MARLBOROUGH, Mass., May 9, 2011 /PRNewswire/ -- Advanced Cell Technology, Inc. ("ACT";OTCBB: ACTC), a leader in the field of regenerative medicine, announced today first quarter financial results for the period ended March 31, 2011. The Company reported a loss from operations of $(4.8) million compared to a loss from operations of $(15.0) million in the 2010 first quarter. ACT reported a net loss of $(3.3) million or $(0.00) per share, compared to a loss in the same period in 2010 of $(17.8) million, or $(0.03) per share.
Net cash used in operations for the 2011 first quarter was $3.4 million, compared to net cash used in operations of $2.9 million in the same period in 2010. The Company ended the 2011 first quarter with cash and cash equivalents of $13.7 million, compared to $15.9 million as of December 31, 2010.
"During the first quarter of this year, ACT made significant progress in securing sites to conduct our Phase 1/2 clinical trials for Stargardt's Macular Dystrophy (SMD) and Dry Age-Related Macular Degeneration (Dry AMD), as reflected by our recent announcement that the Jules Stein Eye Institute at the University of California, Los Angeles (UCLA) has received institutional review board (IRB) approval to be a site for both the SMD and AMD trials using retinal pigment epithelial (RPE) cells derived from human embryonic stem cells (hESCs)," said Gary Rabin, interim Chairman and CEO of ACT. "We also recently filed a clinical trial application with the European Medicines and Healthcare products Regulatory Agency (MHRA) seeking clearance to initiate a similar SMD trial in Europe. We believe that these trials represent excellent opportunities to evaluate the potential for RPE cells to repair and regenerate the retina."
"While we are excited about the scientific potential for our RPE platform, we also believe that our strong balance sheet and access to capital positions us well to negotiate strategic partnerships or licensing agreements," continued Mr. Rabin. "With the Company's existing cash on hand as well as access to capital, ACT has the financial strength to complete the Phase 1/2 trials, which could represent important value-creation opportunities for the Company."
The Company plans to conduct a webcast of the informal portion of its Annual Shareholder's Meeting in June. Additional details will be provided as the event approaches.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit http://www.advancedcell.com.
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-K for the year ended December 31, 2010. 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. There can be no assurance that the Company's clinical trials will be successful.
CEOcast, Inc., James Young, 212-732-4300
ACT Corporate Communications, Bill Douglass, 646-450-3615
Russo Partners, Martina Schwarzkopf, Ph.D., 212-845-4292
SOURCE Advanced Cell Technology, Inc.