Losses Mount At Worcester's Advanced Cell Technology
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.
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