March 4, 2009
ACT Secures $400K From Korean Partner
By Matthew L. Brown
Worcester-based Advanced Cell Technology Inc. has received $400,000 through a joint venture with CHA Biotech Co. Ltd. of Korea.
The $400,000 represents the final payment ACT will receive from CHA in connection with their recently-formed joint venture and research grants from the National Institutes of Health.
The proceeds will be used to develop ACT stem cell programs intended to treat a number of different retinal diseases. The company said it will begin seeking U.S. Food and Drug Administration approval for the retinal treatments in the second half of the year.
CHA is also focused on developing stem cell technologies.
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