ACT Loses $34M, Eyes Re-listing
Worcester-based biotechnology company Advanced Cell Technology Inc. has reported a $34 million net loss for 2008, more than double its loss for the prior year.
The company brought in $787,106 in revenue for the year compared to $647,349 a year ago.
An operating loss of more than $13 million, interest expenses and late fees of $27 million, finance costs of $806,000 and $1.2 million in charges related to the issuance of convertible debt were among the company's most significant expenses for the year.
The company is behind on its regulatory filings and in a press release said it intends to file an earnings report for the first quarter of 2009 by the end of the month. At that time, the company said its filings will be current and it expects to file for relisting of its stock on the over-the-counter bulletin board.
ACT is developing pharmaceuticals based on human embryonic stem cells to treat a variety of medical conditions.
The company was delisted last July after missing two filing deadlines.
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