BioTime Announces November 16, 2018 Record Date & November 28, 2018 Distribution Date for the Distribution of Age-X Therapeut...
October 25 2018 - 8:00AM
Business Wire
BioTime Shareholders To Receive One Share of
AgeX Common Stock for Every 10 Shares of BioTime Common
Stock
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
and distribution 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 November 16, 2018. The final
distribution has been set for November 28, 2018. Eligible BioTime
shareholders will be entitled to receive one share of AgeX common
stock for every 10 shares of BioTime common stock held as of the
record date of November 16, 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 October 22, 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., an affiliate 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 current preclinical development efforts
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 approaches in
the preclinical stage of development comprised of young
regenerative cells modified using the Company’s
UniverCyte™ technology facilitating immune tolerance,
formulated in 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 BIOdivision, markets Cytiva®,
comprised of PSC-derived heart muscle cells used in screening drugs
for efficacy and safety. For more information, please
visit www.agexinc.com or connect with the company
on Twitter, Facebook and YouTube.
About BioTime, Inc.
BioTime is a clinical-stage biotechnology company focused
on the development and commercialization of novel therapies for the
treatment of degenerative diseases. BioTime’s pipeline is based on
two platform technologies which encompass cell replacement and
cell/drug delivery. BioTime’s lead cell replacement product
candidate is OpRegen®, a retinal pigment epithelium transplant
therapy in Phase 2 development for the treatment of dry age-related
macular degeneration, the leading cause of blindness in the
developed world. BioTime’s lead cell delivery clinical program is
Renevia®, an investigational medical device being developed as an
alternative for whole adipose tissue transfer procedures.
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/20181025005247/en/
BioTime Inc. IRIoana C. Hone,
510-871-4188ir@biotimeinc.comorSolebury Trout IRGitanjali
Jain Ogawa, 646-378-2949Gogawa@troutgroup.com
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