Robert Lanza (VP of Research at ACT) has collaborated with Dr. Atala at Wake Forest for years (beginning when he was at Childrens Hospital in Boston); so it would not be a surprise.
This stock is easily moved by press releases and related stem cell news. Unfortunately, the quick sell offs indicate high speculation and less expectation of long-term potential. Hopefully the capital markets will not push it around too much before they can get a clinical trial and focused cell-based product going, either by themselves or in partnership with another company.