Advanced Cell Technology Inc. (OTC: ACTC) is a Worcester, Massachusetts-based biotechnology company engaged in the development and commercialization of human embryonic and adult stem cell technology in the area of regenerative medicine. The company focuses on acquiring, developing and maintaining a portfolio of patents and patent applications that constitute the base for its research and development.
Earlier this week, Advanced Cell commented on a federal court ruling, which temporarily blocked federal funding for embryonic stem cell research involving the destruction of embryos. The company said that this will increase pressure on National Institutes of Health (NIH) to look for appropriate sources for human ES cells that can be funded in the framework of the preliminary injunction.
Commenting on the ruling, William M. Caldwell, chairman and CEO of Advanced Cell said that the court ruling is extremely unfortunate for the overall stem cell industry. Caldwell said that the company, however, anticipated this development for some time and is prepared for it. He said that the company met with a number of members of Congress over the summer to discuss this issue.
Last week, the company announced that it is positioned to obtain important patents relating to cellular reprogramming and the generation of induced pluripotent stem cells.
Last month, Advanced Cell filed documentation with the U.S. Food and Drug Administration (FDA) relating to the company’s plan to start a Phase 1/2 multicenter study using embryonic stem cell derived retinal cells to treat eye disease.
The penny stock of Advanced Cell has a 52-week range of $0.06-$0.17. Year-to-date, the penny stock is down 18.48%. The stock saw a steep decline in April. The downtrend continued till June, after which the stock saw a slight rebound. However, it dropped again in July.
The penny stock is currently trading below its 50-day and 200-day moving averages. The stock has a support level at $0.07 and a resistance level at $0.08.
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