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mail,
"rock, Am I understanding Caldwell's employment agreement right? If the stock price on the last day of the year for example is 20 cents, Caldwell would receive $960,000(2xbase salary of $480,000)?"
No, that is incorrect.
Your numbers are right but you need to take the share price every trading day in the 4th qtr to get an average. So a pop to 20 cents on the last day or two means nothing. We are almost half way through the 4th qtr now so Caldwell would need to average 18 cents per share from here on out to be eligible for the lowest bonus of 12 cent average.(see below) Hope that helps.For your numbers to come to fruition a massive pps change would need to take place immediately and sustain.
From minimum 20% increase for 4th quarter over higher of same period a year ago or $.10 per share 50% of salary cash bonus
(from employment agreement)
Stock Price Accretion Attainment "SPAA” for any year shall mean the average per day closing price for all fourth quarter trading days averaged over the quarter as determined by the Bloomberg closing price each day.
diannedawn,
IMO, yes.
The February 23, 2010, proposal to revise the NIH Guidelines (hescregapp.od.nih.gov/comments/FR_Notice_2-23-2010.pdf] is suspended until further notice.
Purpose
On August 23, 2010, the United States District Court for the District of Columbia issued a preliminary injunction in the matter of Dr. James L. Sherley, et. al. v. Kathleen Sebelius, et al. the National Institutes of Health that enjoins defendants, including the NIH, “and their officers, employees, and agents . . . from implementing, applying or taking any action whatsoever pursuant to the National Institutes of Health Guidelines for Human Stem Cell Research (“Guidelines”), 74 Fed Reg. 32,170 (July 7, 2009), or otherwise funding research involving human embryonic stem cells as contemplated by the Guidelines.” As a result of the Court’s Order, the National Institutes of Health hereby issues the following notice regarding applications for grants and contracts that involve human embryonic stem cells (hESCs), and other matters related to implementation of the 2009 NIH Guidelines for Research Using Stem Cells:
Any further NIH activity to implement, apply or act pursuant to the NIH Guidelines is hereby suspended until further notice.
Issuance of all pending competing, and noncompeting continuation hESC awards and contracts is suspended until further notice.
The peer review of all pending competing hESC applications and proposals is suspended until further notice.
The NIH Human Embryonic Stem Cell Registry is not accepting submissions of information about hESC lines for the purpose of establishing eligibility for funding under the NIH Guidelines until further notice. All review of hESC lines for inclusion on the Registry under the NIH Guidelines is suspended until further notice.
The February 23, 2010, proposal to revise the NIH Guidelines (hescregapp.od.nih.gov/comments/FR_Notice_2-23-2010.pdf] is suspended until further notice.
Additional information will be provided as it becomes available.
Grant awards that were funded on or before August 23, 2010, are not affected by the preliminary injunction order, and award recipients may continue to expend the funds awarded to them prior to the date of the injunction.
http://grants.nih.gov/grants/guide/notice-files/NOT-OD-10-126.html
hi louisa,
this part from interstate's response
"Also ACTC is working on non-dilutive financing to fund the PHASE I/II but it isn't required. FFB has expressed interest to fund ACTC but it is DOD money and requires the NIH to implement their proposed rule-making."
was known about 9 months ago from a NY Times article where Lanza stated the same thing.(see below). To cut through the chase it means if we get FDA approval prior to NIH cell line approval, we use our own financing. If NIH cell lines come in first, it sounds like they will use FFB and DoD to fund trials.(non-dilutive)
"As a private company, Advanced Cell itself is not bound by N.I.H. rules, but its clinical trial, to be conducted with the Foundation Fighting Blindness, will be supported by the Department of Defense, so the institutes’ approval of the cells is required, Dr. Lanza said."
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46863846
interstate,
thank you for your effort, it's appreciated. A few comments if I may.
Your 300 million share number is a little light. Of course, included in that 1.3 Billion number is $18 plus million of capital if warrants were to be exercised. In addition, we have over $10 million of lines available if required
From this post I showed 323MM left, using their numbers in filings.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56486457
The $18 plus million in warrants is only available if they are exercised. Warrants are at 10 cents, how much will the pps have to be before they are exercised? IMO, I have always figured a sustained 20 cent pps and they will start buying. This has been mentioned many times and would be great if it happened. Keep in mind that 180-200MM shares hitting the market will cause pressure too.
In addition, we have over $10 million of lines available if required.
Whenever these monies are needed it also translates into shares. If we did it all today at 4 cents(90% VWAP) it would take 250MM shares.
Again, at that time the company was a series of science projects with no defined commercialization (translation program). That has occurred since William Caldwell came aboard.
If you want a list of what else has occured since Caldwell came aboard let me know..:)
rumit and all,
here is some history on the lawsuit said to be going to trial in December. This came about due to the aquistion of Mytogen. The yearly cost(below) is no small potatoes. I am not having much luck with tracking the suit in Massachusetts, maybe someone can find some info if it is even available.
