Advanced Cell Technology, Inc. (OTC:ACTC) dropped down 3.55% on Friday and reached stock price of $0.057 per share. Traded volume reached 2.9 million, which is about two times lower as compared to its average value of 6.2 million.
On Sept. 29 the company announced that its myoblast program has successfully completed Phase I human clinical trials. Phase II is expected to begin in the first half of 2011. The fresh news pushed up ACTC stock price by 5.82% right away, but over the next two days it dropped down again by 4.05%.
A couple of days earlier, on Sept.22, it was announced that Robert Lanza, Chief Scientific Officer, has won a National Institutes of Health award. The same day, ACTC stock price reacted with a 0.74% increase.
Advanced Cell Technology, Inc. is a biotechnology company focused on developing and commercializing human embryonic and adult stem cell technology in the field of regenerative medicine
For the first half of the year, the company’s revenue has decreased by $126 thousand, whereas the total accumulated deficit has reached $141 million. In addition, in its 10-Q report the ACTC management said: “we do not believe that our cash from all sources is sufficient for us to continue operations beyond December 31, 2011”.
Investors didn’t get excited by the ACTC recent development. Most probably, the company is expected to bring forth sufficient proofs that it will be able to generate the cash needed to conduct its future operations.
