ACT Losses Grow In Q2
As clinical trials continue for its macular degeneration treatment, Marlborough-based Advanced Cell Technology reported falling revenue and greater losses in the second quarter.
According to ACT, its revenue for the quarter, derived from licensing fees and royalty payments, was $58,268, down from $218,184 a year earlier.
ACT reported a net loss of $6.6 million for the period ended June 30, increasing over a loss of $4 million last year.
Ongoing and additional clinical activities, including the addition of a cohort to ACT’s U.S. clinical trials accounted for an increase in cash used for operations during the quarter, the company said. It was up to $4.2 million compared with $2.9 million in 2012. ACT said it ended the quarter with $5.5 million in cash and cash equivalents, down 24 percent from December 2012.
During the second quarter, ACT confirmed that a clinical trial participant showed improved vision following treatment with retinal pigment epithelial cells derived from human embryonic stem cells.
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