(ALL info below from 10K 2007)
http://www.sec.gov/Archives/edgar/data/1140098/000104746908004826/a2184759z10ksb.htm
The Company also acquired a lease agreement from Mytogen that extends until 2012. Annual minimum lease payments are as follows:
Year 1 $ 1,292,035
Year 2 1,186,673
Year 3 1,056,845
Year 4 1,007,516
Year 5 777,549
In addition, in connection with the acquisition of Mytogen, we entered into a lease agreement with Alexandria Real Estate—79/96 Charlestown Navy Yard, LLC on September 20, 2007 with respect to certain property located in Charlestown, Massachusetts. On February 4, 2008, we received a notice of termination regarding such lease.
Alexandria Real Estate—79/96 Charlestown Navy Yard, LLC v. Advanced Cell Technology, Inc. and Mytogen, Inc. (Suffolk County). On February 7, 2008, Alexandria Real Estate—79/96 Charlestown Navy Yard, LLC filed suit against the Company and Mytogen, Inc., a wholly-owned subsidiary of the Company, in Suffolk Superior Court, Commonwealth of Masschusetts, Civil Action No. 08-0649-C. In the action, Alexandria alleged that the Company, a tenant in a property in Charlestown, Massachusetts, had failed to meet certain rent and other financial obligations under its Lease. Alexandria secured a preliminary injunction preventing the Company from removing assets from the leased premises until after trial. Alexandria sought damages in the amount of past rent and other financial obligations owed, as well as the net present value of the future rental stream, minus reletting proceeds. On February 28, 2008, Alexandria filed a second suit in Suffolk Superior Court seeking to evict the Company from the premises. A hearing is scheduled on April 22, 2008. Dr. Alan Walton, a member of our board of directors, serves on the board of directors of Alexandria Real Estate Equities, Inc., the parent company of Alexandria Real Estate—79/96 Charlestown Navy Yard, LLC.
Well, there you have it folks. ACT has over a billion shares and trades under 5 cents because we are a R&D company. Our competitors are all in the same boat..right? For those of you who bought at $2.50 5 years ago, please get some "steel" and don't question or complain..Gee, thanks john.
harlem/bball,
I agree with your response bball. Out of the $1.9 million we have already received $1.4 million. The remaining $500K is a possibility if CHA receives a large enough grant. Details are in this post.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54720295
For those asking where my numbers came from in post below it can be found here in the Settlement Agreement and Mutual Release. Sorry, I forgot to include.
http://www.sec.gov/Archives/edgar/data/1140098/000101376210002605/ex991.pdf
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56457297
"Rocky, how are you reading the share situation?"
Jon,
Well, if you take the current 1.088Billion OS# and add in the number below that must be kept in reserve it comes to 1.427 Billion
shares leaving 300+ Million for issue.
"At September 30, 2010 , approximately 338,868,000 potentially dilutive shares"
Shares are flying out the door and we haven't did any new financing lately. The share price is less than half what it was in quarter one so the monthly redemptions and conversion to pay CD holders has increased dramatically. The CD holders final payoff is year end, including interest, plus the initial Bristol payment so it will be interesting to see where we are at then. I don't see how we can make it another 6 months, at these pps levels, without the Company asking for more shares, doing a reverse split or a major share buyback which I don't feel is even an option.
Bristol Settlement,
This is how I am reading the settlement.
On Sept. 17,2010 ACT delivered to Bristol 49,220,665 shares of common stock. This was the Settlement Agreement ordered by the court. Both parties agreed to resolve differences without further litigation.
So, ACT issued a Note to Bristol having a principal amount of $855,000. This is tied to the Note Bristol already had from 2008 and was payable June 30,2010. Here is how the $855K is broken down:
$231,093.80 was the Original principal amount and must be be paid 12/31/2010
$623,906.20 is Additional Principal Added to be paid monthly and paid off by June 30,2011.
Phew, these lawsuits are killers.
10Q notables,
Outstanding at November 5, 2010:
Common Stock, 1,088,212,464 shares
(Bristol Investment)
On August 30, 2010, an investor was granted a preliminary injunction against the Company, whereby the Company delivered to the investor 49,220,665 shares of its common stock. Further, on September 30, 2010, under the terms of a final settlement and mutual release with the same investor, the Company exchanged a new convertible debenture to the investor in exchange for the investor’s outstanding convertible debenture. The terms of the new convertible debenture are the same as the amended and restated debentures, except that the amounts under the debenture are due and payable on or before December 31, 2010 and June 30, 2011, and the conversion and redemption prices are subject to a floor price of $0.06 per share. Concurrently with the settlement and release, all common stock purchase warrants previously issued to the investor were cancelled (23,701,263 warrants in total) and the legal actions were dismissed. The Company recorded a loss on settlement in the amount of $3,132,300 during the three months ended September 30, 2010 in its accompanying statement of operations.
bball,
Bristol Capital was ordered to mediation back in May. I doubt it is still ongoing. It was not arbitrated by the courts so they would not be filing any notice of outcome. Bristol has no obligation either. If ACT provided shares to Bristol Capital for any settlement then it will appear in SEC filing. The 10Q is due by 5:30 ET tomorrow, October 9.
mail ?,
"Why hasn't a Form 4 been filed for Lanza's Oct sales?"
