Penny Stock in Focus: Advanced Cell Technology Inc. (ACTC)
Shares of Advanced Cell Technology Inc. (OTC: ACTC), a biotechnology company applying cellular technology in the field of regenerative medicine, rose sharply in Tuesday’s trading session.
The penny stock of ACTC ended the day 9.46% higher at $0.0914, with volume up from daily average of 3.70 million to 14.99 million. The stock gained 11.74% in the last three trading sessions.
ACTC shares rose in Tuesday’s trading session after the company’s CEO Gary Rabin made a presentation at the 14th Annual Rodman & Renshaw Global Investment Conference in New York earlier this week.
ACTC reported its second-quarter financial results last month. For the quarter ended June 30, 2012, ACTC reported revenue of $218,184, compared to revenue of $153,688 reported for the same period in the previous year. The company’s revenue for the second quarter was generated through license fees and royalty payments.
Research and development expenses for the second quarter of 2012 were $2.068 million, up from $1.532 million reported for the same period in the previous year.
ACTC reported a loss from operations of $4.5 million for the second quarter, compared to a loss from operations of $3.6 million reported in the second quarter of 2011. Net loss for the second quarter of 2012 was $4 million, compared to $4.8 million reported for the same period in the previous year.
During the second quarter of 2012, ACTC made significant progress on the operations front. The company added Massachusetts Eye and Ear as additional site for clinical trial for Dry Age-Related Macular Degeneration (Dry AMD) using human Embryonic Stem Cell-Derived Retinal Pigment Epithelial (RPE) cells. ACTC also received Data Safety Monitoring Board’s approval to increase RPE dosage for Stargardt’s Disease Patients in U.S. trial.
During the second quarter, the company treated second and third patient, completing the first cohort of U.S. Dry AMD clinical trial.
CEO Rabin said that the promising preliminary results from the first cohort have positioned the company well as it enters the second cohort and higher dosage for its landmark macular degeneration trials.
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