March 17, 2010
ACT Boosts Cash Position As Loss Deepens
By Matthew L. Brown
Advanced Cell Technology Inc. of Worcester said it finished 2009 with a $37 million loss and revenue of $1.4 million.
A year earlier, the biotech firm reported a $34 million loss on revenue of $787,106.
The company spent $3.5 million on research and development during the year compared to $8.6 million a year earlier. Its loss from operations was $10.8 million compared to $19 million in 2008.
ACT finished the year with $2.5 million in cash and equivalents compared to $816,904 a year earlier.
The company is using stem cell technology to develop drugs.
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