As timely as the Form 4's were for the prior 5 months one can probably assume Lanza decided not to sell in the 5 cent range. Yes, he has the right to terminate.(see below) The other scenario is that he sold but the Form 4 is late..unlikely,imo.
"On April 15, 2010, Robert Lanza, Chief Scientific Officer, of Advanced Cell Technology, Inc. (the “Company”) adopted a pre-arranged stock trading plan to sell shares of the Company’s common stock beneficially owned by him. Dr. Lanza established his plan as part of his individual long-term strategy for asset diversification and liquidity. This plan was established under Rule 10b-5-1 of the Securities Exchange Act of 1934, as amended, and the Company’s polices regarding securities transactions. Pursuant to Dr. Lanza’s 10b-5 trading plan, a brokerage firm may sell up to 3,600,000 shares of the Company's common stock owned by him. The plan is scheduled to terminate on the earlier to occur of October 19,2010, when the execution of all of the trades under the plan have been executed; the date the Broker (as defined under the plan) receives notice of the liquidation, dissolutions, bankruptcy, insolvency or death of Dr. Lanza r the Broker (as defined in the plan) or receives notice of Dr. Lanza’s termination of the Plan. The maximum number of shares that may be sold under the plan constitutes 9.68% shares of the Company's common stock that Dr. Lanza beneficially owns."
For clarity only. The PR states "to Become a Reporting Company"
This means providing info to pink sheets taking them from no information to current information status.(see link below) Not to be confused with SEC Reporting Company which requires a registration statement.
http://www.otcmarkets.com/pink-sheets/learn/otc-market-tiers
lefty,
Absolutely Phase 1 is about safety, that was the crux of my last post. Geron has answered the FDA concerns about safety and therefore is allowed to proceed. ACT apparently is still working on the FDA concerns, once the FDA receives data alleviating the safety concerns ACT will be allowed to proceed also. Your scenario says ACT has answered all the concerns and the FDA is awaiting Phase 1 safety results before allowing a completely different trial to move forward? So, if ACTC had been approved first Geron would have had to wait a year for ACT Phase 1 safety results befor approval? Not a chance.
lefty,
I don't believe for a second the FDA is waiting for success in Geron's trials. If in fact that were the case you will have a long wait..
After the PHase 1 safety trial Geron will ask to increase dosages.
http://www.geron.com/grnopc1trial/grnopc1-sec4.html
The purpose of the study is to evaluate the safety of GRNOPC1
Primary Outcome Measures:
•Safety [ Time Frame: One year ] [ Designated as safety issue: Yes ]
The primary endpoint is safety, as measured by the frequency and severity of adverse events within 1 year (365 days) of GRNOPC1 injection that are related to GRNOPC1, the injection procedure used to administer GRNOPC1, and/or the concomitant immunosuppression administered.
Secondary Outcome Measures:
•Neurological function [ Time Frame: One year ] [ Designated as safety issue: Yes ]
The secondary endpoint is neurological function as measured by sensory scores and lower extremity motor scores on International Standards for Neurological Classification of Spinal Cord Injury (ISNCSCI) examinations.
Estimated Enrollment: 10
Study Start Date: October 2010
Estimated Study Completion Date: October 2012
Estimated Primary Completion Date: October 2012 (Final data collection date for primary outcome measure)
http://clinicaltrials.gov/ct2/show/NCT01217008?term=geron&rank=6
rumit,
thanks. Not real shocking that only 1 "for profit" group received funding. That Company was IPierian.
http://www.bizjournals.com/sanfrancisco/news/2010/10/21/ipierian-institutions-get-16m-from.html
ACT is and has been well aware of the above scenario as reported in their filings.
"For-profit entities may be prohibited from benefiting from grant funding. There has been much publicity about grant resources for stem cell research, including Proposition 71 in California. While the California Institute CIRM has provided grant funds to some for-profit entities, there is no guarantee that it will continue to do so, particularly given the state’s current budgetary conditions. As a result of these uncertainties regarding Proposition 71, we cannot assure you that funding, if any, will be available to us.
Mail,
Folks, it is the CD's(convertible debentures) that is due to be paid off at year end. This has nothing to do with Optimus or other financing available to ACT. In a nutshell, here is what transpired.
