Full Press Release Details
Completes Distribution of Approximately 4.75 Million Shares of OncoCyte
Corporation Common Stock
Way Trading of OncoCyte common stock on NYSE MKT to begin January 4, 2016
ALAMEDA, Calif.--(BUSINESS WIRE)--December 31, 2015--BioTime, Inc. (NYSE
MKT: BTX), a clinical-stage regenerative medicine company with a focus
on pluripotent stem cell technology, has completed its previously
announced distribution of approximately 4.75 million shares of common
stock of its subsidiary OncoCyte Corporation ("OncoCyte") to BioTime
shareholders. Regular way trading of OncoCyte common stock on the NYSE
MKT is expected to begin on January 4, 2016 under the symbol OCX. The
distributed shares represent approximately 18.69% of the outstanding
shares of OncoCyte. As a result of the distribution of the shares,
BioTime's ownership of OncoCyte has been reduced from approximately
76.4% to approximately 58.55%.
OncoCyte is primarily focused on the development of novel, non-invasive
liquid biopsy diagnostic tests for the early detection of cancer.
BioTime shareholders receiving OncoCyte stock will receive an
Information Statement containing details regarding the distribution of
OncoCyte common stock and OncoCyte's business and management. 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.
"This distribution is another example of the BioTime's Board of
Directors strategy to provide shareholder value from our assets while we
focus our operations on the Company's clinical-stage regenerative
therapeutic candidates based on pluripotent stem cell technology," said
Adi Mohanty, BioTime's Co-Chief Executive Officer. "We look forward to
participating as a major shareholder in the progress of OncoCyte as the
Company's management advances development of its molecular diagnostic
products toward commercialization."
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 and commercialization
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.
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
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 tools.
BioTime common stock is traded on the NYSE MKT and TASE under the symbol
BTX. For more information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube,
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