BioTime, Inc. Announces Pricing of Public Offering of Common Stock
ALAMEDA, Calif. & JERUSALEM--(BUSINESS WIRE)--Feb. 10, 2017--
BioTime, Inc. (NYSE MKT and TASE: BTX), a clinical-stage biotechnology
company developing and commercializing products addressing degenerative
diseases, today announced the pricing of an underwritten public offering
of 6,481,482 shares of its common stock at a public offering price of
$2.70 per share. The gross proceeds to BioTime, Inc. from this offering
are expected to be approximately $17.5 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by BioTime, Inc. The offering is expected to close on
or about February 15, 2017, subject to customary closing conditions.
BioTime, Inc. has also granted to the underwriters a 30-day option to
purchase from it up to an additional 972,222 shares of its common stock,
to cover over allotments, if any.
BioTime, Inc. intends to use the net proceeds from this offering for
general corporate purposes, including, without limitation, to fund
clinical trials, research and development activities and for general
Raymond James & Associates, Inc. is acting as sole book-running manager
for the offering. Ladenburg Thalmann & Co. Inc., Chardan and LifeSci
Capital LLC are acting as co-managers.
The shares will be issued pursuant to an effective registration
statement that was previously filed with and has become effective by
rule of the Securities and Exchange Commission (SEC). A preliminary
prospectus supplement and the related prospectus have been filed with
the SEC and are available on the SEC’s website at www.sec.gov.
A final prospectus supplement and the related prospectus will be filed
with the SEC and available on the SEC’s website at www.sec.gov.
Copies of the prospectus supplement and accompanying prospectus relating
to the offering may be obtained, when available, from Raymond James &
Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St.
Petersburg, Florida, or by telephone at (800) 248-8863, or e-mail at email@example.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, the
shares in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
BioTime, Inc. (“BioTime”) is a clinical-stage biotechnology company
focused on developing and commercializing novel therapies developed from
what the company believes to be the world’s premier collection of
pluripotent cell assets. The foundation of BioTime’s core therapeutic
technology platform is pluripotent cells that are capable of becoming
any of the cell types in the human body. Pluripotent cells have
potential application in many areas of medicine with large unmet patient
needs, including various age-related degenerative diseases and
degenerative conditions for which there presently are no cures. Unlike
pharmaceuticals that require a molecular target, therapeutic strategies
based on the use of pluripotent cells are generally aimed at
regenerating or replacing affected cells and tissues, and therefore may
have broader applicability than pharmaceutical products.
In addition to the development of therapeutics, BioTime’s research and
other activities have resulted, over time, in the creation of other
subsidiaries that address other non-therapeutic market opportunities
such as cancer diagnostics, drug development and cell research products,
and mobile health software applications.
Certain statements contained in this release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements pertaining to future financial and/or
operating results, future growth in research, technology, clinical
development, and potential opportunities for BioTime, Inc. 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 business of BioTime, Inc. and its
subsidiaries, particularly those mentioned in the cautionary statements
found in more detail in the “Risk Factors” section of its Annual Reports
on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC
(copies of which may be obtained at www.sec.gov).
Subsequent events and developments may cause these forward-looking
statements to change. BioTime specifically disclaims any obligation or
intention to update or revise these forward-looking statements as a
result of changed events or circumstances that occur after the date of
this release, except as required by applicable law.
To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list: http://news.biotimeinc.com.
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Source: BioTime, Inc.
EVC Group, Inc.
Matt Haines, 917-733-9297
Gotham Communications, LLC
Bill Douglass, 646-504-0890