What the actual final payment will be is unclear to me. I am not sure what else will be included in payoff besides the 12% interest and the final balloon payment. We had default interest accrue also so I am just not sure. I do know it will be a blessing to see them paid off and I hope the share price is much better at year end than it is now for share conversion sake.
ACT defaulted and restructured with note holders.
1)outstanding principal amount $12,835,804.70 owed. New deal gave the note holders 35% more. Outstanding principal revised to approx. $17,000,000.
2)Monthly payments started in Oct of 2009, payoff is Dec.31,2010
The Monthly Redemption Amount of each of the Debentures shall be equal to 6.25% of the currently outstanding Principal Amount of each such Debenture per month. Duration equals 15 months.
3)The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 12% per annum, which shall accrete to, and increase, the outstanding Principal Amount due hereunder and payable on the Maturity Date.
4)Approx. 200MM 10 cent warrants were also issued
STANDSTILL AND FORBEARANCE AGREEMENT
http://www.sec.gov/Archives/edgar/data/1140098/000114420409040193/v155587_ex10-2.htm
CONSENT, AMENDMENT AND EXCHANGE AGREEMENT
http://www.sec.gov/Archives/edgar/data/1140098/000114420409040193/v155587_ex10-1.htm
rumit,
the Settlement Agreement with Bristol Investment was dated and signed Sept.30,2010 so it should appear in the next 10Q due on or before Tuesday, November 09, 2010. The agreement stated shares were delivered.
louisa,
Well, Bristol Investment should be done. Bristol Capital was ordered to arbitration with ACT so we are not sure where that stands. Hopefully, share amounts issued to either or both will be addressed in next 10Q.
Bristol vs ACT "other settlement" only reiterates what we already knew.
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=4NpRAMSzDUB5E9mSObUtqQ==&system=prod
louisa,
It was 12.5% at one time because they had insider shares included with institutional shares. Now that they have removed insider holdings as they rightly should have you are left with .02%. Perspective: That number is based on 958 Million OS#, institutional holdings are 178,000 shares. Not really worth noting in the scheme of things. Here is more detail.
http://www.nasdaq.com/asp/holdings.asp?symbol=ACTC&selected=ACTC&FormType=Institutional
As to the Bristol "other settlement", we will have to wait and see.
Bristol vs ACT update,
another appearance today. Records are stating OTHER SETTLEMENT (PRE-NOTE). Stipulation was E-Filed, hoping it shows up on main page so we can see what else was settled? Another settlement to Bristol Investment? or settlement for Bristol capital?..we shall see. Case Status is now DISPOSED.
http://iapps.courts.state.ny.us/iscroll/Appearances.jsp?IndexNo=600730-2009
louisa,
I believe the last time this came up they had insider holdings and institutional holdings as one number. It should not be that way. What are they showing now? Link?
Hi louisa, thanks for the update. FWIW, I thought I would throw in my 5 cents worth on the "Lanza Event". IMO, it has had minimal impact over the last 6 months. Expecting a pps reaction of any kind because the selling is or will be ending would be a real stretch. What will make a difference is when the debenture holders are paid off and done at year end and the giving out of shares monthly subsides. 5 years of that BS was 4 to many. Hopefully lawsuit shares are done too as well as paying off debt with massive amounts of shares. These are the items that will impact us in a positive way provided no massive dilution is upcoming. The available financing will take out many shares at current pps so hopefully when we need some funds the price is much higher than now. Also, Caldwell and the BOD shares, about 100MM, are saleable in February.
same ol'..imo..eom
Video:
"Bill Caldwell, Chairman and CEO at Advanced Cell Technology, tells Proactive Investors that while he is confident that the stem cell company has sufficient cash to get through the next two years he is always on the lookout for new sources of capital. He is also encouraged by the high trading volumes in ACTC stock and says this, combined with the stock price, represents nothing more than an option with no expiration date for investors."
http://www.proactiveinvestors.co.uk/companies/stocktube/558/bill-caldwell-of-advanced-cell-tech-says-phase-1-trading-volumes-remain-high-in-the-stem-cell-companys-stock-.html
Mail ?'s,
Questions about the volume,
IMO, there were/are 2 scenarios that came about that have worked in tandem the last couple weeks.
1)The Bristol settlement signed Sept. 30
2)The Geron news ...Oct 11
Geron Initiates Clinical Trial of Human Embryonic Stem Cell-Based Therapy
From Oct 1-14, 10 trading days, we have volume of over 90MM shares. That is 1.5 times the volume for September and averages approx 9MM shares per trading today. In 2010, March was the only month we had volume of 100MM plus.
The Geron news generated activity but didn't last which is not surprising. #1 seems to be pounding away yet and if not them some other...
