ACT announces proposed financing
US biotechnology firm Advanced Cell Technology, a specialist in the application of stem-cell technology to regenerative medicine, says that it plans to privately offer up to $11,295,000 of senior secured convertible debenture warrants. The debentures are expected to have a term of 36-months, amortizing on a basis that will result in full payment by maturity, payable in cash or stock at the company's option.
The firm added that it would use the proceeds from the financing for general corporate purposes, including debt repayment and additions to its working capital.
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