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BioTime Inc. (NYSE Amex: BTIM) announced today it is expanding its
corporate headquarters and laboratory facility in Alameda, California
and has signed a new Lease Agreement effective December 1, 2010 for an
initial five-year term, with an option to renew the lease for an
additional five years. The new lease extends BioTime’s existing space by
6,000 square feet to 17,000 square feet, enabling BioTime to provide
both office and laboratory space for itself and its subsidiary
companies. BioTime will also have a right of first refusal on
approximately 10,000 square feet of adjacent space.
The facility is good manufacturing process (GMP) capable and has
previously been certified as Class 1000 and Class 10,000 laboratory
space. The space includes cell culture and manufacturing equipment
previously validated for use in GMP manufacture of cell-based products.
BioTime expects this space will be used by its family of domestic
subsidiary companies for the purpose of developing therapeutic products
for human degenerative diseases and disorders based on stem cell
technology, and research products for sale to companies, universities,
and other institutions engaged in drug discovery and other stem cell
research activities. Currently, BioTime’s U.S. subsidiaries are
developing cell-based therapies for orthopedic disease and cancer.
BioTime’s laboratory facilities may also be used to provide therapeutic
and research products to its foreign subsidiaries for further
development or sale in overseas markets.
“This is the optimum time for us to take advantage of commercial lease
prices and ensure our subsidiaries have the necessary facilities to
develop leading cell-based therapeutics and research products,” said
BioTime’s CEO Dr. Michael D. West. “Our location in Alameda within San
Francisco’s biotechnology corridor will also provide access to the
talent necessary to advance our wide array of scalable and purified
human cell types toward the clinic.”
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology
company focused on regenerative medicine and blood plasma volume
expanders. Its broad platform of stem cell technologies is developed
through subsidiaries focused on specific fields of applications. BioTime
develops and markets research products in the field of stem cells and
regenerative medicine through its wholly owned subsidiary Embryome
Sciences, Inc.
BioTime’s therapeutic product development strategy is pursued through
subsidiaries that focus on specific organ systems and related diseases
for which there is a high unmet medical need. BioTime’s majority owned
subsidiary Cell Cure Neurosciences, Ltd. is developing therapeutic
products derived from stem cells for the treatment of retinal and neural
degenerative diseases. BioTime's subsidiary OrthoCyte Corporation is
developing therapeutic applications of stem cells to treat orthopedic
diseases and injuries. Another subsidiary, OncoCyte Corporation, focuses
on the therapeutic applications of stem cell technology in cancer.
BioTime’s Singapore subsidiary, ES Cell International Pte Ltd, has been
at the forefront of advances in human embryonic stem (“hES”) cell
technology, having been one of the earliest distributors of hES cell
lines to the research community. ESI has produced clinical-grade human
embryonic stem cell lines that were derived following principles of good
manufacturing practice and currently offers them for potential use in
therapeutic product development.
In addition to its stem cell products, BioTime develops blood plasma
volume expanders, blood replacement solutions for hypothermic (low
temperature) surgery, and technology for use in surgery, emergency
trauma treatment and other applications. BioTime’s lead product,
Hextend®, is a blood plasma volume expander manufactured and distributed
in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang Corp.
under exclusive licensing agreements. Additional information about
BioTime, Embryome Sciences, Cell Cure, OrthoCyte, OncoCyte, BioTime
Asia, and ESI can be found on the web at www.biotimeinc.com.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for the company and its subsidiaries, along with
other statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management constitute forward-looking
statements. 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 to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, uncertainty in the results of clinical trials or regulatory
approvals, need and ability to obtain future capital, and maintenance of
intellectual property rights. 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
company’s business, particularly those mentioned in the cautionary
statements found in the company’s Securities and Exchange Commission
filings. The company disclaims any intent or obligation to update these
forward-looking statements.
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