BioTime subsidiary, AgeX, to receive up to $3.5 million in cash
ALAMEDA, Calif.--(BUSINESS WIRE)--Mar. 27, 2018--
BioTime, Inc. (NYSE American: BTX), a clinical-stage biotechnology
company focused on degenerative diseases, today announced that IVT
Holdings acquired Ascendance Biotechnology, Inc. BioTime’s subsidiary,
AgeX Therapeutics, Inc. (AgeX), owned a minority stake in Ascendance at
the time of the acquisition. AgeX will receive up to $3.5 million in
cash for its Ascendance shares.
“The sale of Ascendance is a significant step forward in our strategy to
simplify BioTime and unlock value for our shareholders,” said Adi
Mohanty, Co-Chief Executive Officer of BioTime. “In just about two
years, we were able to convert this non-core asset into a meaningful
amount of cash. This cash will help fund AgeX programs and operational
expenses, as it continues to grow and establish an even larger presence
in the field of aging and age-related diseases. BioTime’s research has
created numerous valuable technologies. We are creating value for
shareholders by developing some of these technologies ourselves through
our clinical development programs while unlocking the value of others
through partnering and strategic transactions.”
AgeX received approximately $3.2 million upon the close of the
acquisition for its interest in Ascendance. Upon termination of escrow,
AgeX will receive the remainder of the consideration subject to
deductions of liabilities and/or expenses payable from escrow.
Ascendance was originally created in late 2015 by combining Hepregen
Corporation’s application-directed, cellular micro-patterning drug and
chemical screening technologies with certain non-core BioTime research
products and proprietary pluripotent cell technologies. Hepregen
Corporation was a leader in innovating unique and proprietary
bioengineering micro-liver platforms for use in environmental testing,
preventive care and product development across an array of industries.
This asset combination allowed Ascendance to offer a broad portfolio of
assays, and research products and services, while reducing BioTime’s
expenses in developing these non-core, but valuable assets. Aligning the
right products and skills allowed these BioTime non-core assets to
create even greater value as part of Ascendance.
About BioTime, Inc.
BioTime is a clinical-stage biotechnology company focused on
degenerative diseases. Its clinical programs are based on two platform
technologies: cell replacement and cell/drug delivery. With its cell
replacement platform, BioTime is creating new cells and tissues with its
proprietary pluripotent cell technologies. These cells and tissues are
developed to replace those that are either rendered dysfunctional or
lost due to degenerative diseases. BioTime’s cell/drug delivery programs
are based upon its proprietary HyStem® cell and drug
delivery matrix technology. HyStem® was designed to
provide for the transfer, retention, engraftment and metabolic support
of cellular replacement therapies. BioTime’s lead cell delivery clinical
program is Renevia®, which consists of HyStem® combined
with the patient's own adipose (fat) progenitor cells, Renevia® met
its primary endpoint in an EU pivotal clinical trial for the treatment
of facial lipoatrophy in HIV patients in 2017. BioTime has submitted
Renevia® for CE Mark approval in the EU. There were no device
related serious adverse events reported to date. BioTime’s lead cell
replacement product candidate is OpRegen®, a retinal pigment
epithelium transplant therapy, which is in a Phase I/IIa multicenter
clinical trial for the treatment of dry age-related macular
degeneration, the leading cause of blindness in developing countries.
There were no related serious adverse events reported to
date. BioTime also has significant equity holdings in two publicly
traded companies, Asterias Biotherapeutics, Inc. (NYSE American: AST)
and OncoCyte Corporation (NYSE American: OCX), and a private
company, AgeX Therapeutics, Inc.
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, LinkedIn, Facebook, YouTube,
To receive ongoing BioTime corporate communications, please click on the
following link to join the Company’s email alert list: http://news.biotime.com.
About AgeX Therapeutics
AgeX Therapeutics, Inc., a subsidiary of BioTime, Inc. (NYSE American:
BTX), is a biotechnology company applying technology relating to
cellular immortality and regenerative biology to aging and age-related
diseases. The company has three initial areas of product development:
pluripotent stem cell-derived brown adipocytes (AGEX-BAT1); vascular
progenitors (AGEX-VASC1); and induced Tissue Regeneration (iTR). Initial
planned indications for these products are Type 2 diabetes, cardiac
ischemia, and tissue regeneration respectively. For more information,
please visit www.agexinc.com
or connect with the company on Twitter or Facebook.
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Source: BioTime, Inc.
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