From the Q10-3 2012:
"We continue to repay our debt financing's in shares of common stock, enabling us to use our cash resources to fund our operations."
"We have no therapeutic products currently available for sale and do not expect to have any therapeutic products commercially available for sale for a period of years, if at all. These factors indicate that our ability to continue research and development activities is dependent upon the ability of management to obtain additional financing as required."
"We expect that research and development expenses will increase in the foreseeable future as we add personnel, expand our pre-clinical research, continue clinical trial activities, and increase our regulatory compliance capabilities."
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Something More To Debate For ACT Investors
PARTNERSHIPS & FINANCING:
They have no partnerships that are paying for trials, and their financing is dilution of shares in the billions. Investors thought that a Chinese deal was coming early last year, but nothing materialized. Even if they did manage to form a JV in China, they'd have to be concerned about losing their IP to foreigners. Forming a JV in Europe might also be a challenge, as gaining IP in Europe has proven to be tough because of the laws around scientific research and unethical methods. ACT tries to circumvent this by changing the claims as a positive for the human embryo, which may not convince less gullible parties, mainly the examiners.
TRIALS:
They're currently in trials for only SMD & AMD, and while some may think that's enough, the company is still a one trick pony at the moment, with too much risk involving just a couple of trials based on the same method of utilizing RPE cells to halt the progression of these diseases. They claim engraftment, but with how many of the patients? About a year and a half ago during one of the conferences, the head doctor (Schwartz) slipped up by informing the world that less than 10% of the cells injected survived, and before they made an adjustment, ZERO of the cells survived. No matter how you cut it, that's an extremely poor survival rate, not to mention a waste of cells, and the limited results in visual improvement reflect upon this failure. We keep seeing the word "cure" being thrown around in the investment community, but ironically the PPS is still in sub ten-cent penny land.
ACT'S MANAGEMENT:
None of the managers have instilled any confidence other than exciting people with blogs and tweets, and over the years they've padded their bank accounts with lofty salaries and ridiculous payouts worth millions in stock. Not once has one of the managers or BOD bought shares on the open market, yet the freebie shares are often sold and sometimes at the worst moments possible; claims of tax purposes often given as a reason. While ACT'S management may seem like a strong base, their CSO, Dr Lanza has often slipped up his public communication and has been quite expensive for his work, IMO. As for the CEO, what exactly has he done, and why does he continue to claim that he feels the same pain as his investors from a PPS standpoint? All of his shares were given to him for free! This man has done absolutely nothing to improve shareholder value, and there's a trail of missed milestones and false hopes, including the Chinese JV debacle, the 1/80 reverse split and uplisting to a major exchange that never took place and the INDs that are always just about to be filed. On top of that, the CEO often seems critical of his investors. Clearly they're the reason for ACT's poor stock performance and not the bad decision making on behalf of management.
ACTC VALUE & INVESTMENT POTENTIAL:
I would say that until revenue is there, that it's too risky to invest based on the overall dilutive nature of the company's stock and management's continued lack of creating or at the very least holding shareholder value. The company is primarily a pre-clinical biotech company that's working in a relatively new field and only has two trials going, SMD and AMD. The hype alone around it and the positive work of Dr Lanza has kept the market cap over 100M (currently around 200M MC) for a while now, but I think that the stock is currently significantly overbought. I also believe that gaining traction of support for the embryonics trials will continue to be as tough as ever. While there's much excitement around their shift to working with MSCs, it should be noted that their IP around such is limited the last I checked. Companies like Osiris and others hold many patents related to MSCs, and I could see ACT struggling to find a way around their methods.
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The Year Regenerative Medicine Hits Its Stride!
CEO's Check List For 2013
1-Reverse stock split and up-listing of our stock to NASDAQ
2-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)
3-Sharing final Phase I trial results with our followers
4-New developments involving our various initiatives in Europe
5-Initiation of our Induced Pluripotent Stem (iPS) Cell-Derived Human 6Platelet Program
7-Initiation of three Phase II trials for SMD and dry AMD
8-Initiation of clinical trial for myopia
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If this company was so interesting to investors, it wouldn't be
trading OTC for this long.
If this company was so interesting to investors, big pharma would
have already bought them.
If this company was so interesting to investors, the PPS, volume
would not be where it's at currently.
If this company was so interesting to investors, they would have
gone private long ago for capital.
If this company was so interesting to investors, Camofi and the
others would have held their shares.
If this company was so interesting to investors, the TV media would
be all over it, covering it.
I could go on and on, but I'm not going to waste anymore of my time.
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I wonder if the SEC will accept ACT shares for any penalties
imposed?
Umgawa>?
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