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NEW RABIN BLOG:
2013: the Year Regenerative Medicine Hits Its Stride
Greetings,
As 2013 quickly ramps up, I thought I would take a few minutes to reflect on 2012 and share with you why I think 2013 is going to be an enormously important year both for ACT and for the regenerative medicine sector.
Looking Back
Looking back over 2012, it was a whirlwind year dominated by political news. However, it was also the year that ACT made significant history in the nascent field of regenerative medicine, heralding in 2012 with the first publication ever providing data from human clinical trials using an embryonic stem cell-derived therapy. This paper, written with our collaborators at UCLA’s Jules Stein Eye Institute, in the premiere scientific journal The Lancet received worldwide attention and propelled our company into the forefront of medical news. Twelve months later, we close the year having fully completed the treatment of half of all the patients to be treated in all three of our ongoing Phase I trials for Stargardt’s Macular Dystrophy (SMD) and Dry Age-Related Macular Degeneration (Dry AMD). So here, at at the halfway mark, we have the chance to the review data coming back from our clinical trial sites. From the perspective of safety, we continue to observe a very clean profile for our RPE cells. With many data points on each of the 18 patients, we also have emerging positive trends coming through the anatomical and functional data as well. The gains in visual acuity we reported for our first two patients have persisted for nearly 18 months now. In addition to measuring visual acuity, the clinical sites have been providing us with fundus photographs and other evidence showing that the transplanted RPE cells engrafted in appropriate space and are apparently resurfacing the damaged retinas in our patients. At the Biotech Showcase 2013 yesterday (January 8) in San Francisco, we presented some representative examples of fundus photographs from both dry AMD and SMD patients. That presentation is available on the Presentations section of our website, and I encourage you to give it a look. With four trial sites now up and running in the United States, and expanding efforts in Europe, the pace of the trials has picked up and I have hope that we will complete treatment of all of the patients by this summer.
Moreover, we are pleased to share the news with you that, as anticipated, before the end of 2012 one of our investigative partners filed an Investigative New Drug (IND) application with the FDA to initiate a Phase I/II human clinical trial using retinal pigment epithelial (RPE) cells derived from human embryonic stem cells (hESCs) to treat a severe form of myopia.
A revolution in medical technology is underway that could eliminate most diseases in the future. ACT remains committed to an active and central role in this emerging field of regenerative medicine. We have always tried to focus on the long-term and to place bets on technology we believe will have a significant impact over time. Our macular degeneration program is a wonderful example of this, and one which we hope will lead to a therapy that can prevent blindness in tens of millions of people. Even so, our future continues to evolve. As our recent announcements indicate, we have now also moved our platelet program using induced pluripotency (iPS) cells along to the point where we can see the goal of initiating clinical trials as early as 2013. Research in the field of iPS cells yielded 2012’s Nobel Prize in medicine, and we could not be more pleased to be at the forefront of translating this promising research into actual treatments.
Platelet Program
Platelets are key elements in maintaining blood vessel integrity – or hemostasis – and are central to wound healing and tissue regeneration after injury or surgery. Platelet transfusions are a mainstay in treating trauma, and are increasingly be used to promote healing from a wide range of surgeries. When platelet levels go down and result in thrombocytopenia, such as when bone marrow is destroyed or suppressed, the decrease in platelet function is often the leading cause of morbidity – such as seen in sepsis, cancer and preeclampsia. Yet platelets are by far the most difficult of the blood products to maintain for any extended period of time. They cannot be frozen or refrigerated. Instead, they must be stored at room temperature which limits the shelf life of platelets to 5–7 days both because of loss of activity and risk of bacterial contamination during storage. The reality is that storage and limitation on the number of people willing to donate platelets has limited the practical use of platelets. Based on meetings with trauma surgeons and government officials, we estimate that, but for limitations on donor platelet supply, there would be a demand for additional 1-2 million units of platelets per year. These factors all point to a huge opportunity for platelets that can be manufactured in culture from renewable stem cell sources (such as our hES and iPS cells!) – both in terms of demand and purity. We believe we have made the key discoveries required to scale manufacturing in order to generate large numbers of doses of platelets from stem cells to make commercialization of stem cell derived platelets an upcoming reality. This market may be as large, or larger, than our opportunity in the RPE market.
