACT”;OTCQB: ACTC), a leader in
the field of regenerative medicine, announced today second quarter
financial results for the period ended June 30, 2013.
Highlights of the second quarter include:
- Confirmed that a clinical trial
participant showed improvement in vision from 20/400 to 20/40
following treatment with retinal pigment epithelial (RPE) cells
derived from human embryonic stem cells (hESCs), which was first
reported in a news article on May 15 by Reuters
- Announced Data Safety Monitoring Board
approval to complete the third patient cohort in all three clinical
trials
- Treated 25 patients to date, across all
three clinical trials, in the U.S. and Europe
- Appointed Edward Myles, a 20 year
veteran working in finance and operations in the life sciences
field, as Chief Financial Officer & Executive Vice President of
Corporate Development
Second Quarter 2013 Financial Results
ACT had revenue totaling $58,268 for the 2013 second quarter,
compared to revenue of $218,184 in the prior year. Revenue was
generated through license fees and royalty payments. Research and
Development expenses for the three months ended June 30, 2013 were
$2,862,237, compared to $2,068,098 for same period in 2012.
The Company reported a loss from operations of $(5.5) million in
the 2013 second quarter compared to a loss from operations of
$(4.5) million in the 2012 second quarter. ACT reported a net loss
of $(6.6) million or $(0.00) loss per share in the 2013 second
quarter, compared to a net loss in the same period of 2012 of
$(4.0) million, or $(0.0) per share.
Net cash used in operations for the 2013 second quarter was $4.2
million, compared to net cash used in operations of $2.9 million in
the same period in 2012. The increase in net cash used in
operations was a result of ongoing and additional clinical
activities, including the addition of a cohort 2a to the U.S.
clinical trials. The Company ended the 2013 second quarter with
cash and cash equivalents of $5.5 million, compared to
approximately $7.2 million at December 31, 2012.
“We are very encouraged with the developments we’ve seen in our
clinical trials as we continue to treat new patients without any
adverse events and, in many cases, with marked visual acuity
improvements,” said Gary Rabin, Chairman and CEO of ACT. “We are
also excited by the recent addition of Ted Myles to our team as
Chief Financial Officer & EVP of Corporate Development. Ted has
already had a positive impact on the operations of the Company and
we look forward to the second half of the year as a period of great
progress in all aspects of our business.”
The company will hold a conference call and webcast to discuss
the second quarter results and provide a corporate update today at
4:30 p.m. EDT. Interested parties may access the call live by
dialing (888) 264-3177 and using conference ID 14877847. This event
is also being streamed via webcast. The webcast is available
at: http://us.meeting-stream.com/advancedcelltechnology080713.
A replay of the call will also be available via the same link.
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, or connect with
the Company on Facebook, Twitter, LinkedIn, Google+, and
YouTube.
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-Q for the period ended June 30, 2013 and the Form 10-K for
the year ended December 31, 2012. 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.
Advanced Cell Technology, Inc.Investors:CEOcast, Inc.James
Young, 212-732-4300orPress:Russo PartnersDavid Schull,
212-845-4271