- Capital to fund further development
and commercialization efforts of cancer diagnostic tests by BioTime
subsidiary -
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.
BioTime, Inc.Judith Segall, 510-521-3390, ext
301jsegall@biotimemail.comorInvestor Contact:EVC Group, Inc.Michael
Polyviou, 212-850-6020mpolyviou@evcgroup.com
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