BioTime Shareholders To Receive One Share of AgeX Common Stock for
Every 10 Shares of BioTime Common Stock
ALAMEDA, Calif.--(BUSINESS WIRE)--Oct. 25, 2018--
Inc. (NYSE American: BTX), a clinical-stage biotechnology company
focused on degenerative diseases, today announced that its Board of
Directors has set the record date for and distribution date for the
distribution of AgeX Therapeutics (“AgeX”) shares owned by BioTime on a
pro rata basis to eligible BioTime shareholders.
The record date for determining holders of BioTime common shares
entitled to receive shares of AgeX common stock in the distribution will
be the close of business on November 16, 2018. The final distribution
has been set for November 28, 2018. Eligible BioTime shareholders will
be entitled to receive one share of AgeX common stock for every 10
shares of BioTime common stock held as of the record date of November
BioTime shareholders will not be required to take any action in order to
receive the AgeX distribution, meaning that they will not have to
surrender or exchange BioTime common shares in order to receive AgeX
Currently, there is no trading market for AgeX common stock, and there
can be no assurance that an active public market will ever develop. AgeX
plans to apply to list its common stock for trading on the NYSE American
under the ticker symbol AGE, however, there can be no assurance that
AgeX’s listing application will be approved. Completion of the
distribution of AgeX shares to BioTime shareholders is subject to the
satisfaction of certain conditions, including the Registration Statement
on Form 10, filed by AgeX, declared effective by the Securities and
Exchange Commission (“SEC”).
For more detail on AgeX’s business, risk factors, and uncertainties,
shareholders should carefully review the draft Information Statement
filed as an exhibit to AgeX’s Form 10 Registration Statement filed with
the SEC on October 22, 2018, which is available at the SEC at www.sec.gov.
Copies of a definitive Information Statement relating to the
distribution, when available, will be mailed to all BioTime shareholders
entitled to receive AgeX common stock in the distribution.
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., an affiliate of BioTime, Inc. (NYSE American:
BTX), is a biotechnology company focused on the development of novel
therapeutics for age-related degenerative disease. The company’s mission
is to apply the proprietary technology platform related to
telomerase-mediated cell immortality and regenerative biology to address
a broad range of diseases of aging. The current preclinical development
efforts include two cell-based therapies derived from
telomerase-positive 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 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,
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; (b) BioTime's plans or
expectations for the distribution; and (c) potential listing of AgeX
common stock on NYSE American, 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 or at all, including as a result of the failure of
BioTime and/or AgeX to obtain or maintain required federal and state
registrations and qualifications necessary to enable the distribution,
and related transactions; (iii) the possibility of litigation that could
arise as a result of or in connection with the distribution and related
transactions; and (iv) that there is no existing public market for AgeX
common stock, nor may a public market for such securities ever develop.
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 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/20181025005247/en/
Source: BioTime, Inc.
BioTime Inc. IR
Ioana C. Hone, 510-871-4188
Gitanjali Jain Ogawa, 646-378-2949