Healthcare Industry News: human embryonic stem cell
News Release - September 24, 2007
Advanced Cell Technology Completes Acquisition of Mytogen, Inc.Transaction Significantly Accelerates Stem Cell Clinical Development Activities; Phase II Clinical Trials to Begin Shortly
LOS ANGELES--(HSMN NewsFeed)--Advanced Cell Technology, Inc. (OTCBB: ACTC ) today announced that it has completed the acquisition of all of the outstanding capital stock of Mytogen, Inc. In May 2007, the company announced that it had entered into a letter of intent to acquire Mytogen, Inc. and its Myoblast Program for the treatment of heart failure. A definite merger agreement was signed on July 31, 2007 subject to certain closing conditions. ACTC issued a total of approximately 8.2 million restricted shares of common stock, valued at $5 million and assumed certain Mytogen liabilities. Mytogen shareholders also received a warrant to purchase an additional 1.5 million shares of restricted common stock at $0.75 per share subject to the achievement of certain milestones.
The company plans to begin the Phase II human clinical trial for the treatment of heart failure in approximately 160 patients. If successful, the company expects to proceed with a pivotal Phase III trial. The Myoblast Program may prove particularly beneficial for patients that have experienced a serious heart attack and have a high risk of heart failure.
"Advanced Cell Technology has always been on the cutting edge of regenerative medicine and we are excited to join their team," noted Dr. Jonathan Dinsmore, President and Chief Scientific Officer of Mytogen, Inc. "By merging with Advanced Cell, we can now move forward with our clinical trials and bring our therapies to cardiac patients in need of this novel treatment."
William M. Caldwell, IV, Chairman and CEO of Advanced Cell Technology remarked, "The completion of this acquisition marks a transformation for our company, as it significantly advances our clinical development activities, placing the company among the most clinically advanced stem cell companies. We now have three distinct programs in various stages of clinical and preclinical development. Our Myoblast Program for the treatment of heart failure will begin Phase II clinical trials shortly, while two of our human embryonic stem cell programs, our Hemangioblast Program for treating blood and cardiovascular disease and our RPE Program for treating retinal degenerative disorders, are in preclinical studies. We expect to file IND's for those programs next year."
Additional details regarding the definitive merger agreement with Mytogen are included in a Current Report on Form 8-K filed by the Company on August 6, 2007, with the Securities and Exchange Commission.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying stem cell technology in the emerging field of regenerative medicine. The company operates facilities in California and Massachusetts.
For more information, visit www.advancedcell.com
About Mytogen, Inc.
Mytogen, Inc. is a Massachusetts based company developing autologous myoblast transplantation designed to restore cardiac function in patients with heart failure. The incidence and progressive nature of heart disease make it the leading cause of morbidity and mortality in the U.S. Mytogen is advancing a proprietary formulation of cultured human myoblasts and an optimized delivery system to deliver cells to the site of cardiac damage. Mytogen represents the consolidation of experts in areas including clinical manufacturing of biologics, cell transplantation, and stem cell biology and benefits from intellectual property assets and clinical trial experience acquired from Genvec and Diacrin, Inc. Currently, Mytogen is conducting U.S. human clinical trials of its myoblast therapy with FDA oversight, and is positioned to launch multi-center phase II studies in the near future.
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 June 30, 2007. 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.
Source: Advanced Cell Technology
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