New Area of Medicine
We continue to blaze new trails in a variety of areas, and taken together, we feel we are spearheading the creation of a whole new area of medicine. I started 2012 with the message that with this tremendous opportunity comes a big responsibility – and we need to get it right. The responsibility to provide the first-ever validations for this enormously promising new sector rests largely on our shoulders. This past year has been a crucial year in the development of our programs and our company’s reputation in the regenerative medicine space. But what I hope truly excites you is the ample evidence that we are moving forward on the course we set two years ago (when I became CEO ) to transform our company.
Recognition from Media
You no doubt saw our announcement about New Scientist magazine’s coverage of our planned induced pluripotent stem cell-(iPSC) based clinical trial. Calling the trial “revolutionary,” the magazine included it as one of “10 ideas that will shape the year.” This followed on the Wall Street Journal’s exclusive story, reporting on our plans to start the process for regulatory approval of the trial. This news coverage – and this recognition from New Scientist in particular – is just icing on the cake of a year that saw a lot of recognition of our work from major news outlets, including:
Fortune: The great stem cell dilemma
Fast Company: The Company That Can Generate Medical Treatments From Embryonic Stem Cells Without P***ing Anyone Off”
The Guardian (UK): Stem cell scientists take hope from first human trials but see long road ahead
MIT Technology Review: Eye Study Is a Small but Crucial Advance for Stem-Cell Therapy
CBS Evening News with Scott Pelley: Giving Sight to Macular Degeneration Patients
New Scientist: Blindness eased by historic stem cell treatment
New York Times: Stem Cell Treatment for Eye Disease Shows Promise
Forbes.com: Embryonic stem cells: can we make the blind see?
TIME: Early Success in a Human Embryonic Stem Cell Trial to Treat Blindness
CNN: Embryonic stem cells improve sight of legally blind women
Those are just some of the highlights. Taken together, along with this latest recognition from New Scientist, speaks to the increasing general awareness of the regenerative medicine sector, in general, and our programs in particular.
Obviously, we feel that our stock price does not yet reflect the work we are doing, but we hold tremendous hope and faith that having addressed and fixed most of the financial issues that have held the company back, we have achievable goals for this year that will forever transform the company.
Focus and Strategy for 2013
Our focus and strategy are clear. In 2013 we plan to build on the growing awareness of the promise of regenerative medicine to make it the best year not only in this field but in the company’s history, as well. This year we hope to achieve a number of specific milestones, including:
Reverse stock split and up-listing of our stock to NASDAQ
Completion of both of our Phase I trials for Stargardt’s Disease in the U.S. and Europe, and our Phase I trial for dry age-related macular degeneration (dry AMD)
Sharing final Phase I trial results with our followers
New developments involving our various initiatives in Europe
Initiation of our Induced Pluripotent Stem (iPS) Cell-Derived Human Platelet Program
Initiation of three Phase II trials for SMD and dry AMD
Initiation of clinical trial for myopia
Supreme Court Ruling
In addition to our own good news to share, 2013 has begun in a rather auspicious manner with respect to federal funding of embryonic stem cell research. In a victory for supporters of hESC research, the Supreme Court has denied certiorari in the case of Shirley v. Sebelius. This long-standing lawsuit challenged the ability of the federal government to fund hESC research. The Supreme Court’s ruling will allow scientists to move forward in their stem cell research confidently and without the threat that funding from the National Institutes of Health (NIH) would be ended. As many of you know, we have been waiting patiently for the NIH to issue revised guidelines that would qualify our company’s hESC lines for federal funding, possibly opening up new sources of support for some of our programs, as well permit academic collaborators to use our hESC lines to develop cell therapy products for treating other significant diseases. All that seemed to stand in the way of the new guidelines was this court case. We can now look forward to 2013 being the year that we can finally provide our clinical grade stem cell lines to many other therapeutic development programs and more broadly introduce the world to the concept that embryonic stem cells can be made without any harm to embryos. A bold message, perhaps now about to become more meaningful through the ability of the hundreds of NIH funded university and medical school laboratories involved in cell therapy research to finally have meaningful access to our stem cell lines and with that, a more streamlined (and less costly) timeline for their preclinical programs.
