Advanced Cell Shutters R&D Facilities
Advanced Cell Technology Inc. says it will close all of its locations except for its Worcester laboratory and its Los Angeles headquarters to help save the struggling company between $5 million and $6 million in operating expenses.
The company said it has not renewed a lease at its Charlestown facility or a sublease at an Alameda, Calif. facility. Both facilities were used for research and development. The company hasn't filed anything with the U.S. Securities and Exchange Commission since July 15 when it reported a first quarter revenue loss of more than $66,000 and a net loss of $9.5 million.
The company said it would use the money it saves by leaving those facilities to develop two programs for using embryonic stem cells for the treatment of degenerative retinal disorders and the treatment of blood and cardiovascular disorders.
It is also trying to get funding for a Phase II trial of an adult stem cell therapy for the treatment of heart disease and trying to license various patented technology in its possession.
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