Full Press Release Details
Subsidiary OncoCyte Corporation Files Form 10 Registration Statement for
Planned Distribution
Plans Distribution of Shares of Subsidiary OncoCyte Corporation to
BioTime Shareholders
Distribution to Allow OncoCyte Greater Access to Capital Markets as a
Publicly Traded Company
ALAMEDA, Calif.--(BUSINESS WIRE)--October 7, 2015--BioTime, Inc. (NYSE
MKT and TASE: BTX), a clinical-stage regenerative medicine company with
a focus on pluripotent stem cell technology, and its subsidiary OncoCyte
Corporation ("OncoCyte"), today announced that OncoCyte has filed a Form
10 Registration Statement with the Securities and Exchange Commission
("SEC") in connection with BioTime's planned distribution OncoCyte
common stock to holders of BioTime common shares, on a pro rata basis.
The filing represents an important milestone in separating BioTime's
therapeutics and cancer diagnostics businesses. BioTime expects that the
distribution will provide OncoCyte with greater access to capital
markets in order to obtain its own financing for its operations,
separately from BioTime financings. The distribution will also allow
BioTime and OncoCyte to each focus on its own strategic priorities
relating to its own management, capital structure, business model, and
financial goals. The distribution may also provide enhanced liquidity to
holders of BioTime common shares, who after the distribution will hold
two separate publicly traded securities that they may choose to monetize
BioTime continues to believe in the opportunity for cancer diagnostics
and expects to continue to own a majority of the outstanding common
stock in OncoCyte immediately after the distribution. The "record date"
for determining BioTime shareholders entitled to receive OncoCyte common
stock in the planned distribution, and the date on which the
distribution will occur, have not yet been determined. However,
BioTime's plan is to effect the distribution to BioTime shareholders in
late 2015, subject to certain conditions.
OncoCyte is engaged in the development of new "liquid biopsy" diagnostic
tests for cancer based on analyzing patient blood or urine samples for
specific gene or protein markers indicative of the presence of
particular types of cancer. OncoCyte is presently developing diagnostic
tests for lung cancer, breast cancer and bladder cancer.
More information about OncoCyte and the planned shared distribution can
be found in the Information Statement filed as an exhibit to OncoCyte's
Form 10 Registration Statement, which is available on the "Latest News"
page of OncoCyte's website: www.oncocyte.com and the
website maintained by the SEC at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any OncoCyte securities. The
distribution of OncoCyte common stock by BioTime will be made only in
those states and other jurisdictions where permitted or not prohibited
BioTime, Inc., a pioneer in regenerative medicine, is a clinical-stage
biotechnology company. BioTime and its subsidiaries are leveraging their
industry-leading experience in pluripotent stem cell technology and a
broad intellectual property portfolio to facilitate the development and
use of cell-based therapies and gene marker-based molecular diagnostics
for major diseases and degenerative conditions for which there presently
are no cures. The lead clinical programs of BioTime and its subsidiaries
include OpRegen , currently in a Phase I/IIa trial for the treatment of
the dry form of age-related macular degeneration; AST-OPC1,
currently in a Phase I/IIa trial for spinal cord injuries; Renevia ,
currently in a pivotal trial in Europe as an injectable matrix for the
engraftment of transplanted cells to treat HIV-related lipoatrophy; and
cancer diagnostics, nearing the completion of initial clinical studies
for the detection of lung, bladder, and breast cancers. AST-VAC2,
a cancer vaccine, is in the pre-clinical trial stage.
BioTime's subsidiaries include the publicly traded Asterias
Biotherapeutics, Inc. (NYSE MKT: AST), developing pluripotent stem
cell-based therapies in neurology and oncology, including AST-OPC1
and AST-VAC2; Cell Cure Neurosciences Ltd., developing stem
cell-based therapies for retinal and neurological disorders, including
OpRegen ; OncoCyte Corporation, developing cancer diagnostics; LifeMap
Sciences, Inc., developing and marketing an integrated online database
resource for biomedical and stem cell research; LifeMap Solutions, Inc.,
a subsidiary of LifeMap Sciences, developing mobile health (mHealth)
products; ES Cell International Pte Ltd, which has developed
cGMP-compliant human embryonic stem cell lines that are being marketed
by BioTime for research purposes under the ESI BIO branding program;
OrthoCyte Corporation, developing therapies to treat orthopedic
disorders, diseases, and injuries; and ReCyte Therapeutics, Inc.,
developing therapies to treat a variety of cardiovascular and related
BioTime common stock is traded on the NYSE MKT and TASE under the symbol
BTX. For more information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube,
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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