Aggregated News
For the past decade, Advanced Cell Technology Inc. has claimed one spectacular success after another.
The Worcester biotech firm said it was the first to clone an endangered species, an Asian bovine. Executives said they pioneered research that could one day be used to reverse the aging process and grow replacement body parts. And ACT said it cloned the first human embryo, a discovery that sparked headlines worldwide.
But all the publicity likely backfired. Former chief executive Michael West was compared in news reports to famed circus promoter P.T. Barnum. Some scientists said some of ACT's claims were overstated. And a former ACT executive said the company's work in controversial areas such as stem cell research and cloning scared away pharmaceutical firms and life sciences investors that traditionally fund young promising biotech companies.
Now, ACT could be on the verge of shutting down. In a Securities and Exchange Commission filing Tuesday, the company warned that it doesn't have cash to continue operating after July 31 without raising additional money or drastically slashing operations. It reported $17 million in current liabilities...
The Worcester biotech firm said it was the first to clone an endangered species, an Asian bovine. Executives said they pioneered research that could one day be used to reverse the aging process and grow replacement body parts. And ACT said it cloned the first human embryo, a discovery that sparked headlines worldwide.
But all the publicity likely backfired. Former chief executive Michael West was compared in news reports to famed circus promoter P.T. Barnum. Some scientists said some of ACT's claims were overstated. And a former ACT executive said the company's work in controversial areas such as stem cell research and cloning scared away pharmaceutical firms and life sciences investors that traditionally fund young promising biotech companies.
Now, ACT could be on the verge of shutting down. In a Securities and Exchange Commission filing Tuesday, the company warned that it doesn't have cash to continue operating after July 31 without raising additional money or drastically slashing operations. It reported $17 million in current liabilities...
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