Full Press Release Details
Appoints Cavan Redmond to Its Board of Directors
CEO of WebMD, former General Manager of Wyeth Biopharma and
Group President of Pfizer
Years of Executive Management and Corporate Strategy Experience in
ALAMEDA, Calif.--(BUSINESS WIRE)--February 22, 2018--BioTime, Inc. (NYSE
American: BTX), a late-stage, clinical biotechnology company developing
and commercializing products addressing degenerative diseases, announced
the appointment of Cavan Redmond as an independent member of the Board
of Directors of BioTime. Mr. Redmond will be the Chairman of the newly
created Corporate Development Committee.
This committee was formed to advise the Board of Directors and
management of BioTime regarding strategic partnership opportunities,
mergers and acquisitions, and corporate structures to deliver long-term
value to the Company's stakeholders. Additionally, the committee will
advise the corporation's executive management needs as BioTime continues
to simplify its operations, unlock value and prepares to become a
commercial stage organization.
"I believe BioTime's Renevia and OpRegen programs have the potential to
offer paradigm-changing treatment options for patients. I am excited to
join the BioTime board to help guide the leadership team during this
transformational period in the company's evolution," said Cavan Redmond.
Previously, Mr. Redmond held the position of Chief Executive Officer and
member of the Board at WebMD Health Corp., where he streamlined
operations to position the company for growth. Prior to that, Mr.
Redmond served as Group President at Pfizer, Inc., where he was
responsible for integrating and building a diverse business portfolio
following the company's merger with Wyeth. During his tenure at Pfizer,
he was also responsible for Pfizer's Corporate strategy. Additionally,
Mr. Redmond held various positions at Wyeth including the 1st
General Manager of Wyeth Biopharma, which he grew to become the 4th
largest biotechnology company prior to the Pfizer acquisition. He also
has significant consumer healthcare business experience overseeing both
Wyeth Consumer Healthcare and Pfizer Consumer Healthcare. Mr. Redmond
holds a BA from the University of Maryland and a Master of
Administrative Sciences from Johns Hopkins University, which in 2012
honored him with a Distinguished Alumnus Award.
"We are excited and looking forward to adding Cavan's experience and
energy to our Board," said Adi Mohanty, Co-Chief Executive Officer of
BioTime. "Cavan's experience and skills will be invaluable to BioTime as
we accelerate our transformation. This is an important period for
BioTime as we prepare to submit Renevia for CE mark and begin enrollment
of OpRegen cohort 4 later this quarter with important data readouts
throughout this year."
BioTime is a late stage clinical biotechnology company focused on
developing and commercializing products addressing degenerative
diseases. Its clinical programs are based on two platform technologies:
cell replacement and cell/drug delivery. With its cell replacement
platform, BioTime is creating new cells and tissues with its proprietary
pluripotent cell technologies. These cells and tissues are developed to
replace those that are either rendered dysfunctional or lost due to
degenerative diseases. BioTime's cell/drug delivery programs are based
upon its proprietary HyStem cell and drug delivery
matrix technology. HyStem was designed to provide for
the transfer, retention, engraftment and metabolic support of cellular
replacement therapy. BioTime's lead cell delivery clinical program,
Renevia , which consists of our proprietary HyStem cell-transplantation
delivery matrix combined with the patient's own adipose progenitor cells
(Fat), met its primary endpoint in an EU pivotal clinical trial for the
treatment of facial lipoatrophy in HIV patients in 2017. Submission for
approval of Renevia in the EU is expected to be early
2018, with possible approval in 2018. There were no device related
serious adverse events reported to date. Our lead cell replacement
clinical program, OpRegen , which is a retinal pigment
epithelium transplant therapy, is in a Phase I/IIa multicenter trial for
the treatment of dry age-related macular degeneration, the leading cause
of blindness in developing countries. There were no related serious
adverse events reported to date. BioTime also has significant equity
holdings in two publicly traded companies, Asterias Biotherapeutics,
Inc. (NYSE American: AST) and OncoCyte Corporation (NYSE American: OCX),
and a private company, AgeX Therapeutics, Inc.
BioTime common stock is traded on the NYSE American and TASE under the
symbol BTX. For more information, please visit www.biotime.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube,
To receive ongoing BioTime corporate communications, please click on the
following link to join the Company's email alert list: http://news.biotime.com.
Jules Abraham, 917-885-7378