Full Press Release Details
Announces "When-Issued" Trading of Subsidiary OncoCyte Corporation in
Connection With Planned Distribution
ALAMEDA, Calif.--(BUSINESS WIRE)--December 30, 2015--BioTime, Inc. (NYSE
MKT: BTX), a clinical-stage regenerative medicine company with a focus
on pluripotent stem cell technology, today announced that the common
stock of its subsidiary OncoCyte Corporation ("OncoCyte") will begin
trading today on a "when-issued" basis on the NYSE MKT under the symbol
OCX WI. "Regular-way" trading of OncoCyte common stock on the NYSE MKT
is expected to begin on January 4, 2016 under the symbol OCX.
As previously announced, the Board of Directors of BioTime declared a
pro rata distribution of shares of OncoCyte common stock to BioTime
shareholders of record as of the close of business on December 21, 2015,
the record date. As a result, on December 31, 2015, BioTime shareholders
will receive one share of common stock of OncoCyte for every twenty
BioTime common shares they held on the record date. Fractional shares of
OncoCyte common stock will not be distributed to BioTime shareholders.
Instead, the fractional shares of OncoCyte common stock will be
aggregated and sold in the open market, with the net cash proceeds
distributed pro rata to the BioTime shareholders who otherwise would
have received fractional shares of OncoCyte common stock.
No action is required by BioTime shareholders to receive the distributed
shares of OncoCyte common stock. BioTime shareholders who held BioTime
December 31, 2015 will receive a book-entry account statement reflecting
their ownership of OncoCyte common stock or their brokerage account will
be credited with OncoCyte shares.
OncoCyte is primarily focused on the development of novel, non-invasive
liquid biopsy diagnostic tests for the early detection of cancer. After
the distribution of OncoCyte shares, BioTime's ownership of OncoCyte
will be reduced from approximately 76.4% to approximately 58.55%. An
"Information Statement" containing details regarding the distribution of
OncoCyte common stock and OncoCyte's business and management is being
mailed to BioTime shareholders. The Information Statement is part of a
Form 10 filed by OncoCyte with the Securities and Exchange Commission
that may be found at the Commission's website www.sec.gov
or at OncoCyte's website at www.oncocyte.com.
Any BioTime shareholder who sells their BioTime shares on or before
December 31, 2015 will be selling their entitlement to receive OncoCyte
shares to the buyer of their BioTime shares. BioTime shareholders are
encouraged to speak to their financial advisor before making any
financial decisions.
This press release does not constitute any offer to sell or a
solicitation of an offer to buy OncoCyte common stock.
About OncoCyte Corporation
OncoCyte is primarily focused on the development of novel, non-invasive
liquid biopsy diagnostic tests for the early detection of cancer to
improve health outcomes through early diagnoses, to reduce the cost of
care through the avoidance of more costly diagnostic procedures,
including invasive biopsy and cystoscopic procedures, and to improve the
quality of life for cancer patients.
While current biopsy tests use invasive surgical procedures to provide
tissue samples in order to determine if a tumor is benign or malignant,
OncoCyte is developing a next generation of diagnostic tests that will
be liquid biopsies using blood or urine samples. OncoCyte's initial
liquid biopsy tests under development are intended to be confirmatory
diagnostics for detecting lung, bladder and breast cancer. OncoCyte's
diagnostic tests are being developed using proprietary sets of genetic
and protein markers broadly expressed in numerous types of cancer.
OncoCyte is a subsidiary of BioTime, Inc., a clinical-stage
biotechnology company that is a pioneer in regenerative medicine.
BioTime and its subsidiaries are leveraging their industry-leading
pluripotent stem cell technology and a broad intellectual property
portfolio to facilitate the development and use of cell-based therapies
for major diseases and degenerative conditions for which there presently
For more information about OncoCyte, please visit www.OncoCyte.com.
BioTime, Inc., a pioneer in regenerative medicine, is a clinical-stage
biotechnology company. BioTime and its subsidiaries are leveraging their
industry-leading experience in pluripotent stem cell technology and a
broad intellectual property portfolio to facilitate the development and
use of cell-based therapies and gene marker-based molecular diagnostics
for major diseases and degenerative conditions for which there presently
are no cures. The lead clinical programs of BioTime and its subsidiaries
include OpRegen , currently in a Phase I/IIa trial for the
treatment of the dry form of age-related macular degeneration; AST-OPC1,
currently in a Phase I/IIa trial for spinal cord injuries; Renevia ,
currently in a pivotal trial in Europe as an injectable matrix for the
engraftment of transplanted cells to treat HIV-related lipoatrophy; and
cancer diagnostics, nearing the completion of initial clinical studies
for the detection of lung, bladder, and breast cancers. AST-VAC2, a
cancer vaccine, is in the pre-clinical trial stage.
BioTime's subsidiaries include the publicly traded Asterias
Biotherapeutics, Inc. (NYSE MKT: AST), developing pluripotent stem
cell-based therapies in neurology and oncology, including AST-OPC1 and
AST-VAC2; Cell Cure Neurosciences Ltd., developing stem cell-based
therapies for retinal and neurological disorders, including OpRegen ;
OncoCyte Corporation, developing cancer diagnostics; LifeMap Sciences,
Inc., developing and marketing an integrated online database resource
for biomedical and stem cell research; LifeMap Solutions, Inc., a
subsidiary of LifeMap Sciences, developing mobile health (mHealth)
products; OrthoCyte Corporation, developing therapies to treat
orthopedic disorders, diseases, and injuries; ReCyte Therapeutics, Inc.,
developing therapies to treat a variety of cardiovascular and related
ischemic disorders; and Ascendance Biotechnology, Inc. which
manufactures and sells proprietary products and services that assay new
drug candidates for potential toxicity, including HepatoPac
and HepatoMune , and other products for use as research
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,