In Conclusion
The opportunities that I have described above are unprecedented in modern medicine. We have an amazing arsenal at our disposal. Few people have the desire or will to take on challenges so enormous they could fundamentally change the world for the better, and fewer still have the opportunity to actually do it. Advanced Cell Technology – our team and you, our shareholders, have that opportunity. We did not spend all this time; fix all these problems; bring on this board of directors and create all of these solutions to fail. We are so close to helping solve some of the biggest unmet medical needs in the world. But this amount of opportunity cannot be addressed overnight. If our stakeholders are patient and support our efforts, the catalysts for our success are within our grasp.
Thank you, as always, for your interest and support.
Gary Rabin
Chairman and CEO
Advanced Cell Technology, Inc.
http://www.thechairmansblog.com/gary-rabin/2013-01/2013-the-year-regenerative-medicine-hits-its-stride.html
All clinical trial sites will need IRB approval for the protocol change(amendment), then the change will be updated on clinicaltrials.gov
Protocol amendments must receive IRB review and approval before they are implemented,
http://www.fda.gov/RegulatoryInformation/Guidances/ucm126420.htm#IRBProcedures
(Rabin from yesterdays meeting transcript)
We've now treated as I said a total of 18 patients, 12 in the US and 6 in the UK, that's 6 AMD patients in the US and 6 Stargardt's patients in the US, 6 Stargardt's patients in the UK, so a total of 18 patients, so we're halfway through that protocol that was set up, but we're doing a couple of things to change. Now what's going to happen in the balance of this year in this trial? First we're going to continue to treat and review all the patient data. We're going to continue to collect the fundus photography and OCT scans of these patients, BUT, MORE IMPORTANTLY, WE ARE GOING TO BEGIN TO TREAT EARLIER STAGE DISEASE. We late last year filed an amendment to our protocol to allow us to treat patients with 20/100 vision, that's down from hand motion 20/800 and 20/400 vision. Patients with 20/100 vision, they can't drive, but they sort of just lost their driver's license, so these people have visual acuity and we hope enough photoreceptor activity and enough live photoreceptors, and a small enough field of atrophy within the fovea or central field of vision, that we'll actually be able to BEGIN TO SEE SOME MEANINGFUL VISUAL ACUITY CHANGES IN THESE PATIENTS.
why register? Because when or if ACT makes a draw of monies
and Lincoln purchases the shares, Lincoln can then sell shares immediately, hold or whatever.
Shares either have to be registered to be sold or have an exemption. No other way to do it.
Shares regeistered do not mean they have been used or issued,
just that they can be.
Definitions for discovery(noun)(law):
compulsory pretrial disclosure of documents relevant to a case enables one side in a litigation to elicit information from the other side concerning the facts in the case
ACT wants the facts from the SEC relating to the claims the SEC
has made against ACT. Rabin states in CC below "discovery materials
are critical for a variety of corporate reasons"
(Aug 8 CC)
Gary: In terms of the reverse split, I'm holding off on doing the reverse as I said from the very beginning, until we resolve the last of these warrant holder and debenture issues. I'm hopeful that we're going to be able to put those to bed relatively soon because we have done a lot of other things to get ready for our uplisting and for our reverse. In terms of the SEC matter, although the complaint was filed quite some time ago, we only about a week and a half ago got the waiver of service, which allows us to respond and to get access to the discovery materials so that we can understand the SEC's linkage between the three 810 transactions and the proceeds that came back into the company. Understanding that linkage is critical for us for a variety of corporate reasons, and then we will quickly move to settle with the SEC.
elk,
unable to do either with any confidence. Camofi deadlines have now been
extended out approx. 5 months later that original. If no settlement is reached before March meeting will it go to trial?
