March 21, 2011
ACT Revenues Down, Losses Up
Revenues for Advanced Cell Technology of Marlborough fell to $725,044 in 2010, from $1.4 million in 2009 as it collected less money from license fees.
The company's losses grew to $54.4 million from $36.8 million in 2009, as the company spent more on administrative and general expenses while also paying out more money to settle litigation. The company settled lawsuits over a dispute with an investor and a former landlord in 2010.
During 2010, ACT moved several programs forward, receiving FDA clearance for two human studies related to embryonic stem cell therapies. It also entered into a $25-million stock purchase agreement with a subsidiary of Socius Capital Group.
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