BioTime Announces Distribution of AgeX Therapeutics Shares
November 28 2018 - 8:00AM
Business Wire
- Distribution to Commence Today at
5:00pm ET
- Trading to Commence on November
29th, 2018 Under the Symbol “AGE”
BioTime, Inc. (NYSE American and TASE: BTX), a clinical-stage
biotechnology company focused on degenerative diseases, today
announced that the registration statement on Form 10, including the
information statement relating to the distribution that was
previously prepared and filed by AgeX Therapeutics, Inc. (“AgeX”),
was declared effective by the Securities and Exchange Commission
(“SEC”) on November 27, 2018, and that BioTime will proceed with
the distribution of approximately 12.7 million AgeX shares owned by
BioTime on a pro rata basis, to eligible BioTime shareholders
beginning at 5:00pm ET today. Eligible BioTime shareholders are
entitled under the distribution 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 are not required to take any action to
receive the AgeX distribution. However, BioTime recommends that its shareholders contact their
respective brokers to ensure and confirm proper delivery of the
AgeX shares into their accounts.
Because BioTime shares have traded with due-bills since the
record date, any parties that bought or sold BioTime shares between
the record date and the distribution date also bought or sold their
right to receive the distribution of AgeX shares.
AgeX common stock has been approved for listing on the NYSE
American under the ticker symbol AGE. AgeX shares will not trade on
a “when-issued” basis, but will begin trading the “regular way” on
Thursday, November 29, 2018. BioTime will begin trading
“ex-distribution,” or without the right to receive the
distribution, on Thursday, November 29, 2018. The NYSE will not make a distribution price adjustment
to the BioTime shares that trade on the exchange.
For more detail on AgeX’s business, risk factors, and
uncertainties, shareholders should carefully review the Information
Statement filed with the SEC and available at the SEC website at
www.sec.gov.
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. is a biotechnology company focused on
the development of novel therapeutics for age-related degenerative
disease. The current development efforts include two cell-based
therapies derived from 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 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 and (b) BioTime's plans or expectations for the
distribution, 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; and (iii) the
possibility of litigation that could arise as a result of or in
connection with the distribution and related transactions. 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 and AgeX Form 10 and Information Statement
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181128005221/en/
BioTime Inc. IRIoana C. Hone(ir@biotimeinc.com)(510)
871-4188
Solebury Trout IRGitanjali Jain
Ogawa(Gogawa@troutgroup.com)(646) 378-2949
Brooklyn ImmunoTherapeut... (AMEX:BTX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Brooklyn ImmunoTherapeut... (AMEX:BTX)
Historical Stock Chart
From Jul 2023 to Jul 2024