CEO Of Worcester Biotech Dies
William M. Caldwell IV, chairman and CEO of Worcester-based Advanced Cell Technology, died unexpectedly on Monday.
The company's board of directors announced the death Tuesday.
Gary Rabin has been appointed by the board to serve as an interim chairman and CEO until a permanent replacement is found. Rabin has served as a director of ACT since December 2007. He is also a managing partner of GR Advisors LLC, a hedge fund.
Caldwell had been CEO and chairman of the company since 2005. According to his biography in ACT's annual report, Caldwell had a 30-year management career that included executive positions in marketing and finance. His age was listed as 62 in a filing with the SEC on March 16.
ACT's focus is on developing and commercializing human embryonic and adult stem-cell technology to treat diseases. It reported a $1.9-million profit during the most recent quarter thanks to some financing activities that brought in additional cash. The company's revenues were $205,000 for the quarter.
The Worcester Business Journal recently interview Caldwell for a story about local companies like ACT that are traded on alternate exchanges.
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