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SEC Filings

DEFM14A
ASTERIAS BIOTHERAPEUTICS, INC. filed this Form DEFM14A on 02/04/2019
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Selected Companies Analysis of Asterias. Raymond James analyzed the equity values of the following six publicly-traded biotechnology companies with a focus on early-stage oncology and/or spinal cord injury (the “Asterias Selected Companies”):

 

  Affimed N.V.
     
  OncoSec Medical Incorporated
     
  Oncolytics Biotech Inc.
     
  Neuralstem, Inc.
     
  Advaxis, Inc.
     
  Invivo Therapeutics Holdings Corp.

 

Raymond James reviewed the mean, median, 25th percentile and 75th percentile of equity values of the Asterias Selected Companies to derive a range of potential values for Asterias. The results of the Asterias Selected Companies analysis are summarized below:

 

   Asterias Selected Companies Equity Value as of 11/02/18
($ in millions)
 
   25th Percentile   Median   Mean   75th Percentile 
Equity Value  $21.7   $43.1   $79.9   $95.3 

 

Selected Companies Analysis of BioTime. Raymond James analyzed the equity values of the following seven publicly-traded clinical-stage biotechnology companies with a focus on regenerative medicine therapy (the “BioTime Selected Companies”):

 

  Mesoblast Limited
     
  Athersys, Inc.
     
  Celyad SA
     
  Pluristem Therapeutics Inc.
     
  Bellicum Pharmaceuticals, Inc.
     
  Ophthotech Corporation
     
  Capricor Therapeutics, Inc.

 

Raymond James reviewed the mean, median, 25th percentile and 75th percentile of equity values of the BioTime Selected Companies to derive a range of potential values for BioTime. The results of the BioTime Selected Companies analysis are summarized below:

 

   BioTime Selected Companies Equity Value as of 11/02/18
($ in millions)
 
   25th Percentile   Median   Mean   75th Percentile 
Equity Value  $113.7   $198.1   $298.3   $287.6 

 

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