BioTime Receives Second Installment Payment of $10.8 Million From Juvenescence Ltd.
November 05 2018 - 8:00AM
Business Wire
- Sale of AgeX subsidiary will help
support development of BioTime’s core programs
- Balance owed for remaining portion
of transaction totals $21.6 million
BioTime, Inc. (NYSE American and TASE: BTX), a clinical-stage
biotechnology company focused on degenerative diseases, today
announced that it has received the second installment payment of
$10.8 million pursuant to the previously-announced sale of shares
of AgeX Therapeutics Inc. (“AgeX”) to Juvenescence Limited
(“Juvenescence”), a global leader in therapeutics focused on
improving and extending human lifespans.
“BioTime owns a large and comprehensive portfolio of cell
therapy-related technologies and patents. The actual and potential
development programs contained in this platform exceed our ability
to fully develop them. Thus, we are afforded the opportunity to
strategically convert earlier-stage or non-core research programs
into cash or equity which can be utilized to fund our more
clinically-advanced value drivers,” stated Brian M. Culley, Chief
Executive Officer of BioTime. “AgeX was created by BioTime to
develop a pipeline of aging and age-related disease programs and
this strategic sale of half of our ownership to Juvenescence for
$43 million while distributing most of the remaining shares to
BioTime shareholders is an excellent example of our two-pronged
approach of unlocking value from our platform while investing in
our core programs. BioTime and AgeX will continue to collaborate
towards the success of both companies in order to maximize the
potential of the AgeX programs and provide for enhanced equity
value, milestone payments, and royalties owed to BioTime under this
agreement.”
Following the completion of the planned distribution of AgeX
shares to BioTime shareholders, BioTime will retain an
approximately 4.9% ownership in AgeX. Notably, the milestones and
royalties in the current licensing agreement between BioTime and
AgeX were not changed as part of the Juvenescence transaction.
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.
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. 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 Juvenescence, Limited
Juvenescence is developing multiple therapeutics focused on
improving and extending human lifespans. The Juvenescence team
comprises proven and seasoned experts in drug development,
strategy, structure, commercialization and finance. From its
outset, Juvenescence has staked out a major footprint in AI, and
specifically in machine and deep learning through its part
ownership of Insilico Medicine and through its ownership in
NetraPharma and Juvenescence AI. Access to these two AI engines
from its joint ventures are expected to assist its efforts in drug
discovery, as well as in optimizing human trials of the
therapeutics it develops. Juvenescence’s pipeline consists of
pre-clinical candidates that have been joint ventured with leading
research institutions and associated scientist inventors.
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
remaining AgeX common stock or the promissory note from
Juvenescence and the potential for liquidity of those assets; (b)
BioTime's plans or expectations for distribution of AgeX common
stock to BioTime shareholders; (c) potential listing and value
appreciation of AgeX common stock on the NYSE American; (d) whether
the relationship with AgeX and Juvenescence can lead to increased
value for shareholders; (e) BioTime’s cash sufficiency forecast,
including its projected cash burn and proceeds from the
Juvenescence transaction; (f) potential milestone and royalty
payments; (g) whether the Juvenescence transaction will generate
the expected liquidity and flexibility for BioTime to support its
operations and plans through the clinical and other results
projected and whether those events will occur as currently
anticipated. 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 or from the
Juvenescence transaction; (ii) the potential inability of BioTime
to complete the 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 Juvenescence transaction,
distribution or related transactions; (iv) that there is no
existing public market for AgeX or Juvenescence common stock, nor
may a public market for such securities ever develop; and (v) that
BioTime may require additional financing to fund its programs.
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/20181105005227/en/
BioTime Inc. IRIoana C. Hone,
510-871-4188ir@biotimeinc.comorSolebury Trout IRGitanjali
Jain Ogawa, 646-378-2949Gogawa@troutgroup.com
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