ALAMEDA, Calif.–LAWFUEL – California Law News –Advanced Cell Technology, Inc. (OTCBB: ACTC) applauds the $3 Billion Stem Cell Research Program, Proposition 71, upheld Monday by a California appeals court. In a unanimous 3-0 ruling judges said Proposition 71 “suffers from no constitutional or other legal infirmity.”
William M. Caldwell, IV, Chairman and Chief Executive Officer of Advanced Cell Technology, commented, “California’s Proposition 71 may be the world’s largest single backer of research in stem cells. We believe a capital infusion could dramatically benefit the stem cell industry, and will fund translational programs, designed to enter the clinic in the near term. We are very proud of Governor Schwarzenegger and California’s leadership in helping to maintain a competitive environment for commercial research and development in the stem cell field. We are also fortunate to be headquartered in the great state of California as Advanced Cell works to accelerate its stem cell therapies to the bedside.”
Monday, in a public statement, Governor Schwarzenegger said, “Today’s ruling is a victory – I always believed the courts would uphold the will of California voters. Stem cell research holds our best promise to find a cure for debilitating illnesses, like Parkinson’s disease and diabetes. I’m also proud of California’s leadership – we have already awarded the first round grants to researchers to begin work on this potentially life-saving science.”
According to the New York Times, Robert N. Klein, chairman of the board overseeing the stem cell program, said the decision was so strong that he thought the California Supreme Court would decline to hear the case if the ruling were appealed and if the Supreme Curt turned away the case, the state could being issuing bonds as soon as 120 days from now.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc. is a biotechnology company applying embryonic stem cell technology in the emerging field of regenerative medicine. The company operates facilities in Alameda, California and Worcester, Massachusetts. For more information about the company, please visit http://www.advancedcell.com.
Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company’s periodic reports, including the report on Form 10-QSB for the quarter ended September 30, 2006.
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