Penny Stock on Watch: 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, fell sharply in Wednesday’s trading session.
The penny stock of ACTC ended the day 7.55% lower at $0.0845. Despite the sharp decline in Wednesday’s trading session, ACTC has gained 5.23% in the last five trading sessions.
ACTC CEO Gary Rabin recently presented at the 14th Annual Rodman & Renshaw Global Investment Conference. As one of the few companies engaged in embryonic stem cell research, ACTC has generated significant interest among investors. However, the field of stem cell research remains controversial.
Recently, ACTC commented on U.S. Appeals’ Court’s dismissal ruling in case challenging federal funding of embryonic stem cell research. ACTC CEO Rabin said that the court ruling should be of considerable benefit to the company and its embryonic stem cell-based clinical programs. Rabin said that the ruling effectively removes major speed bumps for the National Institutes of Health in terms of approving the several stem cell lines that ACTC has submitted for their consideration for funding.
Rabin also said that the ruling removes a great deal of ambiguity that has hampered legislative attempts to provide an efficient mechanism for federal funding of hESC research. He added that the path for legislators to enact such legislation has now been cleared and in that case ACTC is optimistic that there could be encouraging new developments in the legislative arena, as well, in coming months.
Despite the controversies surrounding stem cell research, ACTC has made significant progress in its clinical trials. During the second quarter of 2012, ACTC added Massachusetts Eye and Ear as additional site for Clinical Trial for Dry Age-Related Macular Degeneration using 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.
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