UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (date of earliest event reported): May
8, 2015
BioTime,
Inc.
(Exact name of registrant as specified in its charter)
California
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1-12830
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94-3127919
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1301
Harbor Bay Parkway
Alameda,
California 94502
(Address
of principal executive offices)
(510)
521-3390
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Forward-Looking Statements
Any statements that are not historical fact (including, but not
limited to statements that contain words such as “may,” “will,”
“believes,” “plans,” “intends,” “anticipates,” “expects,” “estimates”)
should also be considered to be forward-looking statements. Additional
factors that could cause actual results to differ materially from the
results anticipated in these forward-looking statements are contained in
BioTime’s periodic reports filed with the Securities and Exchange
Commission (“SEC”) under the heading “Risk Factors” and other filings
that BioTime may make with the SEC. Undue reliance should not be placed
on these forward-looking statements which speak only as of the date they
are made, and the facts and assumptions underlying these statements may
change. Except as required by law, BioTime disclaims any intent or
obligation to update these forward-looking statements.
Section 8 – Other Events
Item 8.01 Other Events
Our subsidiary OncoCyte Corporation has sold 3,000,000 shares of its
common stock for $3,300,000 in cash to two of its shareholders,
including 1,000,000 purchased by George Karfunkel, a beneficial owner of
more than 5% of the outstanding common shares of BioTime. BioTime
purchased 3,000,000 shares of OncoCyte common stock in exchange for the
cancelation of $3,300,000 of indebtedness owed to BioTime by OncoCyte,
and OncoCyte delivered to BioTime a convertible promissory note (the
“Note”) for an additional $3,300,000 of OncoCyte's indebtedness to
BioTime. The Note will bear interest at the rate of 1% per annum and
will mature and be payable on November 30, 2016. BioTime will have the
right to convert the principal amount of the Note plus accrued interest
into shares of OncoCyte common stock at a conversion price of $1.10 per
share commencing on the earliest of November 8, 2016, or six months
after OncoCyte completes an initial underwritten public offering of its
common stock, or upon the occurrence of an “Event of Default” as defined
in the Note. An Event of Default includes a failure of OncoCyte to pay
any amount due on the Note or the commencement of bankruptcy proceedings
by or against OncoCyte or the occurrence of certain insolvency related
events, the dissolution or liquidation of OncoCyte, or any material
breach or default by OncoCyte under any loan agreement, promissory note,
or other instrument evidencing indebtedness payable to a third party.
The conversion price is subject to pro rata adjustment in the event of a
stock split, combination, reclassification, or similar event.
As a result of the transaction, BioTime now owns 71.7% of the
outstanding shares of OncoCyte common stock, and may increase its
percentage ownership to 73.6% if it converts the Note into common stock,
provided that the proportional ownership of OncoCyte does not otherwise
change through the issuance of additional shares.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
Exhibit Number
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Description
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99.1
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Press release dated May 14, 2015
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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BIOTIME, INC.
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Date:
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May
14, 2015
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By:
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/s/ Michael D. West
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Chief Executive Officer
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Exhibit Number
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Description
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99.1
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Press release dated May 14, 2015
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Exhibit 99.1
OncoCyte
Corporation Completes Equity Financing Round
- Capital
to fund further development and commercialization efforts of cancer
diagnostic tests by BioTime subsidiary -
ALAMEDA, Calif.--(BUSINESS WIRE)--May 14, 2015--BioTime, Inc. (NYSE
MKT:BTX) and its subsidiary OncoCyte Corporation today announced that
OncoCyte has received a new round of financing to fund further
development and commercialization activities for its cancer diagnostic
products. With completion of the financing, which included a cash
investment of $3.3 million and conversion of $3.3 million of existing
debt into equity, OncoCyte has approximately $7 million in cash and
marketable securities, which should be sufficient to fund current
operations into early 2016. Proceeds from this transaction will be used
to fund activities associated with the research, clinical development
and commercialization of OncoCyte’s proprietary PanC-Dx™
cancer diagnostic tests. All of OncoCyte’s existing shareholders
participated in the financing round.
“With this round of financing, OncoCyte is well positioned to prepare
for commercialization of our cancer diagnostic products,” said Joseph
Wagner, Ph.D., Chief Executive Officer of OncoCyte. “As we complete
analysis of the initial clinical data from our studies in lung, bladder,
and breast cancer, we plan on collecting additional clinical validation
data for our tests, solidifying the commercialization paths for each
product, identifying our lead test for launch, and developing a
longer-term financing strategy. On behalf of OncoCyte, I thank our
dedicated investors for their continued support.”
PanC-Dx™ is a class of non-invasive cancer diagnostics
based on OncoCyte’s proprietary set of cancer markers, which were
discovered by company scientists through an analysis of broad gene
expression patterns in numerous cancer types. OncoCyte is currently
sponsoring three clinical studies of PanC-DxTM in
bladder, breast, and lung cancer. Interim data from the bladder and
breast cancer studies were presented in April at the annual meeting of
the American Association of Cancer Research. Data from the lung cancer
study will be presented at the upcoming annual meeting of the American
Thoracic Society Annual Meeting on May 19 in Denver, Colorado. Final
data from all three studies are expected to be presented by the end of
2015.
About OncoCyte Corporation
OncoCyte, a majority-owned subsidiary of BioTime, Inc., is developing
novel products for the diagnosis and treatment of cancer in order to
improve the quality and length of life of cancer patients. Based on
large unmet need, market size, and data generated thus far from patient
sample screening, OncoCyte is initially focusing its efforts on
developing PanC-Dx™ diagnostic products for use in detecting
breast, bladder, and lung cancers. PanC-Dx™ is a class of
non-invasive cancer diagnostics based on a proprietary set of cancer
markers characterized, in part, by broad gene expression patterns in
numerous cancer types. The PanC-Dx™ biomarkers were discovered as
a result of ongoing research within OncoCyte and BioTime on the gene
expression patterns associated with embryonic development. This research
has demonstrated that many of the same genes associated with normal
growth during embryonic development are abnormally reactivated by cancer
cells. These genes regulate such diverse processes as cell
proliferation, cell migration and blood vessel formation. Many of these
genes have not been previously associated with cancer. Moreover,
expression of a large subset of these genes is conserved across numerous
cancer types (e.g. cancers of the breast, colon, ovaries, etc.),
suggesting these genes may control fundamental processes during cancer
growth and progression. In addition to their potential value in
developing diagnostic biomarkers, an understanding of the pattern of
expression of these genes may also enable the development of powerful
new cancer therapeutics that target rapidly proliferating cancer cells.
About BioTime
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 PanC-Dx™ cancer
diagnostics, nearing the completion of initial clinical studies for the
detection of bladder, breast, and lung 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 PanC-Dx™ cancer diagnostics;
LifeMap Sciences, Inc., developing and marketing an integrated on-line
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
ischemic disorders.
BioTime common stock is traded on the NYSE MKT under the symbol BTX. For
more information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube, and
Google+.
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.
To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list: http://news.biotimeinc.com.
CONTACT:
BioTime, Inc.
Judith Segall, 510-521-3390, ext 301
jsegall@biotimemail.com
or
Investor
Contact:
EVC Group, Inc.
Michael Polyviou, 212-850-6020
mpolyviou@evcgroup.com
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