Embryonic stem cell biotech company Advanced Cell Technology (ACT), announced today (Oct. 7) that it will be selling off $500,000 in convertible bonds in the next three months, following the company's disclosure this summer that it was experiencing financial troubles.

The Massachusetts-based company told Mass High Tech that it will devote money from the sale (to an Irish investment firm) towards advancing its clinical program and for general corporate use.

Recently, ACT has been seeking a partner to help with its preclinical programs to use embryonic stem cell therapy in treating retinal disease, blood disorders and cardiovascular disease.

The company also needs funding for a program, called Myoblast, which uses adult stem cell therapy to treat heart disease. Myoblast successfully completed four Phase I clinical trials, and ACT has received clearance from the FDA to begin Phase II trials.

Selling the one-year, seven percent bonds is the latest move to keep the struggling company alive in the face of waning investments in yet-to-be-developed embryonic stem cell therapies. This past July, after telling the Securities and Exchange Commission that it was essentially going out of business, an ACT spokesperson told The Scientist that company officials were "killing ourselves to secure funding."