Troubled ACT Reports Loss, Seeks Re-listing
Worcester's Advanced Cell Technology reported a first quarter loss of $19 million, compared to a $9.5 million loss for the same period a year ago.
Despite the red ink, the company wants back on the over-the-counter bulletin board.
The company's revenue increased from $124,343 in the first quarter of 2008 to $293,976 as of March 31 of this year. Between the end of the fourth quarter of 2008 and the first quarter of this year, ACT's cash reserves shrunk from $816,904 to $522,502.
The biopharmaceutical developer said with the filing of its first quarter report, it is now current with the U.S. Securities and Exchange Commission and intends to seek relisting on the over-the-counter bulletin board.
The company was delisted last July after missing two filing deadlines.
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