Full Press Release Details
Inc. Closes on $9 Million Financing
ALAMEDA, Calif.--(BUSINESS WIRE)--June 7, 2013--BioTime, Inc. (NYSE
MKT: BTX) today announced that it has closed the equity financing it
announced on June 3, 2013 and received gross proceeds of $9,057,966.
BioTime intends to use the net proceeds from the sale of its common
shares and warrants for working capital and other general corporate
purposes, and may invest a portion of the proceeds in one or more of its
subsidiaries, including funding of the expansion of the LifeMap
Sciences, Inc. product development and research programs.
The common shares and warrants, and the shares issuable upon exercise
of the warrants, were sold pursuant to a prospectus supplement dated as
of June 3, 2013, 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, 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 PureStem
cell lines, HyStem hydrogels, culture media, and differentiation kits.
BioTime is developing Renevia (formerly known as HyStem -Rx), a
biocompatible, implantable hyaluronan and collagen-based matrix for cell
delivery in human clinical applications. BioTime's therapeutic product
development strategy is pursued through subsidiaries that focus on
specific organ systems and related diseases for which there is a high
unmet medical need. BioTime's majority owned subsidiary Cell Cure
Neurosciences Ltd. is developing therapeutic products derived from stem
cells for the treatment of retinal and neural degenerative diseases.
BioTime's subsidiary OrthoCyte Corporation is developing therapeutic
applications of stem cells to treat orthopedic diseases and injuries.
Another subsidiary, OncoCyte Corporation, focuses on the diagnostic and
therapeutic applications of stem cell technology in cancer, including
the diagnostic product PanC-Dx currently being developed for the
detection of cancer in blood samples. ReCyte Therapeutics, Inc. is
developing applications of BioTime's proprietary induced pluripotent
stem cell technology to reverse the developmental aging of human cells
to treat cardiovascular and blood cell diseases. BioTime's subsidiary
LifeMap Sciences, Inc. markets 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 database.
LifeMap Sciences also markets BioTime research products and PanDaTox, an
innovative, recently developed, searchable database that can aid in the
discovery of new antibiotics and biotechnologically beneficial products.
Asterias Biotherapeutics, Inc. is a new subsidiary being used to acquire
the stem cell assets of Geron Corporation, including patents and other
intellectual property, biological materials, reagents and equipment for
the development of new therapeutic products for regenerative medicine.
BioTime's lead product, Hextend , is a blood plasma volume expander
manufactured and distributed in the U.S. by Hospira, Inc. and in South
Korea by CJ CheilJedang Corporation under exclusive licensing
agreements. Additional information about BioTime can be found on the web
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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Robert Peabody, 510-521-3390, ext 302
510-521-3390, ext 301