Full Press Release Details
Forms BioTime Acquisition Corporation
will seek to acquire assets and businesses in the stem cell and
regenerative medicine fields
Thomas Okarma appointed Chief Executive Officer of the new company
ALAMEDA, Calif.--(BUSINESS WIRE)--September 28, 2012--BioTime, Inc.
(NYSE MKT: BTX), an Alameda-based company engaged in research and
development of innovative new products in the field of regenerative
medicine utilizing stem cells and related technology, announced today
that it has formed a new wholly owned subsidiary, BioTime Acquisition
Corporation, to pursue opportunities and acquire assets and businesses
in the fields of stem cells and regenerative medicine. Thomas Okarma,
PhD, MD, will serve as the Chief Executive Officer and as a member of
the board of directors of BioTime's new subsidiary. Dr. Okarma is the
former President and Chief Executive Officer of Geron Corporation and
served on that company's board of directors.
Since 2010, BioTime has expanded the scope of its business through
strategic acquisitions and has been continually exploring other
acquisition opportunities in its fields of interest. BioTime's strategic
acquisitions include:
ES Cell International Pte Ltd. (ESI), a Singapore company that
developed the first human embryonic stem cells generated under
conditions designed to be compliant with current good manufacturing
practices (cGMP). ESI holds significant intellectual property assets
in the stem cell field, including a patent cross license with Geron
Corporation (NASDAQ: GERN) providing a non-exclusive, worldwide cross
license to certain patent rights owned by Geron and ESI covering the
differentiation of neural cells from human embryonic stem cells.
Cell Cure Neurosciences Ltd., a majority-owned subsidiary of BioTime
that is developing therapeutic products derived from stem cells for
the treatment of retinal and neural degenerative diseases. Cell Cure's
lead product is OpRegen , a retinal cell product for use in the
treatment of age-related macular degeneration.
Glycosan BioSystems, Inc., the developer of HyStem
hydrogel products, from which BioTime is developing Renevia
as a biocompatible, implantable hyaluronan and collagen-based matrix
for cell delivery in human clinical applications. As an injectable
product, Renevia may address an immediate need in cosmetic and
reconstructive surgeries and other procedures by improving the process
of transplanting adipose-derived cells, mesenchymal stem cells, or
other adult stem cells.
Cell Targeting, Inc., the developer of peptide-based technologies that
may facilitate directing human cells derived from embryonic stem and
induced pluripotent stem cells to sites in the body where the cells
can exert a therapeutic effect. These technologies are being used by
BioTime's subsidiary OncoCyte Corporation for its research and
development related to genetically modified human embryonic stem
cell-derived vascular progenitors designed to target and destroy
Xennex, Inc., the holder of exclusive worldwide rights to market GeneCards ,
the leading human gene database, which was acquired by BioTime's
subsidiary LifeMap Sciences, Inc. GeneCards provides
concise genomic, transcriptomic, genetic, proteomic, functional, and
disease-related information on all known and predicted human genes. In
addition, LifeMap is currently developing two additional databases:
LifeMap, a database for stem cell biology, and MalaCards, a disease
database. Together, this integrated database suite will provide
state-of-the-art information and research products for the medical
"Global advances on multiple fronts of stem cell biology have
established the foundation for an integrative business approach to
consolidate and translate these discoveries into products that may
revolutionize clinical medicine," said Thomas Okarma, the new company's
CEO. "Living cell therapies can now be scalably manufactured,
efficiently distributed to points of care, and tested in controlled
clinical trials. The goal of regenerative medicine is to go beyond the
reach of pills and scalpels to achieve a new level of healing that may,
after a single administration of therapeutic cells, permanently restore
function to tissues and organs damaged by chronic disease or injury.
BioTime Acquisition Corporation intends to build its business by
identifying, consolidating, and commercially developing the best
available cell therapy technologies to realize the potential of
regenerative medicine. Ultimately, the goal is to bring these new
therapies to the many millions of patients who need them."
"The breadth of Dr. Okarma's experience in the field of cell-based
therapeutics is simply spectacular," said Michael D. West, PhD,
BioTime's Chief Executive Officer. "We look forward to working together
with him to translate these new scientific advances into commercial
products for the large and growing markets driven by age-related
degenerative diseases."
Dr. Okarma has had a distinguished career as a physician and an
innovator and executive in the biotechnology industry. Dr. Okarma served
as Geron's President, Chief Executive Officer, and as a member of its
board of directors from July 1999 until February 2011, after having
previously served as that company's Vice President of Research and
Development and Vice President of Cell Therapies. In 1985, Dr. Okarma
founded Applied Immune Sciences, Inc. (AIS) and served initially as its
Vice President of Research and Development and subsequently as Chairman
and Chief Executive Officer and as a director until that company was
acquired by Rhone-Poulenc Rorer in 1995. After that acquisition, Dr.
Okarma served as a Senior Vice President at Rhone-Poulenc Rorer until
December 1996. From 1980 to 1992, Dr. Okarma was a member of the faculty
of the Department of Medicine at Stanford University School of Medicine.
Dr. Okarma holds an AB from Dartmouth College, an MD and PhD from
Stanford University, and is a graduate of the Executive Education
program of the Stanford Graduate School of Business.
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 ACTCellerate
cell lines, HyStem hydrogels, culture media, and