Leading Korean Biotech Company & Advanced Cell Technology Form JV

WORCESTER, Mass. & SEOUL, Korea--(BUSINESS WIRE)--Advanced Cell Technology, Inc. (OTC:ACTC) and CHA Biotech Co, Ltd. (CHA), a leading Korean-based biotechnology company focused on the development of stem cell technologies, announced today the formation of a new international joint venture. The new company – Allied Cell Technology – will develop human blood cells and other clinical therapies based on ACTC’s proprietary hemangioblast cell technology. ACTC will exclusively license to the joint venture, which will be majority owned by CHA, all of its hemangioblast technology. CHA will contribute working capital for the venture as well as paying Advanced Cell a license fee of $500,000.