December 18, 2008
Irish Investor Pumps Another $2.5M Into ACT
By Matthew L. Brown
Worcester-based Advanced Cell Technology Inc. has licensed intellectual property to Ireland-based Transition Holdings Inc. for $2.5 million.
In two October transactions, Transition Holdings bought $1 million ACT convertible debt and put another $150,000 in cash into the company. The current deal does away with the ACT debt and gives the company $1 million to put toward a certain cell program.
The company said the technology it is selling to Transition Holdings is "non-core."
The financially troubled biotech company is developing stem cell-based treatments for regenerative diseases.
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