Losses Narrow At Advanced Cell
Advanced Cell Technology of Marlborough reported another quarterly loss as it continued testing for a vision-treatment drug and applied for federal approval of another drug that could potentially treat both humans and animals.
For its third quarter, which ended Sept. 30, Advanced Cell (ACT), said it lost about $5.7 million. But that was about a third less than the $8.5 million loss it declared in the third quarter of 2012. Its revenue for the quarter - $39,000 – also fell year over year from $68,000. ACT said revenue came from license fees and royalties collected in prior years.
However, the company’s net cash position improved by $1.1 million to $4.9 million.
During the quarter, ACT said it won approval to complete the third cohort in each of the company’s three ongoing trials with the higher dosage of retinal pigment epithelial cells derived from human embryonic stem cells. The drug is intended to treat macular dystrophy and macular degeneration. The company said it also applied for approval from the U.S. Food and Drug Administration (FDA) to test its proprietary “off the shelf” pluripotent stem cells, which are targeting therapies in humans and may help treat animals.
Despite the financial results, the company’s CEO, Gary Rabin, said ACT is “pleased” with the company’s progress during the quarter.
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