BioTime, Inc. Announces Pricing of $25.0 Million Public Offering of Common Stock
ALAMEDA, Calif.--(BUSINESS WIRE)--Oct. 13, 2017--
BioTime, Inc. (“BioTime”) (NYSE American and TASE: BTX), a late stage
clinical biotechnology company focused on developing and commercializing
products addressing degenerative diseases, today announced the pricing
of an underwritten public offering of 9,615,385 shares of its common
stock at a public offering price of $2.60 per share. The gross proceeds
to BioTime from this offering are expected to be approximately $25.0
million, before deducting underwriting discounts and commissions and
other estimated offering expenses payable by BioTime. The offering is
expected to close on or about October 17, 2017, subject to customary
closing conditions. BioTime has also granted to the underwriters a
30-day option to purchase from it up to an aggregate of an additional
1,442,308 shares of its common stock, to cover over allotments, if any.
BioTime intends to use the net proceeds from this offering for general
corporate purposes, including, without limitation, to fund clinical
trials, to finance research and develop programs, and for general
Raymond James & Associates, Inc. is acting as the sole book-running
manager for the offering. Ladenburg Thalmann & Co. Inc., Chardan and
LifeSci Capital LLC are acting as co-managers. Lake Street Capital
Markets is acting as a financial advisor for the offering.
The shares will be offered pursuant to an effective registration
statement on Form S-3 (File No. 333-217182) that was previously filed
with the Securities and Exchange Commission (the “SEC”) and became
effective on May 5, 2017. 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 33716, or by telephone at (800) 248-8863, or e-mail
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 these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
About BioTime, Inc.
BioTime is a late stage clinical biotechnology company focused on
developing and commercializing products addressing degenerative
diseases. The Company’s current clinical programs are targeting three
primary sectors: aesthetics, ophthalmology and cell and drug delivery.
Certain statements contained in this release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that statements in this
press release regarding the anticipated amount and use of the proceeds
of the offering and the completion of the public offering constitute
forward-looking statements that involve risks and uncertainties,
including, without limitation, risks and uncertainties related to market
conditions and the satisfaction of customary closing conditions related
to the proposed public offering. There can be no assurance
that BioTime will be able to complete the proposed public offering.
Additional information on risks facing BioTime, its subsidiaries and its
affiliates can be found in the “Risk Factors” section of its Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission (the “SEC”) and in the preliminary
prospectus supplement related to the proposed offering to be filed with
the SEC on or about the date hereof (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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171013005344/en/
Source: BioTime, Inc.
David Nakasone, 510-871-4188
JQA Partners, Inc.
Jules Abraham, 917-885-7378