AgeX Therapeutics Closes $10 Million Capital Raise
August 17 2017 - 7:00AM
Business Wire
• BioTime saving approximately $5 million
annually on programs now in AgeX
AgeX Therapeutics, Inc. (AgeX), a subsidiary of BioTime, Inc.
(NYSE American: BTX), announced today that it has closed its round
of equity financing, raising net proceeds of $10 million, valuing
AgeX at approximately $68 million post-money. Post-closing, BioTime
owns approximately 85% of the outstanding shares of AgeX. The
financing, first announced on August 2, 2017, is expected to fund
AgeX’s general operations and product development well into 2019,
while saving BioTime approximately $5 million annually on these
programs and associated operational expenses. The majority of the
investors participating in the financing were new to the BioTime
group of companies.
About AgeX Therapeutics
AgeX Therapeutics, Inc., a subsidiary of BioTime, Inc. (NYSE
American: BTX), is a biotechnology company applying technology
relating to cellular immortality and regenerative biology to aging
and age-related diseases. The company has three initial areas of
product development: pluripotent stem cell-derived brown adipocytes
(AGEX-BAT1); vascular progenitors (AGEX-VASC1); and induced Tissue
Regeneration (iTR). Initial planned indications for these products
are Type 2 diabetes, cardiac ischemia, and cancer respectively.
More information on AgeX can be found on the company’s website at
www.agexinc.com.
About BioTime
BioTime is a clinical-stage biotechnology company focused on
developing and commercializing products addressing degenerative
diseases. Its clinical programs are based on two platform
technologies: pluripotent cells and cell/drug delivery. The
foundation of BioTime’s core therapeutic technology platform is
pluripotent cells that are capable of becoming any of the cell
types in the human body. The foundation of the Company’s cell
delivery platform is its HyStem® cell and drug delivery matrix
technology. The Company’s current clinical programs are targeting
three primary sectors, aesthetics, ophthalmology and cell/drug
delivery. BioTime also has significant equity holdings in two
publicly traded companies, Asterias Biotherapeutics, Inc.
(“Asterias”) and OncoCyte Corporation (“OncoCyte”).
BioTime common stock is traded on the NYSE American 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+.
To receive ongoing BioTime corporate communications, please
click on the following link to join our email alert list:
http://news.biotimeinc.com.
Forward-Looking Statements
Certain statements contained in this release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements pertaining to
future financial and/or operating results, future growth in
research, technology, clinical development, and potential
opportunities for BioTime, Inc. 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,
Inc. and its subsidiaries, particularly those mentioned in the
cautionary statements found in more detail in the “Risk Factors”
section of its Annual Reports on Form 10-K and Quarterly Reports on
Form 10-Q filed with the SEC (copies of which may be obtained at
www.sec.gov). Subsequent events and developments may cause these
forward-looking statements to change. BioTime specifically
disclaims any obligation or intention to update or revise these
forward-looking statements as a result of changed events or
circumstances that occur after the date of this release, except as
required by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170817005402/en/
Media Contact for AgeX:Gotham Communications, LLCBill Douglass,
(646) 504-0890bill@gothamcomm.comorMedia Contact:JQA Partners,
Inc.Jules Abraham, (917) 885-7378jabraham@jqapartners.comorInvestor
Contact for BioTime:BioTimeDavid Nakasone, (510)
871-4188dnakasone@biotimeinc.comorEVC Group, Inc.Michael
Polyviou/Doug Sherk, (646)
445-4800mpolyviou@evcgroup.com; dsherk@evcgroup.com
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