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Advanced Cell Technology Licenses Non-Core Technology for $2.5 Million

^{Published on 2008-12-18 05:50:14 - Market Wire}
 

WORCESTER, Mass.--([ BUSINESS WIRE ])--Advanced Cell Technology, Inc. (OTC:ACTC) announced today that it has entered into a license with Ireland-based Transition Holdings, Inc, for certain of its non-core technology. Under the agreement, Transition agreed to acquire a license to the technology for $2.5 million, which includes the extinguishment of $1.5 million of debt and an additional funding commitment of $1 million. The intellectual property does not relate to any of the Company's advanced clinical programs. The Company expects to apply the proceeds it receives in the future towards its retinal pigment epithelium (RPE) cells program.

"We are pleased to monetize this intellectual property in a way that raises non-dilutive capital for our shareholders," said William M. Caldwell IV, Chairman and CEO of Advanced Cell Technology, Inc. "During a period when the capital markets remain highly challenging, particularly for small companies, we have been able to advance our clinical programs through funding from strategic partners like CHA Biotech Co, Ltd. and by the licensing of intellectual property unrelated to our core platform technologies."

About Advanced Cell Technology, Inc.

Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the emerging field of regenerative medicine with its laboratory located in Worcester, Massachusetts.

For more information, visit [ www.advancedcell.com ]

Forward-Looking Statements

Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company's periodic reports, including the report on Form 10-QSB for the quarter ended March 31, 2008. Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.

Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.