Will the SEC settle whenever it is ACT has the discovery they want?
Really not sure about anything with the above two cases. Maybe as more filings become available it will provide some clues..
Lawsuits as of Dec, 26 2012.
Nothing new for a while, here is where we stand going into 2013..thanks
CAMOFI:
Documents/e-mails ACT needs to produce were to be delivered to plaintiff by Friday, DEC 14.
Really not sure when or what we might hear prior to next conference is scheduled for March 5, 2013
Other deadlines that were extended out:
1) The deadline for depositions upon oral questions of the parties is extended up to
and including February 15,2013.
2) The deadline for the completion of third party discovery is extended up to and
including February 28, 2013.
3) The deadline for all fact disclosure is extended up to and including February 28,
2013.
4)The deadline for Plaintiffs to file a note of issue/certificate of readiness, is
extended up to and including March 8, 2013.
Last court filing 12/05/2012
SEC:
ACT's amended answer to complaint was approved and filed. ACT had stated not long
ago(mid November) discovery was just starting. Not sure when or what will we filed next on this one.
Last court filing ACT related 12/04/2012
ARONSON/GORTON:
ACT's (partial) motion to dismiss A/G's amended complaint was all referred to JM Dien once again.
A/G requested more time to respond to ACT's motion to dismiss. JM Dien granted A/G until
January 7, 2013 to respond. Once A/G responds, JM Dien will decide whether the 3 items sought
to be dismissed by ACT stay or disappear as she did with prior complaint. ACT has asked the following
be dismissed,
1) Colby Warrant
2) Andwell/Burrows Warrants
3) Stock Sales to Outboard, Ice Cap Holdings, and Tuxedo Holdings.(10 SEC transactions)
Woodward warrant remains as JM Dien ruled on this prior.
Last court filing 12/14/2012
sports,
as stated prior, the rs/uplist could NOT happen until the Camofi
and SEC lawsuits were settled. Those needed to be done to qualify
for Nasdaq.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82262753
Todays PR shouldn't be a surprise..thanks
Lincoln Financing,
LPC shall not have the right or the obligation to purchase any shares of Common Stock on any business day that the closing price of our Common Stock is below a floor price as provided in the Purchase Agreement.
(d) Purchase Price Floor. The Company and the Investor shall not effect any Purchases under this Agreement on any Purchase Date that the Closing Sale Price is less than the Floor Price. "Floor Price" means $.03,
Rabin comment,
More than anything else, I want to impress on you the significance of the fact that this is the first time in the history of the company that ACT has financed essentially at market, as opposed to at a big discount. As many of you know, the company has entered into a number of financing arrangements in the past that have not only come at a big discount, but that have had a number of other strings attached that have been very deleterious to both the price per share and the balance sheet. The fact that those days are well behind us is clearly demonstrated with this quality financing, with no complicated structure or warrants, and which is being conducted at no significant discount to the market.
http://www.thechairmansblog.com/gary-rabin/2012-09/reflecting-on-todays-announcement-our-best-financing-deal-ever.html
ACT Controller Singh, Nov 8 CC
I have been with the company for eight years and this is the first time that we have had a financial backer that didn't require warrants, massive discounts to market pricing and complicated structuring to fund our operation. This deal carries no gotcha provisions, no pricing lookbacks or recess. It is straight equity, and it puts the company in a completely different place. Now I would like to turn the call over to Gary.
es1,
The redefinition needs to be approved by NIH prior to any ACT lines even been reviewed. Until that happens the 5 single blastomere lines will sit on the sidelines..
