BioTime Announces July 31, 2018 Record Date for the Distribution of AgeX Therapeutics Shares
July 10 2018 - 7:00AM
Business Wire
- Distribution to BioTime shareholders as of
the Record Date on pro rata basis -
- Distribution Ratio and Distribution Date to
be announced at a later date -
BioTime, Inc. (NYSE American: BTX), a clinical-stage
biotechnology company focused on degenerative diseases, today
announced that its Board of Directors has set the record date for
the distribution of AgeX Therapeutics (“AgeX”) shares owned by
BioTime on a pro rata basis to eligible BioTime shareholders.
The record date for determining holders
of BioTime common shares entitled to receive shares of
AgeX common stock in the distribution will be the close of business
on July 31, 2018. The final distribution ratio will be
determined by the BioTime Board of Directors. BioTime expects
the distribution to occur by the end of September 2018.
BioTime shareholders will not be required to take any
action in order to receive the AgeX distribution, meaning that they
will not have to surrender or exchange BioTime common
shares in order to receive AgeX shares.
Currently, there is no trading market for AgeX common stock, and
there can be no assurance that an active public market will ever
develop. AgeX plans to apply to list its common stock for trading
on the NYSE American under the ticker symbol AGE, however, there
can be no assurance that AgeX’s listing application will be
approved. Completion of the distribution of AgeX shares
to BioTime shareholders is subject to the satisfaction of
certain conditions, including the Registration Statement on Form
10, filed by AgeX, declared effective by the Securities and
Exchange Commission (“SEC”).
For more detail on AgeX’s business, risk factors, and
uncertainties, shareholders should carefully review the draft
Information Statement filed as an exhibit to AgeX’s Form 10
Registration Statement filed with the SEC on June 8, 2018, which is
available at the SEC at www.sec.gov. Copies of a
definitive Information Statement relating to the distribution, when
available, will be mailed to all BioTime shareholders entitled to
receive AgeX common stock in the distribution.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction.
About AgeX Therapeutics
AgeX Therapeutics, Inc., a subsidiary of BioTime,
Inc. (NYSE American: BTX), is a biotechnology company focused
on the development of novel therapeutics for age-related
degenerative disease. The company’s mission is to apply the
proprietary technology platform related to telomerase-mediated cell
immortality and regenerative biology to address a broad range of
diseases of aging. The products under development include two
cell-based therapies derived from telomerase-positive pluripotent
stem cells and two product candidates derived from the company’s
proprietary induced Tissue Regeneration (iTR™) technology.
AGEX-BAT1 and AGEX-VASC1 are cell-based therapies in the
preclinical stage of development comprised of young regenerative
cells formulated in the company’s proprietary HyStem® matrix
designed to correct metabolic imbalances in aging and to restore
vascular support in ischemic tissues respectively. AGEX-iTR1547 is
a drug-based formulation in preclinical development intended to
restore regenerative potential in a wide array of aged tissues
afflicted with degenerative disease using the company’s proprietary
iTR technology. Renelon™ is a first-generation iTR product designed
to promote scarless tissue repair which the Company plans to
initially develop as a topically-administered device for commercial
development through a 510(k) application. In addition to the
product candidates in early development, the company, through its
LifeMap subsidiary, currently markets genomic interpretation
algorithms. In addition, the company, through its ESI
BIO division, markets Cytiva®, comprised of PSC-derived heart
muscle cells used in screening drugs for efficacy and safety.
About BioTime, Inc.
BioTime is a clinical-stage biotechnology company focused
on degenerative diseases. Its clinical programs are based on two
platform technologies: cell replacement and cell/drug delivery.
With its cell replacement platform, BioTime is producing
new cells and tissues with its proprietary pluripotent cell
technologies. These cells and tissues are developed to replace
those that are either rendered dysfunctional or lost due to
degenerative diseases or injuries. BioTime’s cell/drug delivery
programs are based upon its proprietary HyStem® cell and drug
delivery matrix technology. HyStem® was designed, in part, to
provide for the transfer, retention and/or engraftment of cellular
replacement therapies. BioTime’s lead cell delivery clinical
program is Renevia®, which consists of HyStem® combined with
the patient's own adipose (fat) progenitor cells. Renevia® met
its primary endpoint in an EU pivotal clinical trial for the
treatment of facial lipoatrophy in HIV patients in
2017. BioTime has submitted Renevia® for CE Mark
approval in the EU. There were no device related serious adverse
events reported to date. BioTime’s lead cell replacement product
candidate is OpRegen®, a retinal pigment epithelium transplant
therapy, which is in a Phase I/IIa multicenter clinical trial for
the treatment of dry age-related macular degeneration, the leading
cause of blindness in the developed world. There were no unexpected
serious adverse events reported to date. BioTime also has
significant equity holdings in two publicly traded
companies, Asterias Biotherapeutics, Inc. (NYSE American:
AST) and OncoCyte Corporation (NYSE American: OCX),
and a private company, AgeX Therapeutics, Inc.
BioTime common stock is traded on the NYSE American and
TASE under the symbol BTX. For more information, please
visit www.biotime.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 the Company’s email
alert list: http://news.biotime.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. 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 forward-looking
statements. Investors are cautioned that statements in this press
release regarding: (a) any value to BioTime shareholders of the
AgeX common stock; (b) BioTime's plans or expectations for the
distribution; and (c) potential listing of AgeX common stock on
NYSE American, constitute forward-looking statements.
Forward-looking statements involve risks and uncertainties. These
risks and uncertainties, include, without limitation: (i) the
possibility that BioTime shareholders may realize little or no
value from the AgeX common stock; (ii) the potential inability of
BioTime to complete distribution in a timely manner or at all,
including as a result of the failure of BioTime and/or AgeX to
obtain or maintain required federal and state registrations and
qualifications necessary to enable the distribution, and related
transactions; (iii) the possibility of litigation that could arise
as a result of or in connection with the distribution and related
transactions; and (iv) that there is no existing public market for
AgeX common stock, nor may a public market for such securities ever
develop. 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 BioTime’s 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: https://www.businesswire.com/news/home/20180710005352/en/
BioTimeDavid Nakasone, 510-871-4188DNakasone@biotime.com
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