Current Report Filing (8-k)
March 05 2021 - 5:17PM
Edgar (US Regulatory)
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2021-03-05
2021-03-05
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): March 5, 2021
Lineage
Cell Therapeutics, Inc.
(Exact
name of registrant as specified in charter)
California
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001-12830
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94-3127919
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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2173
Salk Avenue,
Suite
200
Carlsbad,
California
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92008
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(Address
of principal executive offices)
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(Zip
Code)
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(442)
287-8990
Registrant’s
telephone number, including area code
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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Common
shares, no par value
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LCTX
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NYSE
American
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Indicate
by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act
of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
As
described in Item 8.01 below, at December 31, 2020, Lineage Cell Therapeutics, Inc. (“Lineage” or “we”)
had $41.6 million of cash, cash equivalents and marketable equity securities on hand, which included $32.6 million in cash and
cash equivalents.
Item
8.01 Other Events.
We
are providing the following information for the purpose of updating the information contained in our previous filings with the
Securities and Exchange Commission (the “SEC”).
Recent
Developments
At
December 31, 2020, we had $41.6 million of cash, cash equivalents and marketable equity securities on hand, which included $32.6
million in cash and cash equivalents and our investments in OncoCyte Corporation (“OncoCyte”) and Hadasit
Bio-Holdings (“HBL”) as of December 31, 2020, and also reflected:
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●
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gross
proceeds aggregating approximately $5.4 million from the sale of 3,094,322 common shares of Lineage pursuant to our Controlled
Equity OfferingSM Sales Agreement (“Sales Agreement”) with Cantor Fitzgerald & Co.
(“Cantor”), as sales agent (“ATM Shares”) from September 30, 2020 through
December 31, 2020; and
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●
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gross
proceeds aggregating approximately $0.8 million from the sale of shares of common stock of HBL (“HBL Shares”)
from September 30, 2020 through December 31, 2020.
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From
January 1, 2021 through March 5, 2021, we sold:
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●
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7,941,122 additional ATM Shares for gross proceeds of approximately $19.6 million;
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●
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2,500,000 shares of common stock of OncoCyte (“OncoCyte Shares”) for gross proceeds of approximately $10.1
million; and
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●
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7,400 additional HBL Shares for gross proceeds of approximately
$21,000.
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After
these sales, we own: (a) 1,122,401 OncoCyte Shares, which have a value of approximately $4.2
million based on the closing price of such shares on March
5, 2021; and (b) 169,167 HBL
Shares, which have a value of approximately $330,000 based
on the closing price of such shares on March 5, 2021.
In
February 2021, under our Research and Option Agreement with Gyroscope Therapeutics, Limited (“Gyroscope”),
we extended, until May 2021, the period during which we have exclusive right to negotiate a definitive agreement to distribute
and sell Gyroscope’s vitrectomy-free subretinal injection device for the subretinal delivery of RPE cells for the treatment
of dry AMD, and paid Gyroscope $0.5 million.
Additional
ATM Offering
On
May 1, 2020, Lineage entered into the Sales Agreement with Cantor to sell ATM Shares from time to time through an “at the
market offering” program under which Cantor acts as sales agent. The ATM Shares are issued pursuant to Lineage’s effective
shelf registration statement on Form S-3 (File No. 333-237975), filed with the Securities and Exchange Commission (the “SEC”)
on May 1, 2020 and declared effective on May 8, 2020. On May 1, 2020, Lineage filed a sales agreement prospectus (the “Sales
Agreement Prospectus”) with the SEC in connection with the offer and sale of $25 million of ATM Shares pursuant
to the Sales Agreement. Lineage has sold all $25 million of ATM Shares under the Sales Agreement Prospectus.
On
March 5, 2021, Lineage filed a prospectus supplement with the SEC in connection with the offer and sale of an additional
$25 million of ATM Shares through an “at the market offering” program under the Sales Agreement (“March
ATM”).
The
legal opinion of Cooley LLP relating to the ATM Shares being offered in connection with the March ATM is filed as Exhibit 5.1
to this Current Report on Form 8-K.
This
Current Report shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor
shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such state or jurisdiction.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Lineage
Cell Therapeutics, Inc.
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Date:
March 5, 2021
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By:
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/s/
Chase C. Leavitt
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Name:
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Chase
C. Leavitt
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Title:
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General
Counsel and Corporate Secretary
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