Three-year agreement with Lincoln Park finances clinical activities
By Devika Patel
Knoxville, Tenn., July 3 – Advanced Cell Technology, Inc. negotiated a $30 million stock purchase agreement with Lincoln Park Capital Fund, LLC on June 27, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell the common shares to Lincoln Park over three years.
The investor received 10,600,707 shares as a commitment fee.
Advanced Cell is an Alameda, Calif., biotechnology company.
| Issuer: | Advanced Cell Technology, Inc.
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| Issue: | Stock purchase agreement
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| Amount: | $30 million
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| Tenor: | Three years
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 10,600,707 shares
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| Pricing date: | June 27
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| Stock symbol: | OTCBB: ACTC
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| Stock price: | $0.07 at close June 26
|
| Market capitalization: | $220.81 million
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