WORCESTER, Mass.--(BUSINESS WIRE)--Advanced Cell Technology, Inc. (OTC:ACTC) announced today that its technology platform, which utilizes a single cell biopsy that does not destroy the embryo, is well positioned to receive Federal funding under the new administration led by President-Elect Barrack Obama. The Company has the only technology that can produce stem cell lines of all types without the destruction of the embryo. Funding of these types of technologies is expected to be a high priority of the incoming Administration.
“We believe there is no technology available for clinical use today except the Company’s platform which utilizes stem cell derived therapies,” said William M. Caldwell IV, Chairman and CEO of Advanced Cell Technology, Inc. “As a result, our technology has generated interest from both domestic and international companies seeking to capitalize on the role that stem cells can play in a broad range of regenerative medicines. We continue to explore partnering opportunities while focusing on filing an IND next year for our retinal pigment epithelium (RPE) cells program.”
Earlier this month, the Company announced the formation of a new international joint venture. The new company – Allied Cell Technology – will develop human blood cells and other clinical therapies based on ACTC’s proprietary hemangioblast cell technology. ACTC will exclusively license to the joint venture, which will be majority owned by CHA Biotech Co, Ltd. (CHA), all of its hemangioblast technology. CHA will contribute working capital for the venture as well as paying Advanced Cell a license fee of $500,000.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the emerging field of regenerative medicine. It currently has approximately 350 million tradable shares in circulation with its laboratory located in Worcester, Massachusetts.
For more information, visit 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-QSB for the quarter ended March 31, 2008. 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.