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news.US-based biotechnology company Advanced Cell Technology has announced plans to streamline and focus on its most advanced clinical programs as part of a cost reduction program designed to reduce annual operating expenses by $5 to $6 million.
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In conjunction with the cost reduction activities, the company has not renewed its Alameda, California sublease and has vacated its Charlestown, Massachusetts facility.
The company is focused on partnering its proprietary patent-protected preclinical programs in retinal disease and the manufacturing of red blood cells. The company is also concentrating on securing funding for a Phase II trial for its myoblast program, an autogolous adult stem cell therapy for the treatment of heart disease, which has successfully completed four Phase I clinical trials and has clearance from the FDA to begin Phase II trials.
The company retains its proprietary technology in the area of induced pluripotent stem cells and other alternative technologies which it believes covers much of the reprogramming technology.
The company is seeking funding and partners to complete its research in this promising science while still utilizing its proprietary ‘single cell blastomere technology’ which does not destroy the embryo when developing cell lines used for its current development programs.
William Caldwell IV, chairman and CEO of Advanced Cell Technology, said: “These cost reduction activities and successfully implementing our partnering/licensing strategy should afford the company the ability to allocate funding to further develop its later-stage clinical programs while significantly reducing its cash utilization for developmental activities. Near-term funding continues to be our major challenge.”