Advanced Cell to price $3 million of convertible promissory notes

By Devika Patel

Knoxville, Tenn., Feb. 14 - Advanced Cell Technology, Inc. will conduct a $3 million private placement of convertible promissory notes, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The notes are expected to have a term of at most two years and are anticipated to be convertible into common stock.

Proceeds will be used for working capital.

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

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