April 18, 2008
Advanced Cell Stems Tide Of Losses
By Matthew L. Brown
Worcester-based Advanced Cell Technology Inc. reported an annual net loss for 2007 of $13.2 million on revenue from license fees and royalties of $647,349.
The loss is a decrease from the $16.8 million net loss it reported for 2006 and the company's revenue is up from $440,842 in 2006. The company, which is developing stem cell-based technologies for the pharmaceutical industry, claimed $1.2 million in cash on hand and total assets of $8.9 million. The company also reported total liabilities of nearly $28 million.
Advanced Cell restated its results for 2006, saying it had incorrectly reported the fair value of some of its outstanding loans.
The loss is a decrease from the $16.8 million net loss it reported for 2006 and the company's revenue is up from $440,842 in 2006. The company, which is developing stem cell-based technologies for the pharmaceutical industry, claimed $1.2 million in cash on hand and total assets of $8.9 million. The company also reported total liabilities of nearly $28 million.
Advanced Cell restated its results for 2006, saying it had incorrectly reported the fair value of some of its outstanding loans.
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