BioTime, Inc. Announces Closing of Public Offering of Common Stock
ALAMEDA, Calif. & JERUSALEM--(BUSINESS WIRE)--Feb. 15, 2017--
BioTime, Inc. (NYSE MKT and TASE:BTX), a clinical-stage biotechnology
company developing and commercializing products addressing degenerative
diseases, today announced the closing of its previously announced
underwritten public offering. BioTime, Inc. sold 7,453,704, shares of
its common stock in the offering, which includes 972,222 shares of its
common stock issued in connection with the exercise in full of the
underwriters’ over allotment option. The offering price to the public
was $2.70 per share and gross proceeds to BioTime, Inc. are
approximately $20.1 million, before deducting underwriting discounts and
commissions and other estimated offering expenses payable by BioTime,
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. acted as the sole book-running manager
for the offering. Ladenburg Thalmann & Co. Inc., Chardan and LifeSci
Capital LLC acted as co-managers for the offering.
A registration statement relating to these securities 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 have been filed
with the SEC and are 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 firstname.lastname@example.org.
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
About BioTime, Inc.
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