Full Press Release Details
Announces CFO Succession Plan
Peabody to become CFO on May 10, 2013
ALAMEDA, Calif.--(BUSINESS WIRE)--April 29, 2013--BioTime, Inc. (NYSE
MKT: BTX) announced today that its Senior Vice President and Chief
Operating Officer, Robert W. Peabody, will reassume the additional role
of Chief Financial Officer on May 10, 2013. BioTime's current Chief
Financial Officer, Peter S. Garcia, has resigned his position with
BioTime and its subsidiaries effective May 10, 2013. Mr. Garcia is
leaving BioTime on an amicable basis to become the chief financial
officer of a larger public company located in another state.
Mr. Peabody previously served as BioTime's Chief Financial Officer in
2010 and 2011. Mr. Peabody has worked in the financial management area
throughout his career. His experience includes public accounting with
Ernst & Young, and as a financial executive for a Fortune 500 specialty
chemical manufacturer, and as Vice President of a public biotechnology
BioTime, headquartered in Alameda, California, is a biotechnology
company focused on regenerative medicine and blood plasma volume
expanders. Its broad platform of stem cell technologies is enhanced
through subsidiaries focused on specific fields of application. BioTime
develops and markets research products in the fields of stem cells and
regenerative medicine, including a wide array of proprietary PureStem
cell lines, HyStem hydrogels, culture media, and
differentiation kits. BioTime is developing Renevia (formerly
known as HyStem -Rx), a biocompatible,
implantable hyaluronan and collagen-based matrix for cell delivery in
human clinical applications. BioTime's therapeutic product development
strategy is pursued through subsidiaries that focus on specific organ
systems and related diseases for which there is a high unmet medical
need. BioTime's majority owned subsidiary Cell Cure Neurosciences Ltd.
is developing therapeutic products derived from stem cells for the
treatment of retinal and neural degenerative diseases. BioTime's
subsidiary OrthoCyte Corporation is developing therapeutic applications
of stem cells to treat orthopedic diseases and injuries. Another
subsidiary, OncoCyte Corporation, focuses on the diagnostic and
therapeutic applications of stem cell technology in cancer, including
the diagnostic product PanC-Dx currently being developed for the
detection of cancer in blood samples. ReCyte Therapeutics, Inc. is
developing applications of BioTime's proprietary induced pluripotent
stem cell technology to reverse the developmental aging of human cells
to treat cardiovascular and blood cell diseases. BioTime's subsidiary
LifeMap Sciences, Inc. markets GeneCards , the
leading human gene database, as part of an integrated database suite
that also includes the LifeMap Discovery database of embryonic
development, stem cell research and regenerative medicine, and MalaCards,
the human disease database. LifeMap Sciences also markets BioTime
research products and PanDaTox, an innovative, recently
developed, searchable database that can aid in the discovery of new
antibiotics and biotechnologically beneficial products. Asterias
Biotherapeutics, Inc. is a new subsidiary being used to acquire the stem
cell assets of Geron Corporation, including patents and other
intellectual property, biological materials, reagents and equipment for
the development of new therapeutic products for regenerative medicine.
BioTime's lead product, Hextend , is a blood
plasma volume expander manufactured and distributed in the U.S. by
Hospira, Inc. and in South Korea by CJ CheilJedang Corporation under
exclusive licensing agreements. Additional information about BioTime can
be found on the web at www.biotimeinc.com.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for BioTime and its subsidiaries, along with
other statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management constitute forward-looking
statements. Any statements that are not historical fact (including, but
not limited to statements that contain words such as "will," "believes,"
"plans," "anticipates," "expects," "estimates") should also be
considered to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, uncertainty in the results of clinical trials or regulatory
approvals, need and ability to obtain future capital, and maintenance of
intellectual property rights. Actual results may differ materially from
the results anticipated in these forward-looking statements and as such
should be evaluated together with the many uncertainties that affect the
business of BioTime and its subsidiaries, particularly those mentioned
in the cautionary statements found in BioTime's Securities and Exchange
Commission filings. BioTime disclaims any intent or obligation to update
these forward-looking statements.
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Judith Segall, 510-521-3390 ext. 301