|Advanced Cell Technology achieves strongest financial position yet|
|By Deborah Sterescu, ProactiveInvestors.com|
|Monday, 21 March 2011 10:35|
At year-end, the company had $15.9 million in cash and equivalents and less than $1 million in debt, compared to $2.5 million in cash and equivalents and $8.4 million in debt during the year-ago period.
Indeed, the company will need the cash, as 2010 saw significant operational progress for the stem cell pioneer.
Late last year, the regenerative medicine company received FDA clearance to begin phase I/II trials to treat Stargardt's Macular Dystrophy, a degenerative eye disease seen in younger patients. The company's treatment, which already received orphan drug status in the US, uses retinal cells derived from human embryonic stem cells.
In addition, the company also received clearance to test the stem cell treatment for patients with dry age-related macular degneration, which afflicts between 10 and 15 million Americans and as many Europeans.
"While receiving these clearances represented a tremendous achievement for the company, our ability to dramatically improve our balance sheet was equally important, as we now have the ability to complete these two trials without seeking additional capital," said interim chairman and CEO Gary Rabin.
In 2010, Advanced Cell used $8.8 million in cash for operations, compared to $5.1 million in 2009, due primarily to new drug application filings, it said.