ACT Trims Losses For 2012
Advanced Cell Technology of Marlborough nearly doubled its fourth-quarter revenue to end 2012, but reported a net loss of $10.3 million, the biotech firm reported Thursday.
For the year, Advanced Cell (ACT) saw a nearly 8-percent decline in revenue, from $506,419 to $466,487, but trimmed its net loss from $72.8 million, or 5 cents per share, to $28.5 million, or a penny per share.
For the three months that ended Dec. 31, the company took in $124,434 in revenue, compared with $66,238 in the same quarter in 2011.
However, ACT announced positive developments in its research and development work, part of which represented what Chairman and CEO Gary Rabin called a “transformative” year. The developments included the completion of a second patient cohort in three clinical trials in the U.S. and Europe for a treatment of macular degeneration.
Rabin said the company made “solid progress” in its drug development work.
In addition, ACT said it has been able to remove many of the impediments blocking its way to achieving a listing of its stock on a national exchange by eliminating potential liabilities by settling lawsuits. In January, the company announced it had reached a settlement in a suit it faced over the conversion of debt notes and the exercise price of certain warrants. The biotech firm said it would pay $12.5 million to two investors – CAMOFI and CAMZHN Master LDC – who claimed that the conversion price for unsecured debt, or debentures, and warrants they held should have been adjusted as a result of a 2010 transaction between ACT's previous management and an investor.
Rabin said ACT is “well positioned to achieve both its clinical and corporate objectives in 2013.”
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