(from CC)
I also want to comment on getting our cells listed on the NIH Registry. When we met with the NIH in the summer, they told us that they had nearly completed their review and response to the tens of thousands of comments that had come in on the proposed revision to the stem cell guidelines. It was their expectation that they would be able to promulgate the final revised regulations as effective rules sometime this month, hopefully in time for our stem cell application to be considered at their December Advisory Board meeting. With the election now behind us, we are awaiting a quick resolution of this matter for both our MAO9 line, as well as our NED7 line. NED7 is our embryo-sparing and a xeno-free line. We now have the master cell bank in place for this line, and we plan to use it in future clinical trials, as well as for the commercial production of our RPE therapy.
milepost,
nothing happened ACT related at meeting if that's what you are asking?
es1,
1) No uplist without reverse...who is it claiming otherwise?
2) your link is for "continued listing requirements"...why?
3) 238 recorded holders have nothing to do with institutions
Without settlements with the SEC and CAMOFI we don't qualify for Nasdaq.
RS approved by shareholders expires DEC 31, 2012..23 days
Fern,
The FFB has made it known long ago they funded pre-clinical research for ACT as they have done
for others. They have had previous articles on that subject on their website as shown below. The FED
funding is appropriated through the DoD through NNRI and then through National Eye Evaluation and
Research Network(NEER). Here is my I-HUB post from almost 3 years ago, note too, the NNRI can take
a piece of the pie...thanks
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46869801
FFB Written Articles...July 17,2011
First Patients Enrolled in Stem Cell Clinical Trials for Stargardt Disease and AMD
The Foundation funds approximately $2 million annually in cell- and stem-cell-based research. Since 1984, the Foundation has supported Casey Eye Institute with a Center grant. This has provided infrastructure support that makes it possible for the Center to perform trials like the ACT trial. Since the 1980s, FFB has funded many preclinical studies that helped make ACT’s clinical trial possible, including those conducted by Dr. Ray Lund, an innovator in stem cell research. Dr. Lund, who has served as a consultant for ACT, says the results of the company’s preclinical stem cell studies were phenomenal and, thus, bode well for the clinical studies.
http://www.blindness.org/index.php?option=com_content&view=article&id=2636:clinical-trial-recruitment-underway-for-stem-cell-treatments&catid=64:macular-degeneration&Itemid=120
Foundation Fighting Blindness Press Release 1/24/2012
"The treatment is being developed by Advanced Cell Technology (ACT), a biotechnology company. The Foundation Fighting Blindness funded earlier stem cell lab studies, including the innovative work of Dr. Ray Lund, which made ACT’s clinical trials possible."
http://investorstemcell.com/forum/act-main-forum-general-topics-science-press-releases-media/13112.htm
March,2011
But the human ES cells in the therapy were derived from a blastomere, and as the foundation draws its clinical-trial support from the federally funded National Eye Evaluation Research Network, it was barred from contributing to the costs of the trial.
http://www.nature.com/news/2011/110314/full/471279a.html
Breakthrough Drug Detection Kit Now Available at the Largest Drug Store Chain in USA
Today : Wednesday 31 October 2012
JERUSALEM, Oct. 31, 2012 /PRNewswire/ -- IDenta Corp. (OTC Pink: IDTA) CEO Yaacov Shoham announced the company's revolutionary drug detection kits are being sold exclusively in the largest American drug store chain outlets, since end of September 2012. Marketed under the brand name Touch&Know™, the over-the-counter unit combines safety, accuracy, affordability and ease of use for the consumer. The kit, based on proven field tests used extensively by law enforcement worldwide, is based on technology which is now available to the general public for the first time ever.
"Touch&Know™ is the first non-biological drug testing kit offered by a US retailer," explained Shoham. "Touch&Know™ safely tests the substance, as opposed to the person, and provides immediate results. It is a fully non-invasive method. We are proud to have partnered with the drug store chain, the largest retail pharmacy chain in America, to make this product available to all consumers." The drug store chain operates more than 8000 outlets in all 50 US states.
