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The company intends to use the proceeds of the offering towards the further development of the company’s clinical programs, for general corporate purposes, including additions to working capital, and to finance certain costs related to its recently-announced plans to acquire Mytogen, Inc.
On August 31, 2007, Advanced Cell Technology closed on the private placement of $12,550,000 principal amount of amortizing senior secured convertible debentures. The issuance of the debentures generated $10,000,000 in gross proceeds. In connection with this financing, the company has agreed to file registration statements with the Securities and Exchange Commission registering on behalf of the purchasers the resale of all or such maximum portion of the shares of common stock, issuable upon conversion of the debentures and the exercise of the warrants, as permitted pursuant to Securities and Exchange Commission guidance regarding offerings made on a continuous basis pursuant to Securities and Exchange Commission Rule 415.
William M. Caldwell, IV, Chairman and CEO of Advanced Cell Technology remarked, “This transaction represents a significant event for Advanced Cell Technology and reflects the growing recognition of the potential of the company’s stem cell technology. The proceeds from this financing will allow ACTC to accelerate its development programs focused on novel therapies for diseases and indications that have few medical alternatives. Cardiovascular disease and regenerative retinal disorders represent substantial unmet medical needs that we believe our cell based therapies address.”
Additional details regarding the financing will be included in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.-Advanced Cell Technology
Posted September 5th, 2007 by harminka
