BioTime Expands Corporate Headquarters
October 26 2010 - 09:00AM
Business Wire
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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