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SEC Filings

DEFM14A
ASTERIAS BIOTHERAPEUTICS, INC. filed this Form DEFM14A on 02/04/2019
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Maxim was not requested to, and did not, explore alternatives to the Merger or solicit interest of any other parties in pursuing transactions with BioTime.

 

Maxim’s Analysis of Asterias

 

Maxim performed a series of analyses to derive indicative valuation ranges for Asterias Common Stock.

 

Comparable Companies Valuation

 

Maxim compared stock market valuation for selected publicly traded companies that Maxim deemed appropriate with similar information for Asterias. The selected comparable companies considered by Maxim were (collectively “peers”):

 

Company  Ticker  Exchange
Aduro Biotech Inc  ADRO  NasdaqGS
Aeglea Bio Therapeutics Inc  AGLE  NasdaqGM
Bellicum Pharmaceuticals Inc  BLCM  NasdaqGM
Pluristem Therapeutics Inc  PSTI  NasdaqCM
Mustang Bio Inc  MBIO  NasdaqGM
Brainstorm Cell Therapeutics Inc  BCLI  NasdaqCM
Leap Therapeutics Inc  LPTX  NasdaqGM
Genocea Biosciences Inc  GNCA  NasdaqGM
TRACON Pharmaceuticals Inc  TCON  NasdaqGM
Caladrius Biosciences Inc  CLBS  NasdaqCM
Oncolytics Biotech Inc  ONCY  NasdaqCM
Advaxis Inc  ADXS  NasdaqGS
Capricor Therapeutics Inc  CAPR  NasdaqCM
Histogenics Corp  HSGX  NasdaqCM
Neuralstem Inc  CUR  NasdaqCM

 

Maxim selected the peer group in the following manner: Maxim first identified comparable companies listed on a national exchange with a market capitalization of under $500 million in the biotechnology sector. The peer group was then condensed to only include biotechnology companies which operate in similar fields as Asterias, have no approved or marketed drugs, focus on the development of drugs for neurology or oncology indications or that are developing drugs comprised of living cells. The universe of pure-play comparable listed companies is generally very limited due to the intrinsic heterogeneity of development stage drug programs. In an effort to maximize a good level of comparability between Asterias and its peers, the peer companies selected by Maxim were those that Maxim considered to be with the most similarities in their stage of development, total number of unique clinical assets in development, indication and or are companies whose drugs are comprised of living cells, size, risk and opportunity profiles, and ultimately in their future growth and profitability profiles.

 

With respect to the peer group, Maxim analyzed the current market valuation of such companies.

 

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