Advanced Cell Technology (ACT) of Marlborough, a biotechnology firm working in regenerative medicine, reported increased revenue for the second quarter, thanks to license fees and royalty payments.
For the period that ended June 30, ACT’s revenue totaled $218,184, up from $153,688 during the same quarter last year while research and development expenses were nearly $2.1 million, compared to $1.5 million last year.
The company reported a net loss of $4 million in the second quarter, down from last year’s net loss of $4.8 million.
As the company continued with clinical trials for its treatments of Stargardt’s Macular Dystrophy and Dry Age-Related Macular Degeneration, net cash used in operations for the second quarter was $2.9 million, compared to $3.3 million in the same period in 2011.
ACT ended the second quarter with cash and cash equivalents of $9.9 million, compared to about $10.8 million as of March 31.
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