BioTime, Inc. Announces Closing of Public Offering and Underwriters’ Full Exercise of Over-Allotment Option
ALAMEDA, Calif.--(BUSINESS WIRE)--Oct. 17, 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 closing
of its previously announced public offering of 9,615,385 shares of
common stock, including 1,442,308 shares sold pursuant to the
underwriters’ exercise in full of their option to purchase additional
shares. The offering price to the public was $2.60 per share, and gross
proceeds from the offering, before underwriting discounts and
commissions and offering expenses, were approximately $28.8 million.
BioTime 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 working
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. Lake Street Capital Markets acted as a
financial advisor for the offering.
A registration statement on Form S-3 (File No. 333-217182) was
previously filed with the Securities and Exchange Commission (the “SEC”)
and became effective on May 5, 2017. A final prospectus supplement
relating to the offering has been filed with the SEC and is available on
the SEC's website, located at www.sec.gov.
Copies of the prospectus supplement and accompanying prospectus relating
to the offering may be obtained 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 at email@example.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities nor shall there be any
sale of these securities in any state or jurisdiction in which such
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 use of the proceeds from the offering
constitute forward-looking statements that involve risks and
uncertainties, including, without limitation, risks and uncertainties
related to management’s discretion with respect to the use of proceeds
from this 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 prospectus supplement related to the proposed offering filed with
the SEC on October 13, 2017 (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/20171017006658/en/
Source: BioTime, Inc.
David Nakasone, 510-871-4188
JQA Partners, Inc.
Jules Abraham, 917-885-7378