BioTime, Inc. Agrees to Sell $5.1 Million of Equity
October 02 2015 - 09:02AM
Business Wire
BioTime, Inc. (NYSE MKT and TASE: BTX), a clinical-stage
regenerative medicine company with a focus on pluripotent stem cell
technology, today announced that it has agreed to sell 1,600,000 of
its common shares, no par value, at an offering price of $3.19 per
share to its largest shareholder, Broadwood Partners, L.P.
(“Broadwood”). Neal Bradsher, a BioTime director, is the President
of the investment manager of Broadwood. BioTime expects to receive
gross proceeds of approximately $5.1 million from the sale. The
price per share was the closing price of BioTime common shares on
the NYSE MKT on October 1, 2015, the last trading day before
BioTime and the investor agreed upon the purchase price. BioTime
will pay no fees or commissions to broker-dealers or any finder’s
fees, nor will the Company issue any stock purchase warrants, in
connection with the offer and sale of the shares. The sale is
expected to close on October 7, 2015.
The common shares offered by BioTime in the registered direct
offering are being offered and sold pursuant to a prospectus
supplement dated as of October 2, 2015, which has been filed with
the Securities and Exchange Commission (“SEC”) in connection with a
takedown from the Company’s shelf registration statement on Form
S-3 (File No. 333-201824), which became effective on February 12,
2015, and the base prospectus dated February 12, 2015. Copies of
the prospectus supplement, together with the accompanying
prospectus, can be obtained at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
above, nor shall there be any sale of any such securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such jurisdiction.
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 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., 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 ischemic disorders.
BioTime common stock is traded on the NYSE MKT and the TASE
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
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BioTime, Inc.Dan L. Lawrence,
510-775-0510dlawrence@biotimemail.comorInvestor Contact:EVC Group,
Inc.Michael Polyviou, 646-445-4800mpolyviou@evcgroup.comorMedia
Contact:Gotham Communications, LLCBill Douglass,
646-504-0890bill@gothamcomm.comorIsrael Contact:Gelbart-Kahana
Investor RelationsZeev Gelbart, +972-3-6074717zeevg@gk-biz.com
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