Advanced Cell Technology to Host Conference Call to Provide a Corporate Update; Announces Settlement of Litigation
June 06 2014 - 8:45AM
Business Wire
Webcast Scheduled for Monday, June 9, 2014
at 5:00 p.m. Eastern Time
Advanced Cell Technology, Inc. (“ACT” or “the
Company”; OTC:ACTC), a leader in the field of regenerative
medicine, announced today it will host a conference call on Monday,
June 9, 2014 at 5:00 p.m. EDT during which ACT will provide an
update on clinical and corporate developments.
Interested parties may access the call live by dialing (888)
264-3177 and using conference ID 57150680. This event is
also being streamed via webcast. The webcast is available
at http://engage.vevent.com/rt/act~advancedcelltechnology060914.
A replay of the call will also be available via the same link.
Among other topics, the following will be discussed during
the update call:
- Publication of Mesenchymal Stem Cell
study in Stem Cell Reports
- Initiation of myopic macular
degeneration trial at Jules Stein Eye Institute at UCLA
- Update on clinical plan for AMD and SMD
trials
- Settlement of litigation against the
Company
Settlement of Warrant Holder Claim
ACT announced today that it had entered into a Settlement
Agreement with Gary D. Aronson (“Aronson”) and John S. Gorton,
individually and as trustee of the John S. Gorton Separate Property
Trust (“Gorton”), relating to lawsuits, previously disclosed in
regulatory filings, filed against the Company by each of Aronson
and Gorton in August 2011 in the United States District Court for
the District of Massachusetts. The lawsuits claimed that the
Company breached an anti-dilution provision contained in warrants
held by each of Aronson and Gorton. Pursuant to the Settlement
Agreement, in exchange for dismissal by Aronson and Gorton of the
pending and non-consolidated lawsuit with prejudice and a mutual
release of claims, the Company agreed that it would issue to the
parties a total of 384 million shares of common stock, as payment
in full satisfaction of any claims, including legal fees, by
Aronson and Gorton in connection with their respective enforcement
of the terms of their warrants.
The Company disclosed in its Quarterly report on Form 10-Q for
the period ended March 31, 2014, that it had reserved approximately
$13 million to settle the litigation and the unsettled liabilities
associated with the warrants. In accordance with relevant
accounting rules, the Company also disclosed that its total
estimated exposure for the matter could have been as much as $25
million more than the amount accrued.
Edward Myles, ACT’s Interim President, Chief Operating Officer
and Chief Financial Officer commented, “We believe the resolution
of this litigation removes uncertainty from the Company's capital
structure and represents a significant step toward our objective of
listing on a National Exchange. Furthermore, resolution of this
matter now, allows us to avoid significant additional legal
expenses.”
Advanced Cell Technology, Inc., (ACT) is a Marlborough,
Mass.-based biotechnology company focused on the development and
commercialization of human embryonic stem cell (hESC) and adult
stem cell technology. The company’s most advanced products are in
clinical trials for the treatment of dry age-related macular
degeneration and Stargardt’s macular degeneration. These cell
therapies are also clinical trial candidates for the treatment of
myopic macular degeneration. ACT’s preclinical programs involve
cell therapies for the treatment of other ocular disorders and for
diseases outside the field of ophthalmology, including autoimmune,
inflammatory and wound healing-related disorders. The company’s
intellectual property portfolio includes pluripotent stem cell
platforms – hESC and induced pluripotent stem cell (iPSC) – and
other cell therapy research programs. For more information,
http://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-K for the year ended December 31, 2013. 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.Bob Woods,
212-732-4300orPress:Russo PartnersDavid Schull, 858-717-2310