BioTime, Inc. Announces Record Date, Distribution Ratio, and Distribution Date for Distribution of Shares of Subsidiary OncoCyte Corporation
ALAMEDA, Calif.--(BUSINESS WIRE)--Dec. 11, 2015--
BioTime, Inc. (NYSE MKT and TASE: BTX), a clinical-stage regenerative
medicine company with a focus on pluripotent stem cell technology, today
announced that its Board of Directors has set the record date, the
distribution ratio, and expected distribution date for the distribution
of a portion of the shares of common stock of BioTime’s subsidiary
OncoCyte Corporation (“OncoCyte”) to BioTime shareholders. The record
date for determining holders of BioTime common shares entitled to
receive shares of OncoCyte common stock in the distribution will be the
close of business on December 21, 2015.
BioTime shareholders will receive one share of OncoCyte common stock for
every 20 BioTime common shares held as of the close of business on the
record date. The distribution will be made in book-entry form. BioTime
expects the distribution to occur on December 31, 2015. BioTime
shareholders will not be required to do anything to receive the OncoCyte
distribution, meaning that they will not have to surrender or exchange
BioTime common shares in order to receive their OncoCyte shares.
Any holder of record who sells their shares of BioTime on or before the
distribution date of December 31st will be selling their entitlement of
OncoCyte shares to the buyer of their BioTime shares. Holders are
encouraged to talk to their financial advisor before selling their
shares of BioTime.
After this distribution of OncoCyte shares, BioTime’s ownership will be
reduced from approximately 76.4% to approximately 58.6%.
Currently, there is no trading market for OncoCyte common stock.
However, OncoCyte plans to apply to list its common stock for trading on
the NYSE MKT under the symbol OCX. In the event that a listing
application is not approved, OncoCyte plans to arrange for the trading
of its common stock on the OTC Bulletin Board market no later than the
completion of the distribution.
Completion of the distribution of OncoCyte shares to BioTime
shareholders is subject to the satisfaction of certain conditions,
including that a Registration Statement on Form 10 filed by OncoCyte
with the Securities and Exchange Commission is declared effective.
OncoCyte is engaged in the development of new “liquid biopsy” diagnostic
tests for cancer based on analyzing patient blood or urine samples for
specific gene or protein markers indicative of the presence of
particular types of cancer. OncoCyte is presently developing diagnostic
tests for lung cancer, breast cancer, and bladder cancer. For more
information about OncoCyte, please visit www.OncoCyte.com.
More information about OncoCyte and the planned share distribution can
be found in the Information Statement filed as an exhibit to OncoCyte’s
Form 10 Registration Statement filed with the SEC on November 23, 2015,
which is available on the Investor Relations page of BioTime’s website: www.biotimeinc.com
and the website maintained by the SEC at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any OncoCyte securities. The
distribution of OncoCyte common stock by BioTime will be made only in
those states and other jurisdictions where permitted or not prohibited
BioTime, Inc., a pioneer in regenerative medicine, is a clinical-stage
biotechnology company. BioTime and its subsidiaries are leveraging their
industry-leading experience in pluripotent stem cell technology and a
broad intellectual property portfolio to facilitate the development and
use of cell-based therapies and gene marker-based molecular diagnostics
for major diseases and degenerative conditions for which there presently
are no cures. The lead clinical programs of BioTime and its subsidiaries
include OpRegen®, currently in a Phase I/IIa trial for
the treatment of the dry form of age-related macular degeneration;
AST-OPC1, currently in a Phase I/IIa trial for spinal cord injuries; Renevia™,
currently in a pivotal trial in Europe as an injectable matrix for the
engraftment of transplanted cells to treat HIV-related lipoatrophy; and
cancer diagnostics, nearing the completion of initial clinical studies
for the detection of lung, bladder, and breast cancers. AST-VAC2, a
cancer vaccine, is in the pre-clinical trial stage.
BioTime’s subsidiaries include the publicly traded Asterias
Biotherapeutics, Inc. (NYSE MKT: AST), developing pluripotent stem
cell-based therapies in neurology and oncology, including AST-OPC1 and
AST-VAC2; Cell Cure Neurosciences Ltd., developing stem cell-based
therapies for retinal and neurological disorders, including OpRegen®;
OncoCyte Corporation, developing cancer diagnostics; LifeMap Sciences,
Inc., developing and marketing an integrated online database resource
for biomedical and stem cell research; LifeMap Solutions, Inc., a
subsidiary of LifeMap Sciences, developing mobile health (mHealth)
products; OrthoCyte Corporation, developing therapies to treat
orthopedic disorders, diseases, and injuries; ReCyte Therapeutics, Inc.,
developing therapies to treat a variety of cardiovascular and related
ischemic disorders; and Ascendance Biotechnology, Inc. which
manufactures and sells proprietary products and services that assay new
drug candidates for potential toxicity, including HepatoPac®
and HepatoMune®, and other products for use as
BioTime common stock is traded on the NYSE MKT and TASE under the symbol
BTX. For more information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube,
View source version on businesswire.com: http://www.businesswire.com/news/home/20151211005137/en/
Source: BioTime, Inc.
Dan L. Lawrence, 510-775-0510
Michael Polyviou, 646-445-4800
Gotham Communications, LLC
Bill Douglass, 646-504-0890