Full Press Release Details
Inc. Closes $31 Million Financing
ALAMEDA, Calif.--(BUSINESS WIRE)--October 9, 2014--BioTime, Inc. (NYSE
MKT: BTX) today announced that it has closed the equity financing it
disclosed on October 3, 2014, through which BioTime received $29,425,961
and certain subsidiaries received approximately $1,558,905 from the sale
of BioTime common shares. BioTime and the subsidiaries intend to use the
net proceeds from their sales to finance clinical trials of products
under development, to finance their research and development programs,
and for general working capital. BioTime may invest a portion of the
proceeds in one or more of its subsidiaries.
The common shares sold by BioTime were sold in the registered direct
offering pursuant to a prospectus supplement dated as of October 3,
2014, which has been filed with the Securities and Exchange Commission
("SEC") in connection with a takedown from the Company's shelf
registration statement on Form S-3 (File No. 333-183557), which became
effective on September 7, 2012, and the base prospectus dated September
7, 2012. Copies of the prospectus supplement, together with the
accompanying prospectus, can be obtained at the SEC's website at http://www.sec.gov.
BioTime is a biotechnology company engaged in research and product
development in the field of regenerative medicine. Regenerative medicine
refers to therapies based on stem cell technology that are designed to
rebuild cell and tissue function lost due to degenerative disease or
injury. BioTime's focus is on pluripotent stem cell technology based on
human embryonic stem ("hES") cells and induced pluripotent stem ("iPS")
cells. hES and iPS cells provide a means of manufacturing every cell
type in the human body and therefore show considerable promise for the
development of a number of new therapeutic products. BioTime's
therapeutic and research products include a wide array of proprietary PureStem
progenitors, HyStem hydrogels, culture media,
and differentiation kits. BioTime is developing Renevia (a HyStem
product) as a biocompatible, implantable hyaluronan and collagen-based
matrix for cell delivery in human clinical applications, and is planning
to initiate a pivotal clinical trial around Renevia , in 2014. In
addition, BioTime has developed Hextend , a blood
plasma volume expander for use in surgery, emergency trauma treatment
and other applications. Hextend is manufactured
and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ
HealthCare Corporation, under exclusive licensing agreements.
BioTime is also developing stem cell and other products for research,
therapeutic, and diagnostic use through its subsidiaries:
Asterias Biotherapeutics, Inc. is developing pluripotent stem-cell
based therapies in neurology and oncology, including AST-OPC1
oligodendrocyte progenitor cells in spinal cord injury, multiple
sclerosis and stroke, and AST-VAC2, an allogeneic dendritic cell-based
cancer vaccine. Asterias trades publicly under the symbol ASTY.
BioTime Asia, Ltd., a Hong Kong company, may offer and sell products
for research use for BioTime's ESI BIO Division.
Cell Cure Neurosciences Ltd. is an Israel-based biotechnology company
focused on developing stem cell-based therapies for retinal and
neurological disorders, including the development of retinal pigment
epithelial cells for the treatment of macular degeneration, and
treatments for multiple sclerosis.
ESI BIO is the research and product marketing division of BioTime,
providing stem cell researchers with products and technologies to
enable them to translate their work into the clinic, including PureStem
progenitors and HyStem hydrogels.
LifeMap Sciences, Inc. markets, sells, and distributes 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
LifeMap Solutions, Inc. is a subsidiary of LifeMap Sciences focused on
developing mobile health (mHealth) products.
OncoCyte Corporation is developing products and technologies to
diagnose and treat cancer, including PanC-Dx , with four
clinical studies currently underway.
OrthoCyte Corporation is developing therapies to treat orthopedic
disorders, diseases and injuries.
ReCyte Therapeutics, Inc. is developing therapies to treat a variety
of cardiovascular and related ischemic disorders, as well as products
for research using cell reprogramming technology.
BioTime stock is traded on the NYSE MKT, ticker BTX. For more
information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube, and
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