This presentation summarizes ACT's business focusing on regenerative medicine using stem cells. It describes ACT's manufacturing platform using various pluripotent stem cell sources including embryonic stem cells and induced pluripotent stem cells. The therapeutic pipeline focuses on developing treatments for retinal diseases using retinal pigment epithelial cells derived from stem cells. Preclinical studies show stem cell-derived RPE cells rescue photoreceptors in animal models. A clinical trial was conducted transplanting RPE cells into two patients with Stargardt's macular dystrophy with preliminary positive results showing cell engraftment and visual improvements. The presentation also describes programs using mesenchymal stem cells to develop "off-the-shelf" treatments for inflammatory/