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Advanced Cell Technology Licenses ACTCellerate Technology to BioTime (BTIM.PK)
8/11/2008
ALAMEDA, Calif.--(BUSINESS WIRE)--Advanced Cell Technology, Inc. (“ACT”) (OTC: ACTC) announced today that it has granted an exclusive license to Embryome Sciences, Inc., a wholly owned subsidiary of BioTime, Inc., to use “ACTCellerate™” embryonic stem cell technology and a bank of over 140 diverse progenitor cell lines derived using that technology. Under the agreement, ACT received an upfront payment of $250,000, and is eligible to receive an 8% royalty on sales of products, services, and processes that utilize the licensed technology. Once a total of $1,000,000 of royalties has been paid, no further royalties will be due. ACT has an option to reacquire rights to use the ACTCellerate technology for the development of certain types of stem cells for human therapeutic use in fields related to its core business.
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