Full Press Release Details
Subsidiary Cell Cure Neurosciences Ltd. Awarded $1.5 Million Grant from
Israel's Office of the Chief Scientist
ALAMEDA, Calif. & JERUSALEM--(BUSINESS WIRE)--May 13, 2013--BioTime,
Inc. (NYSE MKT: BTX) and its subsidiary Cell Cure Neurosciences Ltd.
(Cell Cure Neurosciences) today announced that Cell Cure Neurosciences
has been awarded a grant of 5.34 million Shekels, approximately $1.5
million, for 2013 from Israel's Office of the Chief Scientist (OCS) to
help finance the development of OpRegen , a
cell-based therapeutic product in development by Cell Cure Neurosciences
for the treatment of age-related macular degeneration. Cell Cure
Neurosciences' plans for the development of OpRegen
include completion of preclinical testing and filing an application to
commence human clinical trials in 2014.
"We thank the Israel Office of the Chief Scientist for their continuing
support of stem cell research and their participation in advancing this
important new application of regenerative medicine," said Charles
Irving, PhD, Chief Executive of Cell Cure Neurosciences. "The dry form
of age-related macular degeneration is one of the leading diseases of
aging and is estimated to afflict over 7.3 million people in the United
States alone. We anticipate that OpRegen will
make a real difference in the quality of life of the aging baby-boom
generation in many industrialized countries, and hence it is a strategic
investment for the world as a whole."
"I join with Dr. Irving in thanking the OCS for their generous support
in accelerating the advance of stem cell biology into the clinic. We are
proud that the decision of the OCS also reflects on the excellence of
the stem cell science of the company, in addition to the potential of
the product for treating the dry form of age-related macular
degeneration," said Benjamin Reubinoff, MD, PhD, Chief Scientific
Officer of Cell Cure Neurosciences and Chairman of Obstetrics and
Gynecology and Director of the Hadassah Human Embryonic Stem Cell
Research Center at Hadassah University Medical Center, Jerusalem, Israel.
The OCS has previously provided grants to Cell Cure Neurosciences. Cell
Cure Neurosciences will pay a 3.5% royalty to the OCS on revenues from OpRegen
until total royalties paid equal 100% of the amount of the grant
plus interest at a LIBOR rate. Historically Cell Cure Neurosciences and
BioTime's other subsidiaries have raised capital, received grants, and
generated revenues independently of BioTime to help fund their
operations; we expect Cell Cure Neurosciences to continue to pursue such
financing strategies in the future.
About Cell Cure Neurosciences Ltd.
Cell Cure Neurosciences Ltd. was established in 2005 as a subsidiary of
ES Cell International Pte. Ltd. (ESI), now a subsidiary of BioTime, Inc.
(NYSE MKT: BTX). Cell Cure is located in Jerusalem, Israel on the campus
of Hadassah University Hospital. Cell Cure's mission is to become a
leading supplier of human cell-based therapies for the treatment of
retinal and neural degenerative diseases. Its technology platform is
based on the manufacture of diverse cell products sourced from
clinical-grade (GMP) human embryonic stem cells. Its current programs
include developing cells for the treatment of macular degeneration,
Parkinson's disease, and cells potentially useful in treating multiple
sclerosis. Cell Cure's major shareholders include BioTime Inc., Hadasit
BioHoldings Ltd. (Tel Aviv Stock Exchange: HDST), and Teva
Pharmaceuticals Industries Ltd. (NYSE: TEVA). Additional information
about Cell Cure can be found on the web at www.cellcureneurosciences.com.
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 at www.biotimeinc.com.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and