Advanced Cell Technology, Inc. (OTC: ACTC ) announced today that it is finalizing preparations to file an IND in the second half of this year with the Food and Drug Administration for the Company’s retinal pigment epithelium (RPE) cell program for the treatment of diseases of the eye. It has available the only technology that can today produce stem cell lines without the destruction of the embryo. While President Obama recently issued an Executive Order that authorizes expanded federal funding for research using stem cells produced by destroying human embryos, the decision remains controversial as some believe that the Government should not fund the ongoing destruction of human embryos. In the coming months Congress will be debating altering or eliminating the Dickey Wicker Amendment which is at the core of this controversy. Advanced Cell Technology’s stem cell platform offers a compromise on this issue, as described in peer review scientific journals published over the past several years. Over 3000 healthy children have undergone the medical procedure, PGD, which is at the core of ACTC’s technology.
“We believe that the issue of whether the Federal government should fund the destruction of human embryos has become unnecessarily politicized,” said William M. Caldwell IV, Chairman and CEO of Advanced Cell Technology, Inc. “ACTC has repeatedly demonstrated that it can develop stem cell lines without the destruction of the embryo utilizing its single cell blastomere technology. While we are fortunate that we have been able to secure financing to take our RPE program into the clinic, we feel that once the Federal government and scientific communities realize that it is possible, through the use of our technology platform, to satisfy the requirements of both conservatives and liberals, the Company should be able to secure significant federal funding to utilize this technology for research and development. Although we have previously announced receipt of small grants from the NIH, we have been rebuffed in our efforts to utilize this particular technology in federally funded programs. We offer a unique solution to a widely-debated problem which should under the current environment facilitate federal acceptance and funding for the application of our technology to new and existing research and development programs.”
Yesterday, the Company announced that it had secured the requisite funding for the expressed purpose to file an IND application this year, and to support both Phase I and Phase II clinical trials. An IND filing is required before a company can commence clinical trials. The Company believes its proprietary “single blastomere technology” has the potential to generate stable cell lines, including retinal pigment epithelium (RPE) cells for the treatment of diseases of the eye. There are some 200 different retinal diseases that may be impacted by this stem cell derived therapy including macular degeneration, which represents a $28 billion dollar market. Age-related macular degeneration (AMD) affects more than 30 million people worldwide and is the leading cause of blindness in people over 60 years of age in the United States.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit http://www.advancedcell.com.
Forward-Looking Statements
Statements in this news release regarding future ability to draw on the credit Facility, future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the Company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the Company’s ability to meet all of the conditions to allow it to access the entire amount available under the credit Facility discussed in this press release, limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company’s periodic reports, including the report on Form 10-QSB for the quarter ended September 30, 2007. Forward-looking statements are based on the beliefs, opinions, and expectations of the company’s management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
Forward-looking statements are based on the beliefs, opinions, and expectations of the company’s management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
Contacts:
CEOcast, Inc. for Advanced Cell Technology
Dan Schustack,
212-732-4300