Oxford, MS 8/8/2011 (PennyPayDay) – Advanced Cell Technology, Inc. (OTC: ACTC) announced today, in a press release, second quarter financial results for the period ended June 30, 2011. ACTC is one of the most actively traded smallcap biotech stocks averaging more than 4.6 million shares per day and closed last Friday at $0.17 per share.ACT had revenue of approximately $0.2 million for the 2011 second quarter, compared to revenue of $0.2 million in the year earlier period. Revenue was generated through license fees and royalty payments. Research and Development expenses for the three months ended June 30, 2011 and 2010 were $1,532,271 and $1,484,141, respectively
The Company reported a loss from operations of $(3.6) million compared to a loss from operations of $(1.1) million in the 2010 second quarter. ACT reported a net loss of $(4.8) million or $(0.00) per share, compared to net income in the same period of 2010 of $2.9 million, or $(0.00) per share. The change in net income (loss) in each period is primarily related to the changes in the fair value of the derivative liabilities, which were largely a result of an increase in the Company's share price.
Net cash used in operations for the 2011 second quarter was $3.2 million, compared to net cash used in operations of $1.8 million in the same period in 2010. The net cash used in operations increased as a result of the Company preparing for, and commencing, its clinical trials. The Company ended the 2011 second quarter with cash and cash equivalents of $16.1 million, compared to $13.7 million as of March 31, 2011 after drawing down approximately $4 million from its available equity commitment.
“We are excited to have commenced our landmark Phase I/II trials for Stargardt’s Macular Dystrophy (SMD) and Dry Age-Related Macular Degeneration (Dry AMD),” said Gary Rabin, interim Chairman and CEO of ACT. “Entering the trials with a strong balance sheet, ACT is well positioned to negotiate strategic partnerships and licensing agreements as we move these exciting programs through the clinic.”
The Company will hold a conference call at 4:30 p.m. today during which it will discuss second quarter 2011 results and provide a corporate update. Interested parties should dial 1-800-931-6358. A replay of the call will be available for two weeks and can be accessed by dialing 1-800-633-8284 (domestically) or 1(402)977-9140 (internationally), using passcode 21533952.
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