Irish Investor Advances ACT Another $500K
The Irish institutional investor that recently agreed to put $150,000 into Worcester-based Advanced Cell Technology Inc. has decided to put another $500,000 into the struggling biotech company.
Under the full agreement, Ireland's Transition Holdings Inc. will also purchase a total of $1 million of ACT's one-year convertible bonds. ACT will use the proceeds from the sale for working capital, general corporate purposes and to continue the development of its clinical programs.
ACT is also trying to recruit business partners to jointly develop its pre-clinical and clinical programs. The company is developing stem cell-based treatments for heart failure, renal disease and the production of red blood cells.
The company said Transition Holdings recognizes that ACT will have greater potential for success under a government administration that is more open to stem cell research.
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