Three-year agreement with Lincoln Park finances clinical activities
By Devika Patel
Knoxville, Tenn., Sept. 20 - Advanced Cell Technology, Inc. said it arranged a $35 million stock purchase agreement with Lincoln Park Capital Fund, LLC.
The company will sell the common shares to Lincoln Park over three years.
After executing the agreement, Lincoln Park purchased $800,000 of shares at $0.08 per share, which is identical to the closing share price on Sept. 19.
Proceeds will be used for clinical activities, including three ongoing Phase I/II clinical trials for forms of macular degeneration, development of other clinical activities and general corporate purposes.
Advanced Cell is a Santa Monica, Calif.-based biotechnology company.
| Issuer: | Advanced Cell Technology, Inc.
|
| Issue: | Stock purchase agreement
|
| Amount: | $35 million
|
| Price: | $0.08 (for $800,000)
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 20 (for $800,000)
|
| Stock symbol: | OTCBB: ACTC
|
| Stock price: | $0.08 at close Sept. 19
|
| Market capitalization: | $173.62 million
|
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