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Losses Mount At Worcester's Advanced Cell Technology
11/18/09
Worcester's Advanced Cell Technology Inc. reported a third quarter net loss of $1.2 million compared to a $12.6 million loss for the same period last year.
While the loss narrowed during the third quarter, for the first nine months of the year, the company reported a net loss of $49.6 million compared to a $27.7 million loss for the same period a year ago.
The stem cell-focused biopharmaceutical developer also announced that it has extended Chief Scientific Officer Robert P. Lanza's contract for another two years.
Lanza will be paid a base salary of $375,000 with bonus options, according to a document filed with the SEC. The company will also recommend to the board that Lanza be issued restricted common stock in the company equal to 20 million shares or 3 percent of any newly authorized employee stock pool, whichever is greater.
In 2007, Lanza's base salary was $342,805, but he was paid a total of $422,198 with bonuses and other awards. In 2008, his base salary was $290,000 and his total compensation was $493,873.
c'mon feed if this company has merit (as I believe it actually does) it can stand on its own and doesnt require a cross dressing pumper like you to cheerlead it. Like all budding research companies that drive hisrtorical discoveries large sums of money are required and in this instance the large bio pharmas are NOT behind the next leap forward...it will be micros like ACTC that will lead the way.
Shaun,
Michael West{Pt. Barnum of Stem Cells} the former CEO of ACT is Gone. He destroyed the Company almost to the brink of Chapter 7 in July 2008. Since then William Caldwell the new CEO has resurrected ACT and filed a IND to the FDA. If granted it will be the FIRST company in the WORLD to conduct HUMAN Stem Cell Clinicals. BTW ALL Biotech's Lose money, I hope as Your article says that ACT losses continue to mount. Did You know that Dr. Robert Lanza is the "REAL" Matt Damon from Goodwill Hunting? You folks in the media need to dig a bit more, Your missing a gigantic News story.
feeed
Shaun,
Losses are a result of not having a sellable product at this point in time. This company is a research company. It has a potentially amazing future. They are very close to filing an application to the FDA for an "Investigational New Drug". This "drug" has the potential of Curing macular degeneration and other eye problems estimated to be worth about 30 billion dollars, and the same cell therapy could help cure parkinson's disease. Losses will continue for a couple more years, however they will be able to stay afloat and have Dr. Lanza until the end of 2012 because of a private placement that they received recently. Lanza is the pioneer in the stem cell field. He is kind of like having a chance to see Carl Yastrzemski at Pawtucket. The only difference is that his work could quite possibly have an effect on millions of people around the world. I haven't looked at your archives but it seems to me that doing a story on Advanced Cell Technology would be an interesting read.