"Rocky, In Caldwells blog response he states almost 20% of OS# held by insiders? That doesn't seem right and doesn't match the Form 4 totals.?"
No, the Form 4 totals won't match. Here is why. Go to page 72 of last S1 filing:
http://www.sec.gov/Archives/edgar/data/1140098/000101376210001081/forms1advancedcell.htm
Note insiders owned 18.95% based on 878,734,631 shares of Common Stock as of April 27, 2010. Note Rabin and Shapiros totals are much higher than Form 4's show. They have shares included coming from financing deals with ACT, see below.
Shapiro: Includes (i) indirect ownership of 3,794,883 shares and 4,215,020 shares subject to convertible debentures held by The Shapiro Family Trust and of which Dr. Shapiro may be deemed the beneficial owner, (ii) 2,704,178 shares subject to warrants held by The Shapiro Family Trust and of which Dr. Shapiro may be deemed the beneficial owner, and (iii) 100,000 shares subject to stock options that are currently exercisable or exercisable within 60 days of April 27, 2010.
RABIN: Includes indirect ownership of 2,037,430 shares issuable upon exercise of certain warrants held by PDP I, LLC, which such number of shares represents Mr. Rabin's proportional interest in the total number of shares held by PDPI, LLC, based on his 33.33% equity interest in the entity.
I think Bristol will be involved with finalizing some action around the 18th
Not sure what you mean louisa.
bball,
info on Bristol Capital: scroll down to Page 3 here
https://iapps.courts.state.ny.us/fbem/DocumentDisplayServlet?documentId=Wi6ATK7yODUVX0UbFWK3rQ==&system=prod
bball,
Not sure where you got the 5MM number? The Judge ordered approx. 50MM. Shares were delivered.. The last meeting was Sept. 28 and I assume they had not come to an agreement at that time so they scheduled another meeting mid Oct. In the meantime they settled, Sept.30. This one should be done as it states "with prejudice". This was all about Bristol Investment. Bristol Capital was sent to arbitration with ACT and I have no clue how that turned out.
Advanced Cell Technology To Present Today at 18th Annual BioPartnering Europe Conference
Advanced Cell Tech (BB) (OTCBB:ACTC)
Intraday Stock Chart
Today : Monday 11 October 2010
Advanced Cell Technology (“ACT”; OTCBB: ACTC), a leader in the field of regenerative medicine, announced today that William M. Caldwell IV, ACT’s Chairman and CEO, will present today at the 18th Annual BioPartnering Europe conference in London at 11:45 a.m. eastern time today. The conference will take place at the Queen Elizabeth II Conference Centre in London.
About Advanced Cell Technology
One of ACT's licensees reports news in the AMD field,
October 10, 2010 09:19 PM Eastern Daylight Time
Cell Cure Neurosciences Ltd., a Subsidiary of BioTime, Inc. and Hadasit Bio Holdings Ltd., Enters into an Exclusive License Option Agreement with Teva Pharmaceutical Industries Ltd.
To Develop and Market OpRegenTM for the Treatment of Age-Related Macular Degeneration
JERUSALEM & ALAMEDA, Calif.--(BUSINESS WIRE)--BioTime, Inc. (NYSE Amex:BTIM), Cell Cure Neurosciences Ltd., and Hadasit Bio-Holdings Ltd. (Tel Aviv Stock Exchange:HDST) jointly announced today that Cell Cure and Teva Pharmaceutical Industries Ltd. have entered into an exclusive license option agreement to develop and commercialize Cell Cure's OpRegenTM product for the treatment of age-related macular degeneration (AMD). OpRegenTM is a proprietary formulation of embryonic stem cell-derived retinal pigment epithelial cells designed by Cell Cure to help save the sight of the baby boomer generation.
“In evaluating potential partners for the development of our products, we concluded that Teva represents the ideal partner for this program”
.AMD is the leading cause of blindness in the aging population. The US Centers for Disease Control and Prevention estimate that about 1.8 million people in the United States have advanced stage AMD and another 7.3 million have an earlier stage and are at risk of vision impairment from the disease. Most people are afflicted with the dry form of the disease, for which there is currently no effective treatment.
“In evaluating potential partners for the development of our products, we concluded that Teva represents the ideal partner for this program," said Dr. Charles Irving, Chief Executive Officer at Cell Cure. "Their longstanding global leadership in development and commercialization of important new classes of medicines provides a great foundation for working together.”
The ongoing development of OpRegenTM by Cell Cure is funded through equity investments by BioTime, Teva, and Hadasit Bio Holdings, made simultaneously with this agreement. Additional non-dilutive funding for the development of OpRegenTM has been provided by the Office of the Chief Scientist of the Ministry of Industry, Trade and Labor of the State of Israel.