Touch&Know™ contains two detectors: one for general screening and one for marijuana/hashish. The patented retail package is able to detect 22 different kinds of illegal drugs.
The testing kit provides immediate display of results without lab involvement, ensuring a 99% accuracy rate in results -- environmentally friendly and in a non-confrontational approach requiring no bodily fluids.
IDenta Corp. is committed to the belief that any effective anti-drug policy begins with the ability to quickly gather credible evidence. Touch&Know™ offers the means to do so. The detector can assist with the resolution of drug-related issues in the home, schools and businesses.
MARLBOROUGH, Mass. – October 26, 2012 - Advanced Cell Technology, Inc. (“ACT”; OTCBB: ACTC), a leader in the field of regenerative medicine, announced today that chairman and CEO Gary Rabin will present at the 2012 Stem Cell Meeting on the Mesa’s Investor and Partnering Forum, Oct. 29 and 30 in La Jolla, California.
In his presentation, Mr. Rabin will provide an overview of ACT’s ocular programs. The presentation will be webcast by the Alliance for Regenerative Medicine in the weeks following the conference.
Advanced Cell Technology to Present at Stem Cell Meeting on the Mesa’s 2nd Annual Investor and Partnering Forum
Todays Presentation here,
http://www.advancedcell.com/documents/0000/0423/act-corporate-presentation--mesa-meeting---october-2012.pdf
are you semi straightened out now and understand your statement below was incorrect?
What about the other 8.75MM shares? Here is some help,
Total shares: 18,750,000
Upon signing the Purchase Agreement, LPC purchased 10,000,000 shares of Common Stock from the Company for $800,000 as an initial purchase under the agreement (the “Initial Purchase Shares”).
In consideration for entering into the Purchase Agreement, we issued to LPC 8,750,000 shares of our Common Stock as a commitment fee (the “Commitment Shares”).
http://www.sec.gov/Archives/edgar/data/1140098/000101968712003411/actc_8k-091912.htm
ddls,
you couldn't be more wrong if you tried. Stopping the progression
of the disease would be a homerun, improved vision/efficacy is great but not what this trial is all about. This link may help,
http://investorstemcell.com/forum/act-main-forum-general-topics-science-press-releases-media/4493.htm
10/23/2012 MOTION for Leave to File Second Amended Complaint by Gary D Aronson
The proposed Second Amended Complaint is a global replacement of the First
Amended Complaint and eliminates the securities law claims and the Engstrom
transaction in its entirety. Further, the Calwell estate is no longer a party to the case.
Instead of the earlier securities-based claims, the proposed Second Amended Complaint
sounds entirely in contract and seeks legal and equitable relief from a series of transactions
between ACT and third parties which Plaintiff alleges should have caused ACT to issue
additional shares to Plaintiff during the contractual "pricing period." Each such
transaction, including the transactions on which the SEC bases its claims, is alleged as a
separate claim for relief.
elichen,
of the approx. amounts below, Rabin received over $1.139 Million
in cash, Lanza, over $662 thousand in cash..rest of pay is gifted shares and options..
per request, the recent filing extending time lines in CAMOFI
case,
SUPREME COURT OF THE STATE OF NEW YORK
COuNTY OF NEW YORK-- COMMERCIAL DIVISION
-----------------------------------------·····-·--------------X
CAMOFI MASTER LDC and CAMZHN MASTER
LDC,
Plaintiffs,
v.
ADVANCED CELL TECHNOLOGY, INC.,
Defendant.
·------------------------------------········-----------------x
Index No. 652816-2011
STIPULATION
IT IS HEREBY STIPULATED AND AGREED by and between the
parties, through their undersigned counsel, as follows:
1. The deadline for depositions upon oral questions of the parties, September 15, 2012, is extended up to and including November 15, 2012.
2. The deadline for the completion of third party discovery, October 15, 2012, is extended up to and including December 17, 2012.
