Thursday, October 30 2008 8:00 AM, EST Advanced Cell Technology, Inc. Increases Funding Commitment to $1 Million Business Wire "US Press Releases "
WORCESTER, Mass .--(BUSINESS WIRE)--
Advanced Cell Technology, Inc. (OTC: ACTC) announced today that an Irish institutional investor has increased its funding commitment to the Company by $500,000 . Transition Holdings, Inc , which has already provided an additional $150,000 in funding, has increased its total commitment under which it will purchase a total of $1 million of one-year 7% convertible debentures over the next six months. The Company will use the proceeds for working capital, general corporate purposes and to continue the development of its most advanced clinical programs. The Company continues to negotiate with partners to jointly develop its pre-clinical and certain clinical programs in heart failure, retinal disease and the production of red blood cells.
"We are pleased that there are still investors who recognize the opportunities for our technology platform and the prospects to develop it through a more supportive political environment for stem cell companies as a result of the upcoming change in the administration," said William M. Caldwell IV, Chairman and CEO of Advanced Cell Technology, Inc. "At a time where a lack of funding in the capital markets has created unprecedented challenges for development-stage biotechnology companies, Advanced Cell has managed to raise enough capital to continue operations, although on a far more limited basis than is desirable. Despite these funding difficulties, the Company has reduced debt from an aggregate balance of $49 million to a face value of $13 million over the past three years. We look forward to the upcoming Presidential Election and renewed governmental support for the stem cell industry."
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