-- Appointment Brings Commercial, Operational, and Financial
Expertise from Several Companies, Including Genentech and
Accenture
-- Biotechnology and Diagnostics Industry Leader to Focus on
Later Stages of Clinical Trials and Commercialization of Three
Non-Invasive Cancer Diagnostic Products
-- All Clinical Trials Progressing to Later Stages; Interim
Bladder Cancer Diagnostic Clinical Results Announced Earlier This
Year in Collaboration with a Leading Medical Institution
OncoCyte Corporation, a cancer diagnostics company and a member
of the BioTime, Inc. (NYSE MKT:BTX) family of companies, announced
today that William Annett, MBA has been appointed Chief Executive
Officer. Mr. Annett succeeds Joseph Wagner, PhD, who
spearheaded the early stages of clinical development of OncoCyte’s
product lines. With the departure of Dr. Wagner from the company
and the board of Oncocyte, Mr. Annett will immediately take
responsibility for leading the company through the later stages of
clinical trials of OncoCyte’s proprietary, non-invasive diagnostic
tests for cancer. Mr. Annett also assumes immediate responsibility
for the development and execution of the commercial strategy for
OncoCyte’s class of diagnostic tests. Having previously served as
Chief Executive Officer of several companies, Mr. Annett brings to
OncoCyte extensive experience within the biotechnology and
diagnostics industry. In addition, Mr. Annett has held significant
management positions at Genentech and Accenture and has worked on
the clinical development and commercialization of a wide range of
drugs and diagnostics.
“It is an exciting time to join OncoCyte and I am enthusiastic
about the opportunity to lead the company through its
commercialization phase,” said Mr. Annett. “I will be working
closely with the R&D team to complete the validation studies of
our lung, bladder, and breast cancer diagnostics. Our energies will
be increasingly directed towards expansion of the operational and
commercial groups such that we can execute the most efficient and
effective go-to-market strategies for these products. OncoCyte’s
novel technology has produced positive results in early clinical
studies. We anticipate that the Company could set new standards for
diagnostic products and procedures used to determine the presence
or recurrence of lung, bladder, and breast cancers. I look forward
to working with BioTime’s management team and our Board to maximize
the Company’s opportunities.”
“Bill’s extensive leadership and entrepreneurial experience in
the diagnostics industry and in product commercialization is an
excellent fit for the OncoCyte organization, and the Board is
confident that he is ideally suited to take OncoCyte to the next
level,” said Michael D. West, PhD, President and CEO of BioTime.
“His role as an active OncoCyte Board member since January has
provided him with a head start in understanding the company’s
strategy, capabilities, and direction, which will undoubtedly help
him to quickly shoulder the CEO’s responsibilities. His
leadership will be critical as the OncoCyte team completes product
development and shifts to commercializing products.”
Mr. Annett’s diagnostics industry experience includes his
service as CEO at BioFX Laboratories, Inc., which created
innovative products in the in vitro diagnostics field and was
successfully sold to a large life sciences company. He founded
and led Corra Life Sciences, a prenatal diagnostics company, which
worked with a consortium of universities to develop blood tests for
the major diseases of pregnancy. Early in his career, Mr. Annett
also founded Western Canada Water, a consumer products company,
which he led for six years as CEO; during his tenure, the company
became publicly traded on NASDAQ and then was acquired by a U.S.
beverage company.
At Genentech, Mr. Annett led the Commercial Strategy group and
managed large projects with several hundred team members. He also
directed the Project Finance function for R&D, which supported
all development pipeline products with more than 200 clinical
trials.
Most recently, Mr. Annett was a Managing Director at Accenture
where he founded, built, and headed Accenture’s West Coast Life
Sciences practice with sales, marketing, and delivery
responsibilities for the entire territory. His clients included
most of the major biotech and pharmaceutical companies in the
western United States.
Mr. Annett holds BA and MA degrees and an MBA from the Harvard
Business School.
About OncoCyte’s Cancer Diagnostics Program
Positive clinical results from two prospective clinical studies
of PanC-Dx™ were presented at the annual meeting of the American
Association for Cancer Research (AACR) in April 2015. PanC-Dx™ is
OncoCyte’s class of proprietary, non-invasive cancer diagnostic
tests. The AACR presentation featured the high levels of
sensitivity and specificity demonstrated for PanC-Dx™ when used for
the non-invasive detection of the most common type of bladder
cancer, urothelial carcinoma (UC). These clinical results were
announced in collaboration with investigators from Johns Hopkins
University School of Medicine.
In addition, initial data from a large, prospective clinical
study showed the potential of PanC-Dx™ as a non-invasive,
blood-based diagnostic test to screen for multiple types of human
cancers, including breast cancer. The early data revealed the
utility of the protein Collagen Type X (COL10A1) in distinguishing
patients with malignant breast lesions from those with negative
findings. The clinical data were presented in April 2015 at the
annual meeting of the American Association for Cancer Research
(AACR).
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 lung, bladder, and breast
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 that 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 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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150616005762/en/
BioTime, Inc.Judith Segall, 510-521-3390 ext.
301jsegall@biotimemail.comorInvestor Contact:EVC Group, Inc.Michael
Polyviou, 646-445-4800mpolyviou@evcgroup.com
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