Full Press Release Details
Subsidiary Cell Cure Neurosciences Ltd. Awarded $1.7 Million Grant From
Israel's Office of the Chief Scientist
ALAMEDA, Calif. & JERUSALEM--(BUSINESS WIRE)--December 23,
2013--BioTime, Inc. (NYSE MKT: BTX) and its subsidiary Cell Cure
Neurosciences Ltd. (Cell Cure) today announced that Cell Cure has been
awarded a grant for 2014 of 6.1 million Shekels (approximately $1.74
million) 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 for the treatment of
age-related macular degeneration. Cell Cure's plans for the development
of OpRegen include completion of preclinical
testing and filing an IND application to commence human clinical trials
"We thank the Israel Office of the Chief Scientist for their commitment
to innovation and their continuing support of our development of a cell
therapy based treatment for a major disease of aging," said Charles
Irving, PhD, Chief Executive Officer of Cell Cure.
"I join with Dr. Irving in thanking the OCS for their generous support
in acclerating pluripotent stem cell research into clinical
applications," said Benjamin Reubinoff, MD, PhD, Chief Scientific
Officer of Cell Cure 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 dry form of
age-related macular degeneration afflicts over seven 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-boomer
generation afflicted with this condition in many industrialized
The OCS has previously provided grants to Cell Cure. Cell Cure will pay
a 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 or BioTime's
other subsidiaries have raised capital, received grants, or 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 the Office of the Chief Scientist
The Office of the Chief Scientist in the Ministry of Industry, Trade and
Labor is charged with the execution of government policy for the support
of industrial R&D. The goal of the OCS is to assist in the development
of technology in Israel as a means of fostering economic growth,
encouraging technological innovation and entrepreneurship, leveraging
Israel's scientific potential, enhancing the knowledge base of industry
in Israel, stimulating high value-added R&D, and encouraging R&D
collaboration both nationally and internationally. A variety of ongoing
support programs developed and offered by the OCS play a major role in
enabling Israel to be a key center for high-tech entrepreneurship.
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 focus is
the development of retinal pigment epithelial (RPE) cells for the
treatment of age-related macular degeneration. 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.
A video of a presentation by Cell Cure's CEO Dr. Charles Irving is
available on BioTime's web site.
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. 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
CheilJedang 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 a new subsidiary which has acquired
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
OncoCyte Corporation is developing products and technologies to
diagnose and treat cancer.
Cell Cure Neurosciences Ltd. ("Cell Cure Neurosciences") 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.
LifeMap Sciences, Inc. ("LifeMap Sciences") 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 database.
ES Cell International Pte Ltd., a Singapore private limited company,