Advanced Cell says financing accidentally disclosed, comments on cash picture

By Ronda Fears

Nashville, July 7 - Advanced Cell Technology Inc. said Thursday that it has learned that "unintentionally disclosed" information regarding a private financing transaction the company is negotiating is in circulation, but stressed that it has not concluded the transaction.

The stock on Thursday dropped 4 cents, or 1.41%, to $2.80 with 7,000 shares trading hands.

"The statement that the company is 'flush with cash' included in the unintentional disclosure is not accurate and should not be relied upon," the company said in an 8-K filing with the Securities and Exchange Commission.

In its quarterly report filed at the SEC, the company listed cash and equivalents of $5.37 million as of March 31.

The company said in the SEC filing Thursday that it is currently in negotiations regarding a potential private financing transaction that, if successfully concluded, is expected to generate proceeds of $5 million to $10 million. The proposed transaction is in active negotiation and final terms have not been finalized, nor assured, the company added.

The Worcester, Mass., company is the product of a merger Jan. 31 between A.C.T. Holdings Inc. with Advanced Cell Technology. The company is focused on developing and commercializing human stem cell technology in the emerging field of regenerative medicine.

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