September 24, 2007
Advanced Cell completes acquisition of Mytogen
By Cory Hopkins
Los Angeles-based Advanced Cell Technology Inc., which operates a research laboratory in Worcester, announced today that it has completed the acquisition of all outstanding capital stock of Mytogen Inc., a life sciences company located in Charlestown.
Advanced Cell announced its intent to acquire Mytogen in May. The merger agreement was signed July 31.
As part of the deal, Advanced Cell issued 8.2 million restricted shares of common stock, worth $5 million, and assumed some of Mytogen's liabilities. Mytogen shareholders also received a warrant to purchase an additional 1.5 million shares of restricted common stock at $0.75 per share, subject to the company reaching certain milestones.
Advanced Cell announced its intent to acquire Mytogen in May. The merger agreement was signed July 31.
As part of the deal, Advanced Cell issued 8.2 million restricted shares of common stock, worth $5 million, and assumed some of Mytogen's liabilities. Mytogen shareholders also received a warrant to purchase an additional 1.5 million shares of restricted common stock at $0.75 per share, subject to the company reaching certain milestones.
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