ACT's Losses Widen In Q1
Losses at Advanced Cell Technology (ACT) of Marlborough deepened in its first quarter, as the cost of clinical trials for its macular degeneration treatments rose, the company said.
Its losses from operations were $5.8 million, compared with $5.4 million last year. ACT's net loss for the quarter, which ended March 31, was $6.4 million, up from $5.7 million in 2012.
Revenues from license fees and royalties were up to $87,781, compared to $55,685 last year.
The company's cash and equivalents at the end of the quarter were $4.1 million, compared with $7.2 million at the end of 2012, which ACT said is primarily due to higher operating expenses.
During the first quarter, ACT said it reached the midway point in its three clinical trials in the U.S. and Europe for its macular degeneration treatments. It also received Data and Safety Monitoring Board approval to initiate treatment of a third patient cohort in the company's stem cell clinical trials in the U.S. and Europe.
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