|03-01-2006, 09:59 AM||#1|
Join Date: Dec 2004
Advanced Cell Technology California
First stem cell firm comes to state
By David MorrillALAMEDA, BUSINESS WRITER
ADVANCED Cell Technology isn't a biotechnology giant. It only employs about 40 people, has a market value of $46.1 million, and its shares currently trade over-the-counter at about $2.
But the spotlight was on the company Tuesday at its grand opening. Local and state officials lauded Advanced Cell Technology as the first stem cell research firm to relocate its headquarters to California from out of state since voters passed the stem cell research initiative Proposition 71 in 2004.
"We came to California from Massachusetts because it allows us to be in an environment that we really believe will be the center or hub of this industry segment for the next 10 years," said William Caldwell, chief executive of Advanced Cell Technology. "We feel California provides more opportunities than Massachusetts because it not only provides an openness to do the research, but they are also funding that opportunity."Advanced Cell's new 15,000 square-foot headquarters at 1201 Harbor Bay Parkway in Alameda were formerly used by Avigen Inc., which also has its headquarters on Harbor Bay Parkway.
"It's really exciting to have a company on the cutting edge of science technology relocating its headquarters here in Alameda," said Alameda Mayor Beverly Johnson. "I fully expect that now that Advanced Cell is located here, more companies will follow them into this region."
California state Treasurer Phil Angelides, a gubernatorial candidate, called the move "a signal of the kinds of things we need to do in this state in the 21st century to be the home of science, stem cell research and innovation."
The proposition allocates $3 billion in funds over 10 years for stem cell research in the state. But the funding has been held up by two lawsuits currently being heard in Alameda County Superior Court.
The fate of the funds, however, won't necessarily spell doom for Advanced Cell Technology.
"From the financial part of our business plan, we have allocated no money from Prop. 71," Caldwell said. "Rather we see Prop. 71 as an opportunity to develop collaborations that will fund basic research and utilize a lot of the data that we've developed over the last five or six years."
Most of the money Advanced Cell uses comes from being a publicly traded company
|03-01-2006, 11:20 AM||#2|
Join Date: Jul 2001
Location: New Brunswick, NJ, USA
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