ACT closes $15M private placement

By Mass High Tech staff

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Advanced Cell Technology Inc. has been promised more than $15 million through three private placement agreements with institutional and accredited investors.

The Worcester-based stem cell-focused biotechnology firm plans to apply the funds to its preclinical programs and its Retinal Pigment Epithelial program, in which ACT officials said it plans to file an investigational new drug application with the U.S. Food and Drug Administration this year.

Among the private placements, ACT (OTC: ACT) has completed a sale of $2.1 million in debentures, convertible into common stock, to its investors, bringing $1.75 million to the company. The deal will repeat in 90 days with the same debentures purchase.

Another funding, in the amount of $1 million, stems from amended agreements ACT has with an existing investor.

Optimus Life Sciences Partners may provide the remaining funds through ACT’s sale of $10 million worth of 10 percent non-convertible preferred stock and warrants to buy up to 119 million shares of common stock.

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