ALAMEDA, Calif.--(BUSINESS WIRE)--Jun. 3, 2013--
BioTime, Inc. (NYSE MKT: BTX) today announced that it has agreed to sell
up to an aggregate of 2,180,016 common shares and 545,004 warrants to
purchase common shares, in “units” with each unit consisting of one
common share and one-quarter of a warrant, at an offering price of
$4.155 per unit. BioTime expects to receive gross proceeds of
$9,057,966.48 from the sale of the common shares and warrants. The price
per unit was based upon the volume weighted average closing price of
BioTime common shares in the NYSE MKT for the ten trading days ending
May 24, 2013. The warrants will have an initial exercise price of $5.00
per share and will be exercisable during the five year period beginning
on the date of issuance.
BioTime will pay OBEX Securities, LLC and certain other participating
broker-dealers a fee in the amount of 5% of the aggregate purchase price
of the units purchased by investors introduced to us by them.
BioTime intends to use the net proceeds from the offering for working
capital and other general corporate purposes, and may invest a portion
of the proceeds in one or more of its subsidiaries, including funding of
the expansion of the LifeMap Sciences, Inc. product development and
The common shares and warrants described above and the shares issuable
upon exercise of the warrants are being offered and sold pursuant to a
prospectus supplement dated as of June 3, 2013, which has been filed
with the Securities and Exchange Commission (“SEC”) in connection with a
takedown from the Company’s shelf registration statement on Form S-3
(File No. 333-183557), which became effective on September 7, 2012, and
the base prospectus dated September 7, 2012. Copies of the prospectus
supplement, together with the accompanying prospectus, can be obtained
at the SEC’s website at http://www.sec.gov.
The sale of the common shares and warrants is expected to close on June
6, 2013, subject to the satisfaction of customary closing conditions.
As a condition to the sale of the shares and warrants, BioTime is also
entering into an Option Agreement with each of the investors who have
agreed to purchase BioTime common shares and warrants in the offering
described above. Under the Option Agreement each investor will have the
option, for a period of up to three years, to purchase a number of
shares of common stock that BioTime holds in its subsidiary LifeMap
Sciences, Inc., equal to the number of warrants purchased by the
investor under the Stock and Warrant Purchase Agreement. The options to
purchase shares of LifeMap Sciences common stock may be exercised at a
price of $4.00 per share in lieu of exercising the warrants to purchase
BioTime common shares.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described above,
nor shall there be any sale of any such securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology
company focused on regenerative medicine and blood plasma volume
expanders. Its broad platform of stem cell technologies is enhanced
through subsidiaries focused on specific fields of application. BioTime
develops and markets research products in the fields of stem cells and
regenerative medicine, including a wide array of proprietary PureStem™
cell lines, HyStem® hydrogels, culture media, and differentiation kits.
BioTime is developing Renevia™ (formerly known as HyStem®-Rx), a
biocompatible, implantable hyaluronan and collagen-based matrix for cell
delivery in human clinical applications. BioTime's therapeutic product
development strategy is pursued through subsidiaries that focus on
specific organ systems and related diseases for which there is a high
unmet medical need. BioTime's majority owned subsidiary Cell Cure
Neurosciences Ltd. is developing therapeutic products derived from stem
cells for the treatment of retinal and neural degenerative diseases.
BioTime's subsidiary OrthoCyte Corporation is developing therapeutic
applications of stem cells to treat orthopedic diseases and injuries.
Another subsidiary, OncoCyte Corporation, focuses on the diagnostic and
therapeutic applications of stem cell technology in cancer, including
the diagnostic product PanC-Dx™ currently being developed for the
detection of cancer in blood samples. ReCyte Therapeutics, Inc. is
developing applications of BioTime's proprietary induced pluripotent
stem cell technology to reverse the developmental aging of human cells
to treat cardiovascular and blood cell diseases. BioTime's subsidiary
LifeMap Sciences, Inc. markets GeneCards®, the leading human gene
database, as part of an integrated database suite that also includes the
LifeMap Discovery™ database of embryonic development, stem cell research
and regenerative medicine, and MalaCards, the human disease database.
LifeMap Sciences also markets BioTime research products and PanDaTox, an
innovative, recently developed, searchable database that can aid in the
discovery of new antibiotics and biotechnologically beneficial products.
Asterias Biotherapeutics, Inc. is a new subsidiary being used to acquire
the stem cell assets of Geron Corporation, including patents and other
intellectual property, biological materials, reagents and equipment for
the development of new therapeutic products for regenerative medicine.
BioTime's lead product, Hextend®, is a blood plasma volume expander
manufactured and distributed in the U.S. by Hospira, Inc. and in South
Korea by CJ CheilJedang Corporation under exclusive licensing
agreements. Additional information about BioTime can be found on the web
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for BioTime 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 and its subsidiaries, particularly those mentioned
in the cautionary statements found in BioTime's Securities and Exchange
Commission filings. BioTime disclaims any intent or obligation to update
these forward-looking statements.
To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list: http://news.biotimeinc.com
Source: BioTime, Inc.
Robert Peabody, 510-521-3390, ext 302
Sr. VP &
Segall, 510-521-3390, ext 301