MARLBOROUGH, Mass. -- (BUSINESS WIRE) -- Advanced Cell Technology, Inc. (“ACT”, OTCBB: ACTC or the “Company”), a leader in the field of regenerative medicine, today announced fourth quarter and year-end financial results for the period ended December 31, 2012.
Highlights from the fourth quarter included:
“2012 represented a transformative year for ACT both clinically and through favorable corporate developments,” said Gary Rabin, chairman and CEO of ACT. “The Company announced promising data from its most advanced clinical programs in AMD and SMD, and has made solid progress in bringing each of these programs through the clinical trials. ACT has also been able to remove many of the impediments to achieving a listing of its stock on a National Exchange, by eliminating significant contingent liabilities through resolution of outstanding litigation. We believe the Company is now well positioned to achieve both its clinical and corporate objectives in 2013.”
2012 Fourth Quarter Financial Results
Advanced Cell had revenue totaling $124,434 for the three months ended December 31, 2012 as compared to $66,238 in the same period in 2011. Research and Development expenses for the fourth quarter in 2012 and 2011 were $3.7 and $2.9 million respectively.
The Company reported a loss from operations of $(6.2) million for the three months ended December 31, 2012, compared to a loss from operations of $(5.8) million in the same period a year ago, the rise in cost mainly attributed to clinical trial expenses. ACT reported a net loss of $(10.3) million or $(0.01) loss per share in the 2012 fourth quarter, compared to $(12.1) million or $(0.02) loss per share in the same period a year ago. Net cash used in operations for the 2012 fourth quarter was $3.1 million, compared to net cash used in operations of $2.8 million during the same period in 2011.
The Company had $466,487 in revenue in 2012 as compared to $506,419 in 2011. Research and Development expenses in 2012 were $11.0 million, up from $10.0 million in 2011 primarily as a result of an increase in clinical trial expenses. The Company reported a loss from operations of $(21.1) million in 2012, compared to 2011’s loss from operations of $(21.1) million. ACT reported a net loss of $(28.5) million or $(0.01) loss per share compared to a net loss of $(72.8) million or $(0.05) loss per share in the same period a year ago.
The Company ended 2012 with cash and cash-equivalents of $7.2 million.
The Company will hold a conference call at 4:30 p.m. EST on Thursday, March 7th, 2013, during which it will discuss 2012 results and provide an update on clinical activities. Interested parties should dial (888) 264-3177 followed by the reference conference ID number: 92438156. The call will be available live and for replay by webcast at: http://us.meeting-stream.com/advancedcelltechnology030413
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the field of regenerative medicine. 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-K for the year ended December 31, 2012. 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. There can be no assurance that the Company’s clinical trials will be successful.