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Advanced Cell Technology, Inc. (OTC: ACTC) Shares Soars On Heavy Volume

Posted by admin 879 days ago (http://emailwire.com)

(EMAILWIRE.COM, December 21, 2010 ) New York, NY-Advanced Cell Technology, Inc. (OTC: ACTC) spike up by 9.12% on Friday to trade close at $0.196 after climbing to its new 52 week high of $0.21, its 52 week low being $0.04. The stock surged all the way from $0.136 on Dec 15 to $0.196 on Dec 17 or gained 40% in its last 3 day trading sessions.

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Shares of a biotechnology company went up by 330.77% in its last 1 month trading sessions. It traded with an unusually higher volume of 46.12 million shares on Friday, above the daily average volume of 27.49 million shares. Currently, the market capital of the stock stands at $213.62 million along with P/E of 185.19 & corresponding beta of -2.69. The Stock is currently above its 50 day & 200 day moving average of $0.09 & $0.07 respectively.

On Dec 14, the company announced the passing of its Chairman and Chief Executive Officer, William M. Caldwell IV. Mr. Caldwell had been CEO of the company since 2005, and Chairman of the Board of Directors since 2006. He previously said that the company now hopes that with the elimination of most of the debt, its stock will begin to reflect its significant recent accomplishments and the potential for its technology platform in the future.

Earlier this month, the company announced that it strengthened its balance sheet through the elimination of around $3 million in debt over the past several weeks. The conversion of senior and subordinated debentures to equity reduced the company's outstanding convertible debentures to around $890,000. The company also stated that since September 2009, it eliminated around $33 million in indebtedness.

On Nov 30, the company announced that it filed an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) for the first clinical trial using human embryonic stem cell (hESC) to treat patients with Dry Age-Related Macular Degeneration (Dry AMD).

The Company on Nov 22, announced that they received clearance from the FDA for the first clinical trial using embryonic stems cells to treat SMD or Stargardt' Macular Degeneration, one of the most common forms of juvenile macular degeneration in the world.

Advanced Cell Technology, Inc. is a biotechnology company focused on developing and commercializing human embryonic and adult stem cell technology in the emerging field of regenerative medicine. The Company has acquired, developed and maintains a portfolio of patents and patent applications that forms the base for its research and development efforts in the area of embryonic and adult stem cell research.

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