3. The deadline for all fact disclosure, October 15, 2012, is extended up to and including December 17,2012.
4. The deadline for Plaintiffs to file a note of issue/certificate of readiness, October 20, 2012, is extended up to and including December 20, 2012.
G Bert,
Something the CEO stated in an interview with Seeking Alpha that I happen to agree with. In a nutshell, under current structure, it would take a Joint Venture, big upfron payment and IND's filed for new trials to reach 45 cents. Without big events as Rabin stated, most likely will languish. PPs pops certainly may happen but mainting those increases has always been the problem and most likely will continue that way until some institutional support comes into play which will only happen if we uplist..IMO, uplist is crucial to advance pps. 2.2B shares and no support will not
create a positive increase in pps. Continued positive trial results, uplist and inst. support can and will change things given some time..
"We are unlikely to get to a billion dollar valuation by just continuing to treat patients. Maybe with a joint venture partner and a big upfront payment, while actively pursuing our blood, MSC opportunities we could maybe get there."
http://seekingalpha.com/article/765071-stem-cell-revolution-an-interview-with-gary-rabin-chairman-and-ceo-of-advanced-cell-technology
Update on a few items,
Litigation:
Alpha recently settled for 34MM+ shares and $500K cash in damages over and above the original 39.5MM shares received last October. Case is dismissed.
3 Cases remain open, Aronson/Gorton(A/G), SEC and Camofi.
A/G: Security fraud(backdating etc) dismissed.
Claim for more shares because of Engstrom warrants..dismissed
Claim for more shares because of Woodward warrant...still stands
The Woodward claims move forward, nothing else does from what I can tell.
SEC: ACT has answered the SEC claim essentially stating
on all counts they deny the claims and didn't have enough info. ACT has stated they needed to answer SEC claims to obtain discovery facts for future needs if they arise. According to ACT
they appear to want to resolve quickly once discovery is obtained.
"The Company expensed the $3.5 million as “fines and penalties” in the consolidated statement of operations and recorded the $3.5 million liability to “loss contingency accrual” in the consolidated balance sheet."
Camofi: They were allowed to amend their claim long ago stating they had substantially more shares due them than the original claim of 131MM shares. A Confidentiality order was filed
so the public cannot view that new claim or what they are basing it on. Recently both ACT and Camofi extended due dates on many items out 2 months.
Recent $35MM Lincoln Deal:
a) no doubt the best terms to date
b) Lincoln currently has been issued 18.75MM shares. 10MM for the
$800K ACT received and 8.75MM for a non refundable committment fee
c) None of the shares Lincoln currently holds can be sold until the SEC declares the recently filed S-1 registration effective.
d) ACT can at any time terminate agreement
e) ACT is required to reserve 290MM shares
Uplist:
On Aug 8 CC Rabin state they had made application. They had already received comments and interviewed several CFO's at that time so I am assuming they applied mid to late June. Last 10Q had a negative stockholder deficit of approx 13MM. This needs to turn
positive 4MM to meet requirements. Much of this deficit will be erased when shares are issued in remaining lawsuits. Not sure if
this happens prior to year end or not, if it doesn't ACT will again need to proxy the shareholders to approve a reverse split which expires at year end..
ddls,
You are missing the point of the funding and the S-1 if you think all those shares are added to the OS#. Try 18,750,000 to date.
Secondly, in prior post below you subtract the float from OS#
to get shares left to issue? You were only off by 520MM shares.
I was hoping others here would correct some of your posts but for some reason that doesn't happen. Less crowing and more time understanding stock 101 seems to be in order, jmo..thanks
ddls,
Your recent post as well as another prior post are not the least bit accurate. Maybe you can do some homework and correct them?
gifted shares, shares for financing and shares for BOD compensation etc are all "acquired" when accepted by insiders. This does not mean they spent their own money and bought shares on the open market. fwiw, no ACT insider has ever bought shares on the open market to my knowledge...