Advanced Cell Technology Inc., a biotechnology company focused on the field of regenerative medicine, today announced its 2010 year-end results for the period ended December 31, 2010.
The company said it utilized $8.8 million in cash for operations during the year, a significant bump from the $5.1 million utilized for 2009. The increase is primarily due to activities related to Investigational New Drug (IND) filings and approvals.
“2010 was a transformative year for the company, as it received FDA clearance to commence two landmark human studies using a cell therapy derived from embryonic stem cells,” Gary Rabin, Advanced Cell’s interim chairman and CEO stated in the press release. “While receiving these clearances represented a tremendous achievement for the company, our ability to dramatically improve our balance sheet was equally important, as we now have the ability to complete these two trials without seeking additional capital. We believe that ACT has never been better positioned to develop its promising stem cell-based technologies.”
As of December, 31, 2010, the company ended the year with cash and cash equivalents of $15.9 million and less than $1 million of debt, compared to $2.5 million in cash and cash equivalents and $8.4 million of debt in the year-earlier period. Since September, 2009, the Advanced Cell has shed more than $34 million in indebtedness, including $20 million of indebtedness and liabilities in the 2010 fourth quarter.
The biotech company noted several highlights for 2010, including a stronger balance sheet, which is the company’s strongest financial condition in its history, as well as integral clearances and approvals from the U.S. Food and Drug Administration (FDA).
Advanced Cell also received FDA clearance for its IND application to launch a phase I/II multicenter clinical trial using retinal cells derived from human embryonic stem cells (hESCs) to treat patients with Stargardt’s Macular Dystraphy; received FDA clearance for its IND application to treat Dry Age-Related Macular Degeneration (AMD) using retinal pigment epithelial (RPE) cells derived from hESCs; was granted granted orphan drug designation for the company’s hESC-derived hRPE cells for use in the treatment of SMD; and was granted three U.S. patents covering the use manufacturing of human RPE cells from hESC lines, as well as the use of hESC-derived RPE cells for treating retinal degenerative diseases, including AMD and Stargardt’s Disease.
On the financial front, the company entered into a $25 million non-convertible stock purchase agreement with Socius CG II, Ltd., a subsidiary of Socius Capital Group; to date, Advanced Cell has sold Socius $4 million of preferred stock.
For more information visit www.advancedcell.com