Advanced Cell Technology Announces Second Quarter 2013 Results

MARLBOROUGH, Mass.--(BUSINESS WIRE)--

Advanced Cell Technology, Inc. (ACT;OTCQB: ACTC), a leader in the field of regenerative medicine, announced today second quarter financial results for the period ended June 30, 2013.

Highlights of the second quarter include:

Second Quarter 2013 Financial Results

ACT had revenue totaling $58,268 for the 2013 second quarter, compared to revenue of $218,184 in the prior year. Revenue was generated through license fees and royalty payments. Research and Development expenses for the three months ended June 30, 2013 were $2,862,237, compared to $2,068,098 for same period in 2012.

The Company reported a loss from operations of $(5.5) million in the 2013 second quarter compared to a loss from operations of $(4.5) million in the 2012 second quarter. ACT reported a net loss of $(6.6) million or $(0.00) loss per share in the 2013 second quarter, compared to a net loss in the same period of 2012 of $(4.0) million, or $(0.0) per share.

Net cash used in operations for the 2013 second quarter was $4.2 million, compared to net cash used in operations of $2.9 million in the same period in 2012. The increase in net cash used in operations was a result of ongoing and additional clinical activities, including the addition of a cohort 2a to the U.S. clinical trials. The Company ended the 2013 second quarter with cash and cash equivalents of $5.5 million, compared to approximately $7.2 million at December 31, 2012.

We are very encouraged with the developments weve seen in our clinical trials as we continue to treat new patients without any adverse events and, in many cases, with marked visual acuity improvements, said Gary Rabin, Chairman and CEO of ACT. We are also excited by the recent addition of Ted Myles to our team as Chief Financial Officer & EVP of Corporate Development. Ted has already had a positive impact on the operations of the Company and we look forward to the second half of the year as a period of great progress in all aspects of our business.

The company will hold a conference call and webcast to discuss the second quarter results and provide a corporate update today at 4:30 p.m. EDT. Interested parties may access the call live by dialing (888) 264-3177 and using conference ID 14877847. This event is also being streamed via webcast. The webcast is available at:http://us.meeting-stream.com/advancedcelltechnology080713. A replay of the call will also be available via the same link.

About Advanced Cell Technology, Inc.

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Advanced Cell Technology Announces Second Quarter 2013 Results