BioTime Announces Distribution of AgeX Therapeutics Shares
Distribution to Commence Today at 5:00pm ET
Trading to Commence on November 29th, 2018
Under the Symbol “AGE”
ALAMEDA, Calif.--(BUSINESS WIRE)--Nov. 28, 2018--
Inc. (NYSE American and TASE: BTX), a clinical-stage biotechnology
company focused on degenerative diseases, today announced that the
registration statement on Form 10, including the information statement
relating to the distribution that was previously prepared and filed by
AgeX Therapeutics, Inc. (“AgeX”), was declared effective by the
Securities and Exchange Commission (“SEC”) on November 27, 2018, and
that BioTime will proceed with the distribution of approximately 12.7
million AgeX shares owned by BioTime on a pro rata basis, to eligible
BioTime shareholders beginning at 5:00pm ET today. Eligible BioTime
shareholders are entitled under the distribution to receive one share of
AgeX common stock for every 10 shares of BioTime common stock held as of
the record date of November 16, 2018.
BioTime shareholders are not required to take any action to receive the
AgeX distribution. However, BioTime recommends
that its shareholders contact their respective brokers to ensure and
confirm proper delivery of the AgeX shares into their accounts.
Because BioTime shares have traded with due-bills since the record date,
any parties that bought or sold BioTime shares between the record date
and the distribution date also bought or sold their right to receive the
distribution of AgeX shares.
AgeX common stock has been approved for listing on the NYSE American
under the ticker symbol AGE. AgeX shares will not trade on a
“when-issued” basis, but will begin trading the “regular way” on
Thursday, November 29, 2018. BioTime will begin trading
“ex-distribution,” or without the right to receive the distribution, on
Thursday, November 29, 2018. The NYSE will not
make a distribution price adjustment to the BioTime shares that trade on
For more detail on AgeX’s business, risk factors, and uncertainties,
shareholders should carefully review the Information Statement filed
with the SEC and available at the SEC website at www.sec.gov.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy securities, and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
About AgeX Therapeutics
AgeX Therapeutics, Inc. is a biotechnology company focused on the
development of novel therapeutics for age-related degenerative disease.
The current development efforts include two cell-based therapies derived
from pluripotent stem cells and two product candidates derived from the
company’s proprietary induced Tissue Regeneration (iTR™) technology.
AGEX-BAT1 and AGEX-VASC1 are cell-based approaches in the preclinical
stage of development comprised of young regenerative cells modified
using the Company’s UniverCyte™ technology facilitating
immune tolerance, formulated in HyStem® matrix, designed to correct
metabolic imbalances in aging and to restore vascular support in
ischemic tissues respectively. AGEX-iTR1547 is a drug-based formulation
in preclinical development intended to restore regenerative potential in
a wide array of aged tissues afflicted with degenerative disease using
the company’s proprietary iTR technology. Renelon™ is a first-generation
iTR product designed to promote scarless tissue repair which the Company
plans to initially develop as a topically-administered device for
commercial development through a 510(k) application. In addition to the
product candidates in early development, the company, through its
LifeMap subsidiary, currently markets genomic interpretation algorithms.
In addition, the company, through its ESI BIOdivision, markets Cytiva®,
comprised of PSC-derived heart muscle cells used in screening drugs for
efficacy and safety. For more information, please visit www.agexinc.com or
connect with the company on Twitter, Facebook and YouTube.
About BioTime, Inc.
BioTime is a clinical-stage biotechnology company focused on the
development and commercialization of novel therapies for the treatment
of degenerative diseases. BioTime’s pipeline is based on two platform
technologies which encompass cell replacement and cell/drug delivery.
BioTime’s lead cell replacement product candidate is OpRegen®,
a retinal pigment epithelium transplant therapy in Phase 2 development
for the treatment of dry age-related macular degeneration, the leading
cause of blindness in the developed world. BioTime’s lead cell delivery
clinical program is Renevia®, an investigational medical
device being developed as an alternative for whole adipose tissue
transfer procedures. BioTime common stock is traded on the NYSE American
and TASE under the symbol BTX. For more information, please visit www.biotime.com or
connect with the company on Twitter,
To receive ongoing BioTime corporate communications, please click on the
following link to join the Company’s email alert list: http://news.biotime.com.
Certain statements contained in this release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. 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 forward-looking statements. Investors are
cautioned that statements in this press release regarding: (a) any value
to BioTime shareholders of the AgeX common stock and (b) BioTime's plans
or expectations for the distribution, constitute forward-looking
statements. Forward-looking statements involve risks and uncertainties.
These risks and uncertainties, include, without limitation: (i) the
possibility that BioTime shareholders may realize little or no value
from the AgeX common stock; (ii) the potential inability of BioTime to
complete distribution in a timely manner; and (iii) the possibility of
litigation that could arise as a result of or in connection with the
distribution and related transactions. 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 BioTime’s Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q and AgeX Form 10
and Information Statement 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181128005221/en/
Source: BioTime, Inc.
BioTime Inc. IR
Ioana C. Hone
Solebury Trout IR
Gitanjali Jain Ogawa