Marlborough's ACT lands $30M in capital
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An injection needle holds retinal pigment epithelial cells at Advanced Cell Technology in Marlborough.
Marlborough biotech firm Advanced Cell Technology said it has picked up $30 million in capital through a common stock purchase agreement with a Chicago-based investment firm.
The deal, with Lincoln Park Capital Fund, gives Advanced Cell (ACT) another funding option to grow its business “without creating complications in our capital structure” as the company pushes for long-term, “fundamental-based institutional capital.” interim president, CEO and COO Ted Myles said in a statement.
Under the terms of the agreement, ACT has agreed to file a registration statement with the U.S. Securities and Exchange Commission (SEC) covering the shares that may be issued to Lincoln Park under the agreement. ACT can, but is not obligated to, sell up to $30 million worth of shares of common stock to Lincoln Park over 36 months. As part of the agreement, ACT issued shares of stock to Lincoln Park as a commitment fee, the company said in its statement.
Paul K. Wotton, ACT’s incoming president, said Lincoln Park’s commitment will help as ACT prepares to launch Phase 2 trials for drugs it hopes will treat macular degeneration tied to age as well as Stargardt’s disease, an inherited juvenile macular degeneration.
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