Subject to the terms of the agreement, if Teva exercises its option to obtain an exclusive license to OpRegenTM, Teva will have responsibility for funding clinical trials from that point on, obtaining regulatory approvals, and marketing the product.
Cell Cure will be entitled to receive milestone payments and royalties if certain development, regulatory, and commercial milestones are achieved. A portion of the milestone payments and royalties received by Cell Cure would be shared with BioTime’s subsidiary ES Cell International Pte Ltd. and with HBL’s affiliate Hadasit Medical Research Services and Development Ltd., the technology transfer arm of the Hadassah Medical Organization (“HMO”), which have licensed to Cell Cure certain patents and technology used in the development of OpRegenTM invented by Prof. Benjamin Reubinoff and Prof. Eyal Banin.
“Cell Cure will be collaborating with one of the 15 largest pharmaceutical companies in the world, and with affiliates of Hadassah Medical Organization, to develop new treatments for diseases that rob millions of people of their eye sight,” said Dr. Michael D. West, Chief Executive Officer at BioTime. “This is consistent with our focus on making Cell Cure, our majority owned subsidiary, a center for developing cell based therapies for retinal and neural degenerative diseases."
Ophir Shahaf, CEO of HBL added: “We are happy and proud to see the company, which was established on the basis of technology developed at Hadassah Medical Organization, develop and grow to the point where it can aggressively advance its lead product into the clinic, with the support of the ultimate partners in the field."
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. Its broad platform of stem cell technologies is developed through subsidiaries focused on specific fields of applications. BioTime develops and markets research products in the field of stem cells and regenerative medicine through its wholly owned subsidiary Embryome Sciences, Inc. BioTime’s therapeutic product development strategy is pursued through subsidiaries that focus on specific organ systems and related diseases for which there is a high unmet medical need. Cell Cure is BioTime's subsidiary focused on retinal and neural degenerative diseases. BioTime's subsidiary OrthoCyte Corporation is developing therapeutic applications of stem cells to treat orthopedic diseases and injuries. Another subsidiary, OncoCyte Corporation, focuses on the therapeutic applications of stem cell technology in cancer. BioTime also plans to develop therapeutic products in China for the treatment of ophthalmologic, skin, musculo-skeletal system, and hematologic diseases, including the targeting of genetically modified stem cells to tumors as a novel means of treating currently incurable forms of cancer, through its subsidiary BioTime Asia, Limited. BioTime’s Singapore subsidiary, ES Cell International Pte Ltd, has been at the forefront of advances in human embryonic stem (“hES”) cell technology, having been one of the earliest distributors of hES cell lines to the research community. ESI has produced clinical-grade human embryonic stem cell lines that were derived following principles of good manufacturing practice and currently offers them for potential use in therapeutic product development. In addition to its stem cell products, BioTime develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, and technology for use in surgery, emergency trauma treatment and other applications. BioTime’s lead product, Hextend®, is a blood plasma volume expander manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang Corp. under exclusive licensing agreements. Additional information about BioTime, Embryome Sciences, Cell Cure, OrthoCyte, OncoCyte, BioTime Asia, and ESI can be found on the web at www.biotimeinc.com.
About Hadasit Bio-Holdings Ltd.
Hadasit Bio-Holdings Ltd. ("HBL") (TASE:HDST) was founded to allow public participation in the highly promising field of biotechnology. HBL’s investment portfolio includes companies that utilize technology generated by Israel’s foremost medical research center – Hadassah University Hospital in Jerusalem, Israel. HBL is a publicly traded subsidiary of Hadasit Ltd. – the technology transfer company of the Hadassah University Hospital. Hadasit is a subsidiary of Hadassah Medical Organization (“HMO”) and was established for the purpose of promoting and commercializing the intellectual property and research and development capabilities generated by HMO, aimed at finding solutions to problems faced by modern medicine. www.hbl.co.il
About Hadassah University Medical Center
The Hadassah University Medical Center includes two university hospitals in Jerusalem – on Mt. Scopus and in Ein Kerem. The flagship of Hadassah, the Women's Zionist Organization of America, Inc., its two hospitals have 1,000 beds, 31 operating theaters, nine specially oriented intensive care units and five schools of allied medical professions, owned and operated in collaboration with the Hebrew University. Over half the hospital research conducted in Israel is carried out at Hadassah. Each department incorporates research units and there are many interdisciplinary research centers. In both hospitals and within a number of hospital departments, Hadassah has created Centers of Excellence: brain trusts of scientists and physicians, integrating clinical care with the latest laboratory lessons.
About Cell Cure Neurosciences Ltd.
