Advanced Cell Technology (OTCBB: ACTC) secured a $25 million nonconvertible stock purchase agreement with Socius CG II, a subsidiary of Socius Capital Group.
(prHWY.com) January 9, 2013 - USA, WA -- Advanced Cell Technology (OTCBB: ACTC) secured a $25 million nonconvertible stock purchase agreement with Socius CG II, a subsidiary of Socius Capital Group. On closing the deal Socius purchased an initial 400 shares of ACT' Series C preferred stock for an aggregate purchase price of $4 million.
Socius Capital Group is a passive investor group adept at deal making with micro cap Companies in immediate need of capital. Socius has a proven track record of delivering funds to Companies in need. Individual terms are aimed at helping the Companies succeed with many of Socius' clients returning for follow-on investments.
ACTC will use the funds from the Socius agreement to start the RPE clinical studies. The prospective open-label Phase I/II trials will separately determine the safety and tolerability of the RPE cells following subretinal transplantation in patients with either advanced SMD, or dry AMD.
The Socius deal follows the recent sale of 750 shares of ACT nonconvertible Series B preferred stock under a previously agreed $10 million preferred stock transaction with Optimus Life Sciences Capital Partners. The resulting cash influx has not only provided the funding necessary to push on with clinical trials, but means ACT will start 2011 almost debt-free. This is in stark contrast to the Company's serious debt issues just a year ago, Rabin admits. "Less than one year ago, the Company was significantly in debt and lacked the financial resources to take even one program through the clinic. Today we are essentially debt-free and have the financial ability to move both our promising programs through the clinic."
The firm's RPE program is designed to generate therapies for treating ocular disorders including AMD. ACT claims it has already achieved a significant milestone in this field by successfully restoring visual function in rats through the implantation of RPE cells derived from human embryonic stem cells. Visit
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