Advanced Cell Technology Enters Into Letter of Intent to Acquire Mytogen, Inc. and Proceed with the Human Clinical Trials Utilizing Myoblasts for the Treatment of Heart Failure

ALAMEDA, Calif.--(BUSINESS WIRE)--Advanced Cell Technology, Inc. (OTCBB:ACTC) today announced that it has entered into a letter of intent to acquire Mytogen, Inc. and its Myoblast Program for the treatment of heart failure. The letter of intent provides for an aggregate purchase price of $5 million payable in ACTC common stock plus the assumption of certain Mytogen liabilities of approximately $1 million. Mytogen will also receive a warrant to purchase an additional 1.5 million shares of ACTC common stock at $1.00 subject to achievement of certain milestones. The letter of intent is subject to several closing conditions including requisite approvals from the Food and Drug Administration (FDA), final intellectual property due diligence and execution of a definitive agreement. The transaction is scheduled to close by July 15, 2007. Upon completion of the acquisition, Advanced Cell Technology will transition from a development stage to a clinical stage company. Mytogen brings to the Company over ten years of experience in clinical trial and FDA experience in developing and advancing cellular therapies including the area of stem cells.