Advanced Cell Technology Announces Fourth-Quarter and Year-end Results

MARLBOROUGH, Mass.--(BUSINESS WIRE)--

Advanced Cell Technology, Inc. (ACT, OTCBB: ACTC or the Company), a leader in the field of regenerative medicine, today announced fourth quarter and year-end financial results for the period ended December 31, 2012.

Highlights from the fourth quarter included:

2012 represented a transformative year for ACT both clinically and through favorable corporate developments, said Gary Rabin, chairman and CEO of ACT. The Company announced promising data from its most advanced clinical programs in AMD and SMD, and has made solid progress in bringing each of these programs through the clinical trials. ACT has also been able to remove many of the impediments to achieving a listing of its stock on a National Exchange, by eliminating significant contingent liabilities through resolution of outstanding litigation. We believe the Company is now well positioned to achieve both its clinical and corporate objectives in 2013.

2012 Fourth Quarter Financial Results

Advanced Cell had revenue totaling $124,434 for the three months ended December 31, 2012 as compared to $66,238 in the same period in 2011. Research and Development expenses for the fourth quarter in 2012 and 2011 were $3.7 and $2.9 million respectively.

The Company reported a loss from operations of $(6.2) million for the three months ended December 31, 2012, compared to a loss from operations of $(5.8) million in the same period a year ago, the rise in cost mainly attributed to clinical trial expenses. ACT reported a net loss of $(10.3) million or $(0.01) loss per share in the 2012 fourth quarter, compared to $(12.1) million or $(0.02) loss per share in the same period a year ago. Net cash used in operations for the 2012 fourth quarter was $3.1 million, compared to net cash used in operations of $2.8 million during the same period in 2011.

FULL-YEAR RESULTS

The Company had $466,487 in revenue in 2012 as compared to $506,419 in 2011. Research and Development expenses in 2012 were $11.0 million, up from $10.0 million in 2011 primarily as a result of an increase in clinical trial expenses. The Company reported a loss from operations of $(21.1) million in 2012, compared to 2011s loss from operations of $(21.1) million. ACT reported a net loss of $(28.5) million or $(0.01) loss per share compared to a net loss of $(72.8) million or $(0.05) loss per share in the same period a year ago.

The Company ended 2012 with cash and cash-equivalents of $7.2 million.

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Advanced Cell Technology Announces Fourth-Quarter and Year-end Results