Regenerative medicine company Advanced Cell Technology (OTCBB:ACTC) reached another important milestone Thursday as health authorities in the UK gave the go-ahead for trials to treat patients with the degenerative eye disease, Stargardt's Macular Dystrophy, using stem cell technology, the first time such studies have been approved in Europe.

Shares in Advanced Cell Technology powered ahead again today after the company confirmed that the FDA had cleared the company`s application to initiate a trial to treat Dry Age-Related Macular Degeneration

Advanced Cell Technology (OTCBB: ACTC), a company that works in the field of regenerative medicine, announced Thursday that it has filed for orphan drug designation with the European regulatory authorities for its treatment for Stargardt's, a degenerative eye disease.

The clinical trial would be the first to use human embryonic stem cells to treat dry age-related macular degeneration (AMD), which reportedly afflicts more than 30 million people around the world, including an estimated 13-15 million Americans.

The move to allow the phase I/II clinical trial will make the company the second in the US to test a human stem cell type of treatment. The study will use retinal cells, which will be derived from human stem cells, to transplant in 12 patients with advanced Stargardt's.

U.S. stocks rallied again on Tuesday as investors placed bets on the likelihood that Federal Reserve chairman Ben Bernanke would ease concerns over the central bank's monetary stimulus program at the conclusion of the 2-day FOMC meeting tomorrow. 

Soligenix (OTCQB:SNGX), a clinical stage biopharmaceutical company, has received fast track designation from U.S. regulatory authorities for its lead compound, for which it is aiming to start phase 2 trials in the second half of this year. 

A recent deal in the pharmaceutical sector has shone a light on the fact that Pivotal Therapeutics (CNSX:PVO) (OTCQX:PVTTF) is undervalued, with investors seeing potential for the stock to be valued at up to $500 million, compared to its current market cap of just over $11 million. 

Pivotal Therapeutics (OTCQX:PVTTF) (CNSX:PVO), a specialty pharmaceutical company focused on Omega-3 therapies for cardiovascular disease (CVD), has narrowed its first quarter losses as the company's marketing program for its Vascazen product picks up momentum. 

A series of American retailers reported a mixed bag of quarterly results after the bell. Sears Holdings (NASDAQ: SHLD) confirmed investor fears, sending the stock tumbling after the company reported a first-quarter loss twice as large as expected. After returning to the black in the fourth quarter following three-straight losing quarters, the Sears department store holding company says it lost $279 million, or $2.63 per diluted share.