Cell Cure Neurosciences Ltd. was established in 2005 as a subsidiary of ES Cell International Pte Ltd (ESI), now a subsidiary of BioTime, Inc. (NYSE Amex:BTIM). Cell Cure is located in Jerusalem, Israel on the campus of Hadassah University Hospital. Cell Cure’s mission is to become a leading supplier of human cell-based therapies for the treatment of retinal and neural degenerative diseases. Its technology platform is based on the manufacture of diverse cell products sourced from clinical grade (GMP) human embryonic stem cells. Its current programs include developing cells for the treatment of macular degeneration, Parkinson’s disease, and cells potentially useful in treating multiple sclerosis. Cell Cure’s major shareholders include: BioTime Inc. (NYSE Amex:BTIM), Hadasit BioHoldings Ltd. (Tel Aviv Stock Exchange:HDST) and Teva Pharmaceuticals Industries Ltd (NASDAQ:TEVA). Additional information about Cell Cure can be found on the web at www.cellcureneurosciences.com.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for the company and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the company’s business, particularly those mentioned in the cautionary statements found in the company’s Securities and Exchange Commission filings. The company disclaims any intent or obligation to update these forward-looking statements.
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BioTime, Inc.
1301 Harbor Bay Parkway
Alameda, CA 94502
T: 510-521-3390, F: 510-521-3389
www.biotimeinc.com
Hadasit Bio-Holdings Ltd.
JBP Building, Hadassah Ein-Kerem Campus
Jerusalem 91120, Israel
T: 972-2-6779424, F: 972-2-6437712
www.hbl.co.il
locks,
That has been the most regularly asked mail question lately..:)
When will the Diluting end
There is nothing on my radar to indicate that dilution will end anytime soon. With the SMD IND possibly going into trials soon, the much larger AMD project to "dovetail" into trials and ACT stating another non eye IND possibility, we are talking MAJOR dollars that will be needed. This does not include the recent news that Myoblast Phase 2 may start next year and Caldwell said in yesterdays Blog post that only partial non-dilutive funding is expected. If all the above take place and are simultaneously in trials we are talking about huge money that would make what we spent in the last 5 years look like peanuts. Does the recent 1.9MM SCRMI and Harvard/McClean received help? Would it help if the NIH approved cell lines and monies were obtained for projects? Absolutely it does and I hope it happens. But to think any of these funding possibilities will cover everything would be a very huge stretch, and imo a dream.
It is important to note that most all companies use shares to finance their business and projects. It is MUCH more noticeabe with ACT because of our pps. For every $1MM dollars we finance right now it translates into approx. 25MM shares. As of June 30th we had approx. $18MM available to us whenever ACT needs to exercise. If we gave notice today we needed it all that would be approx. 450MM shares and we would be back to voting to increase the authorized, AGAIN. For those who say it "doesn't matter" how many shares we have as we will cure the blind and AMD market is $28Billion so we will grow into the shares??....I say baloney...we haven't been approved for trials yet and AMD completion is years off. Remember also the folks receiving all these shares are not investors, they are shrewd funding operations who set up contracts with very little risk to them and their goal is making money, lots of it, any way they can. For companies at $5/share and 15-30% of the float in Institutional investor hands, the dilution is there but almost goes unnoticed.
For a "partner, collaborator, sugar daddy" or whatever you want to call it to step in with 10's or maybe 100's of millions at this unproven stage of the game is possible, but unlikely, imo. If it were to happen, what would they want? It wouldn't be IF they want part of the Company, but what percentage of the Company and what rights would be relinquished? ACT even addresses that in their filings, see below. IMO, a reverse split is inevitable but NOW is not the time given we are not approved for trials so we trudge along. I truly hope the pps goes higher and maintains to reduce the amount of shares that will go out the door when ACT needs to call in some funds..
(last 10Q)
"Additional financing through strategic collaborations, public or private equity financings or other financing sources may not be available on acceptable terms, or at all. Additional equity financing could result in significant dilution to our shareholders. Further, if additional funds are obtained through arrangements with collaborative partners, these arrangements may require us to relinquish rights to some of our technologies, product candidates or products that we would otherwise seek to develop and commercialize on our own."
On Oct. 6
Geron officially started recruitment.
Safety Study of GRNOPC1 in Spinal Cord Injury
Estimated Enrollment: 10
Study Start Date: October 2010
Estimated Study Completion Date: October 2012
Estimated Primary Completion Date: October 2012 (Final data collection date for primary outcome measure)
http://clinicaltrials.gov/ct2/show/NCT01217008?term=geron&rank=6
harlem,
this has been going on since Caldwell brought the CD group in 2005.
So nothing new there. The CD holders will be paid off in shares the end of this year. If they wanted control of this Company they had every chance to do so during default. It is my opinion they had no one willing to buy or they would have sold everything off then. The CD holders have made a fortune here since 2005 and will continue to do so until they are paid off. The holders won't be "taking over" anything.
October 8, 2010
Posted by admin
ACT Chairman Responds to Queries
We have had a number of initial responses to my first blog post. We appreciate the encouragement and support and want to respond to the inquiries that have been made. While we are not able to respond to all queries, we do our best to address a number of them, here.
