- BioTime Plans Distribution of Shares of
Subsidiary OncoCyte Corporation to BioTime Shareholders
- Planned Distribution to Allow OncoCyte
Greater Access to Capital Markets as a Publicly Traded Company
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 or retain.
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 by law.
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. (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 ischemic
disorders.
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,
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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version on businesswire.com: http://www.businesswire.com/news/home/20151007006441/en/
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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