Full Press Release Details
Reports Second Quarter Results and Recent Corporate Accomplishments
to receive $43 million from Juvenescence
shareholders to receive one share of AgeX common stock for every 10
shares of BioTime common stock held
clinical programs including OpRegen
for dry-AMD and Renevia
for volume enhancement are on track
call and webcast today at 1:30pm PT/4:30pm ET
ALAMEDA, Calif.--(BUSINESS WIRE)--August 2, 2018--BioTime, Inc. (NYSE
American: BTX), a clinical-stage biotechnology company focused on
degenerative diseases, today reported financial results for the second
quarter ended June 30, 2018 and recent corporate accomplishments.
"BioTime's execution in the second quarter demonstrates the strength of
our strategy. Our focus on clinical progress has accelerated our product
development of our core programs. With our non-core programs, we have,
in fewer than two years, generated over $43.2 million in non-dilutive
funding for BioTime, which will help fund our core programs, and created
a valuable asset that we will be distributing to our shareholders," said
Adi Mohanty, Co-Chief Executive Officer of BioTime. "We expect this
expanded relationship between AgeX and Juvenescence may lead to one of
the most compelling organizations in the field of aging."
Second Quarter Highlights and Financial Results
Corporate Highlights
BioTime to receive $43.2 million from Juvenescence. Under the terms of
the agreement, Juvenescence will purchase, in a single transaction,
14.4 million shares of AgeX Therapeutics from BioTime for $43.2
million. 50% of the purchase price will be paid to BioTime in cash and
the remaining 50% will be a 2-year convertible/redeemable note with an
annual interest rate of 7%, payable at maturity. If not converted into
Juvenescence stock earlier upon an IPO, at maturity BioTime will have
the option of receiving its payment in cash or by converting the note
and accrued interest into Juvenescence stock.
BioTime announced the distribution ratio for the upcoming distribution
of AgeX. BioTime shareholders will receive one share of AgeX common
stock for every 10 shares of BioTime common stock held.
AgeX closed a $5 million equity financing, through the sale of two
million AgeX common shares to Juvenescence.
BioTime announced the submission of the draft registration statement
for the proposed distribution of AgeX. The record date of July 31,
2018 for the distribution of AgeX was set by the BioTime Board of
BioTime licensed one of its pluripotent cell lines to Goliver
Therapeutics, a France-based company focused on addressing liver
diseases with regenerative technologies. BioTime cell lines are
thoroughly characterized and NIH-registered. They include all
necessary donor history and documentation.
Clinical Progress Highlights
Renevia (Facial Lipoatrophy)
BioTime continued discussions with European regulatory authorities
regarding Renevia's CE Mark in Europe. Expected
Renevia CE Mark approval remains Q4 2018.
BioTime announced the start of an investigator-led study of Premvia
designed and conducted by Dr. Gordon H. Sasaki. The study will focus
on safety and performance of Premvia , in combination
with the patient's own fat, for the treatment of volume augmentation
in the hands. Premvia is a medical device that has
510(k) clearance in the U.S. for wound management. It has the same
components as Renevia , BioTime's investigational
medical device that is being developed as an alternative for fat
grafting procedures.
BioTime initiated enrollment and treatment of better vision patients
in the fourth cohort of the OpRegen clinical trial.
OpRegen has generally been well tolerated with no
unexpected serious adverse events noted to date. Imaging analysis from
patients may suggest positive signals of structural improvement in the
retina, as we have previously seen in our animal models.
BioTime successfully transplanted OpRegen in the
final patient of the third cohort extension.
BioTime's subsidiary, Cell Cure Neurosciences Ltd., was awarded a new
grant for 2018 of approximately $1.9 million from the Israel
Innovation Authority (IIA). The grant provides funding for the
continued development of OpRegen , and to date the IIA
has provided annual grants totaling over $13 million.
BioTime further expanded the OpRegen clinical trial
in dry-AMD with the opening of two additional U.S. sites:
Byers Eye Institute at Stanford University School of Medicine,
Diana V. Do, MD, Professor of Ophthalmology.
The Retinal Consultants Medical Group serving northern California,
David Telander, MD, PhD.
BioTime was awarded a grant of approximately $0.7 Million from
the Small Business Innovation Research (SBIR) program of the National
Institutes of Health. This award constitutes the second-year funding
of a $1.6 million SBIR grant to advance BioTime's innovative, next
generation retinal restoration program addressing advanced retinal
diseases and injuries.
Second Quarter Financial Results
Cash Position and Marketable Securities: Cash, cash equivalents
and marketable securities totaled $29.2 million as of June 30, 2018,
compared to $31.4 million as of March 31, 2018.
Value of Holdings in Public Affiliates: At June 30,
2018, BioTime held common stock in publicly-traded affiliates valued
at approximately $66.8 million. This amount was the market value of
BioTime's 21.7 million shares in Asterias Biotherapeutics (NYSE
American: AST) and 14.7 million shares in OncoCyte (NYSE American: OCX).
Revenues: BioTime's revenue is generated primarily from research
grants, licensing fees and royalties, and subscription and advertising
from the marketing of online database products. Total revenue was $2.5
million for the second quarter of 2018, compared to $0.4 million in the
second quarter of 2017, an increase of $2.1 million. The increase in
revenue is primarily due to $1.6 million in grant revenue generated from
the Israel Innovation Authority and $0.3 million from an SBIR grant from