First: some insights into our thinking for you to consider. The company has one plus billion shares outstanding in the marketplace including the almost 20% held by insiders. Our current average trading volume is roughly 3 million shares (down from a 5 million share daily average in the first quarter of 2010). If you figure 20 trading days a month, we have on average monthly volume of approximately 60-100 million shares; somewhere between 6-10% of the current outstanding shares. This is not a large volume amount given the number of shares outstanding.
However, in spite of this observation, one of our greatest assets is our liquidity. We have worked hard to develop this via (1) our emphasis on quarterly milestone achievements to complement our longer term preclinical and clinical work; (2) our presence at selected investor conferences and (3) monthly presentations to industry analyst, micro cap investor funds and retail brokers who are prescreened as to having clients interested in investing in the microcap market. This is time-consuming, tedious “blocking and tackling” in a very tough economic environment. We have been relentless in our attempt to communicate our story to attract new investors to our industry sector.
One might ask, “Why do it?” Our response is simple. These efforts support the very real requirement for the company to demonstrate to the investment community “stock liquidity”! We have succeeded in achieving this “investor requirement” even in a market environment where liquidity for the entire exchange is down 70-80% from earlier this year! Why is this important as we move into 2011? ”Liquidity” in a company’s stock attracts large financial investors and potential strategic partners. It provides for ACTC an attraction to the needed capital to continue to survive. It insures for the perspective investor an “exit strategy” if they must exit for any reason.
Remember, we are an R&D company with currently insignificant revenue generation capability to fund the requisite work to achieve our scientific and development objectives. Like it or not, our “lifeblood” is capital coming DIRECTLY TO THE COMPANY from the capital markets and strategic parterships. While it is our intent to pursue all avenues available that could potentially provide NON-DILUTIVE capital, our thinking is to relegate any success in this area to non-core programs that are currently “shelved” until funding is available to proceed.
We made the decision that the validation of the hESC platform was our most important corporate objective. Thus, the emphasis placed on our RPE programs. The Phase II Myoblast program, while very important AND having very positive Phase I results, was subordinated to our first objective, in part, because of the cost requirements of the study. Our recent Myoblast program announcement signaled to our stakeholders that the company feels confident that it will be position to launch this program in the first half of next year with at least partial funding coming from “non dilutive” sources. We have been working on this issue for almost nine months. Right now, it is still too premature to announce the “who” and “where” of the launching of the Phase II. Stay tuned for more information by year-end as developments mature.
The RPE program is our core development effort. We have attempted to provide public updates when there is a significant event surrounding that program that changes the situation from our previous disclosure. We have stated that we are in continuous dialogue with the FDA as they evaluate our initial IND submission and any subsequent data that has been supplied to them. If there is a change in status, the company will immediately inform the public. I think it is safe to assume that no news means no change.
You should know that the company speaks in a public forum at least once a quarter. We post our presentations on our website for those that are interested to review. Changes in the slides reflect our current assessment and thought process. We did participate in the World Stem Cell Summit in Detroit by hosting a table discussion at lunch Monday and Tuesday. We gave a brief company update (all public information) and discussed the environment in Washington surrounding the Lamberth Injunction decision. More on this in subsequent postings, but you should know that I have spent much of the summer and last month working the issues impacting ACTC and the industry because of the August 19th court action.
One last comment. The company issued stock to its employees at the beginning of this year; in part, for recognition of the scientific and development successes achieved in 2009 in the face of a difficult economic environment. The Board also felt that the two senior officers should be treated as “Founders”, having brought the company through a treacherous experience in 2008. Dr. Lanza has been with the company over a decade now. Up until this year, he had never sold a share of company stock. Because his stock award is taxable at ordinarily income tax rates at .097 per share, he established a “program selling” mechanism to fund part of his income tax obligation for that award. It should be very clear to all, that the senior company officers through the stock they hold are very much aligned with the current investors. As you know, I agreed, and the Board of Directors have reaffirmed as part of each debenture financing including the 2009 September restructure, not to sell any stock until the debentures have been liquidated. Each Director agreed to have their 2010 stock award restricted for one year. It should be clear that the senior company officials and the shareholders are totally aligned. Our total focus is achieving our milestones and moving onto the next set as expeditiously as possible. This is the formula to create significant increases in permanent shareholder value even in the face of economic uncertainty or “short term” market instability.
William M. Caldwell IV
Chairman & CEO
Advanced Cell Technology, Inc.
http://www.thechairmansblog.com/william-caldwell/
I stated they were ordered to arbitration, I have no idea if they received shares or what the outcome was/is. If you want to gear towards a dump you may want to look at what we already know. Shares went out the door already and Judges Order was for 49.9MM shares.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55294557