April 1, 2008
Worcester Co. Continues Cost-Cutting, Financing
By Matthew L. Brown
Worcester-based Advanced Cell Technology Inc. said it had issued $3.8 million in loans for purchase at a discounted price of $2.4 million.
Purchasers of the company's debentures and warrants may in turn purchase 25.5 million shares of company stock at $0.15 per share. Purchasers also received warrants to purchase an additional 25.5 million shares at $0.16 over the next five years.
The company, which is trying to develop drugs based on stem cell technology, is in the midst of an aggressive cost-cutting effort.
The company estimates that its monthly "operating cash burn" is $750,000.
The last financial report the company issued was for the third quarter. According to that report, the company saw negative operating cash flow of $14.2 million for the nine months ended Sept. 30 and had $6.7 million cash on hand.
Purchasers of the company's debentures and warrants may in turn purchase 25.5 million shares of company stock at $0.15 per share. Purchasers also received warrants to purchase an additional 25.5 million shares at $0.16 over the next five years.
The company, which is trying to develop drugs based on stem cell technology, is in the midst of an aggressive cost-cutting effort.
The company estimates that its monthly "operating cash burn" is $750,000.
The last financial report the company issued was for the third quarter. According to that report, the company saw negative operating cash flow of $14.2 million for the nine months ended Sept. 30 and had $6.7 million cash on hand.
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