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Over the next 90 days, Worcester-based Advanced Cell Technology Inc. will sell $500,000 in convertible bonds to Transition Holdings Ltd., an Irish institutional investor.
The bonds are 7 percent convertible debentures, the company said. ACT said it will use proceeds from the sale for working capital, general corporate purposes and to develop its clinical programs.
ACT said it is still looking for partners to help develop certain clinical and pre-clinical programs. The company is trying to develop cell technology to fight heart failure, and retinal disease and is also investigating the production of red blood cells.
Convertible debentures are bonds that are not supported by collateral but can be converted to company stock.
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Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
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