Advanced Cell Technology Announces Cost Reduction Program; Company To Reduce Annual Operating Expenses By $5-6 Million Through Closing of Two Research & Development Facilities - Potential Job Cuts Ahead; Company Continues to License Non-core Intellectual
The Company is focused on partnering its proprietary patent protected preclinical programs in retinal disease and the manufacturing of red blood cells (see paper published in Regenerative Medicine the current issue). Its Retinal Pigmented Epithelial (or RPE) cell Program, an embryonic stem cell (hESC) therapy for the treatment of degenerative retinal disorders and its recently announced Hemangioblast (or HG) cell Program, an embryonic stem cell therapy for the treatment of blood and cardiovascular indications as described in the September issue of Discover Magazine, are programs that are among the most advanced translational developmental programs in this newly emerging industry sector. The Company is also concentrating on securing funding for a Phase II Trial for its Myoblast program, an autogolous adult stem cell therapy for the treatment of heart disease, which has successfully completed four Phase I clinical trials and has clearance from the FDA to begin Phase II trials.
The Company recently licensed to a subsidiary of BioTime Inc some of its non core patent technology covering techniques in developing stem cell lines as well as animal technology which can be used for research purposes. The company retains its proprietary technology in the area of Induced Pluripotent Stem Cells (iPS) and other alternative technologies which it believes covers much of the reprogramming technology recently announced by Japanese and U.S. scientist. The company is seeking funding and partners to complete its ground breaking research in this promising science while still utilizing its proprietary “single cell blastomere technology” which does not destroy the embryo when developing cell lines used for its current development programs.
“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 Advanced Cell Technology, Inc. “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.”
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the emerging field of regenerative medicine.
For more information, visit www.advancedcell.com
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-QSB for the quarter ended September 30, 2007. 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.
Contacts
CEOcast, Inc. for Advanced Cell Technology Daniel Schustack, 212-732-4300