Advanced Cell closes $12.55 million private placement of convertibles

By LLuvia Mares

New York, Sept. 4 - Advanced Cell Technology, Inc. closed a $12.55 million private placement of amortizing senior secured convertible debentures.

The deal was made with unnamed institutional and accredited investors.

The $10 million in net proceeds will be used for clinical programs, general corporate purposes including additions to working capital and to finance certain costs related to its recently-announced plans to acquire Mytogen, Inc.

Alameda, Calif.-based Advance Cell is a biotechnology company applying stem cell technology in the field of regenerative medicine.

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