Stem cell biotech stays afloat

Embryonic stem cell biotech company linkurl:Advanced Cell Technology;http://www.advancedcell.com/ (ACT), announced today (Oct. 7) that it will be selling off $500,000 in convertible bonds in the next three months, following the company's linkurl:disclosure;http://www.the-scientist.com/blog/display/54884/ this summer that it was experiencing financial troubles. The Massachusetts-based company told linkurl:__Mass High Tech__;http://www.masshightech.com/stories/2008/10/06/daily29-Advanced-Cell-Tec

By | October 7, 2008

Embryonic stem cell biotech company linkurl:Advanced Cell Technology;http://www.advancedcell.com/ (ACT), announced today (Oct. 7) that it will be selling off $500,000 in convertible bonds in the next three months, following the company's linkurl:disclosure;http://www.the-scientist.com/blog/display/54884/ this summer that it was experiencing financial troubles. The Massachusetts-based company told linkurl:__Mass High Tech__;http://www.masshightech.com/stories/2008/10/06/daily29-Advanced-Cell-Tech-sells-500K-in-bonds.html that it will devote money from the sale (to an Irish investment firm) towards advancing its clinical program and for general corporate use. Recently, linkurl:ACT;http://www.the-scientist.com/blog/display/54544/ has been seeking a partner to help with its preclinical programs to use embryonic stem cell therapy in treating retinal disease, blood disorders and cardiovascular disease. The company also needs funding for a program, called Myoblast, which uses adult stem cell therapy to treat heart disease. Myoblast successfully completed four Phase I clinical trials, and ACT has received clearance from the FDA to begin Phase II trials. Selling the one-year, seven percent bonds is the latest move to keep the struggling company alive in the face of waning investments in yet-to-be-developed embryonic stem cell therapies. This past July, after telling the Securities and Exchange Commission that it was essentially going out of business, an ACT spokesperson told __The Scientist__ that company officials were "killing ourselves to secure funding."

Popular Now

  1. New Lyme Disease Test Developed by Summer Student
  2. The Neanderthal in the Mirror
    Reading Frames The Neanderthal in the Mirror

    Our evolutionary cousin is no longer a blundering caveman. Recent research has painted a picture of a human ancestor with culture, art, and advanced cognitive skills.

  3. Caloric Restriction Turns White Fat Brown
  4. How to Build Bioinformatic Pipelines Using Galaxy
RayBiotech