Advanced Cell Technology Inc. (OTC:ACTC) shares rose sharply on Monday, extending their gains from last week. ACTC shares rose 8.01% to finish at $0.0890 on Monday, taking their gains in the last three trading sessions to over 23%.
Advanced Cell Technology, which is a leading company in the field of regenerative medicine, this month, released its first-quarter financial results, posting a loss from operations of $5.4 million. This compares with loss from operations of $4.8 million reported in the first quarter of 2011.
ACTC’s net loss for the first quarter ended March 31, 2012 was $5.7 million, compared with net loss of $3.3 million reported for the same period in the previous year.
Advanced Cell Technology made significant progress in the first quarter on the operations front. ACTC received IRB approval from Wills Eye Institute in Philadelphia to treat macular degeneration in the first quarter. Wills Eye Institute is one of U.S.’ top ophthalmology centers. ACTC also initiated Europe’s first human embryonic stem cell transplant at Moorfields Eye Hospital.
Chairman and CEO Gary Rabin said that he is pleased with ACTC’s progress in the clinic so far.
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