Advanced Cell License Worth $1.25M
Worcester-based Advanced Cell Technology Inc. says it could receive up to $1.25 million in up-front payments after licensing technology to Embryome Sciences Inc. of California.
ACT has received a $250,000 payment from Embryome, a subsidiary of BioTime Inc., for a license to ACT's ACTCellerate embryonic stem cell technology and a bank of 140 stem cell lines derived from that technology.
In addition to the up-front payments, ACT is entitled to an 8 percent royalty on sales of Embryome products and services that use the ACTCellerate technology. ACT could earn up to $1 million in royalties under the agreement, and may reacquire the rights to ACTCellerate.
ACT has offices in Worcester and Alameda, Calif. The firm reported a $15.9 million net loss on revenue of $218,436 in 2007.
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