Advanced Cell Technology Announces Cost Reduction Program.Company To Reduce Annual Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. By $5-6 Million Through Closing of Two Research & Development Facilities; Company Continues to License Non-core Intellectual Property WORCESTER, Mass. -- Advanced Cell Technology, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ACTC ACTC Apple Certified Technical Coordinator ACTC Almaden Cycle Touring Club ACTC Associated Colleges of the Twin Cities ACTC All Ceylon Tamil Congress (Sri Lanka) ACTC Association Canadienne de Télévision par Câble ) announced today plans to streamline and focus on its most advanced clinical programs as part of a cost reduction program designed to reduce annual operating expenses by $5-6 million. In conjunction with the cost reduction activities, the Company has not renewed its Alameda, California sublease and has vacated its Charlestown, Massachusetts facility. The Company is focused on partnering its proprietary patent protected preclinical programs in retinal disease and the manufacturing of red blood cells Red blood cells Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body. Mentioned in: Bone Marrow Transplantation red blood cells (see paper published in Regenerative Medicine the current issue). Its Retinal Pigmented Epithelial (or RPE RPE Retinal Pigment Epithelium RPE Rating of Perceived Exertion (exercise) RPE Respiratory Protective Equipment RPE Regular Pulse Excitation RPE Registered Professional Engineer RPE Rapid Palatal Expansion ) cell Program, an embryonic stem cell Embryonic stem cells (ES cells) are stem cells derived from the inner cell mass of an early stage embryo known as a blastocyst. Human embryos reach the blastocyst stage 4-5 days post fertilization, at which time they consist of 50-150 cells. ES cells are pluripotent. (hESC) therapy for the treatment of degenerative retinal disorders and its recently announced Hemangioblast (or HG) cell Program, an embryonic stem cell therapy for the treatment of blood and cardiovascular indications as described in the September issue of Discover Magazine, are programs that are among the most advanced translational developmental programs in this newly emerging industry sector. The Company is also concentrating on securing funding for a Phase II Trial for its Myoblast myoblast /myo·blast/ (mi´o-blast) an embryonic cell which becomes a muscle cell or fiber.myoblas´tic my·o·blast n. A primitive muscle cell having the potential to develop into a muscle fiber. program, an autogolous adult stem cell Adult stem cells are undifferentiated cells found throughout the body that divide to replenish dying cells and regenerate damaged tissues. Also known as somatic (from Greek Σωματικóς, of the body therapy for the treatment of heart disease, which has successfully completed four Phase I clinical trials and has clearance from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. to begin Phase II trials. The Company recently licensed to a subsidiary of BioTime Inc some of its non core patent technology covering techniques in developing stem cell lines as well as animal technology which can be used for research purposes. The company retains its proprietary technology in the area of Induced Pluripotent Stem Cells (iPS) and other alternative technologies which it believes covers much of the reprogramming Reprogramming refers to erasure and remodeling of epigenetic marks, such as DNA methylation, during mammalian development[1]. After fertilization some cells of the newly formed embryo migrate to the germinal ridge and will eventually become the germ cells technology recently announced by Japanese and U.S. scientist. The company is seeking funding and partners to complete its ground breaking research in this promising science while still utilizing its proprietary "single cell blastomere blastomere /blas·to·mere/ (blas´to-mer) one of the cells produced by cleavage of a zygote. blas·to·mere n. technology" which does not destroy the embryo when developing cell lines used for its current development programs. "We believe in this challenging capital market environment that it is prudent to focus on our most advanced clinical programs," stated William M. Caldwell IV, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Advanced Cell Technology, Inc. "These cost reduction activities and successfully implementing our partnering/licensing strategy should afford the Company the ability to allocate funding to further develop its later-stage clinical programs while significantly reducing its cash utilization for developmental activities. Near term funding continues to be our major challenge." About Advanced Cell Technology, Inc. Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the emerging field of regenerative medicine. For more information, visit www.advancedcell.com Forward-Looking Statements 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 September 30, 2007. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion