Advanced Cell Technology Inc. of Worcester said the U.S. Food and Drug Administration has granted orphan drug status to the company’s treatment for Stargardt’s Macular Dystrophy (SMD).
Orphan drug status is a designation for products aimed at treating rare diseases and conditions.
The status gives companies access to tax credits, grant funding for clinical trials, an accelerated FDA approval process and market exclusivity for as many as seven years.
SMD is a degenerative disease of the retina. ACT’s SMD treatment is derived from human embryonic stem cells.
ACT also recently said in regulatory filings that it had agreed to a new, two-year and four-month employment contract with CEO William Caldwell. Under the new contract, Caldwell will make $480,000 and get a $100,000 retention bonus. He is also eligible for discretionary bonuses.
