Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,504.32 2.67 0.02%
S&P 500 1,879.48 4.09 0.22%
NASDAQ 4,148.91 21.94 0.53%
Ticker Volume Price Price Delta
STOXX 50 3,189.81 13.84 0.44%
FTSE 100 6,703.00 28.26 0.42%
DAX 9,548.68 4.49 0.05%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,562.80 53.16 0.24%

BioTime and Romulus Agree to Accelerate Closing Date for Second Tranche of $5 Million Financing



  BioTime and Romulus Agree to Accelerate Closing Date for Second Tranche of
  $5 Million Financing

A total of $17.6 million in new capital raised by BioTime and its subsidiaries
                              since October 2012

Business Wire

ALAMEDA, Calif. -- March 7, 2013

BioTime, Inc. (NYSE MKT: BTX) today announced it has amended its $5 million
Stock and Warrant Purchase Agreement with Romulus Films, Ltd., originally
signed on January 4, 2013. Through the amendment, BioTime and Romulus have
agreed to accelerate the closing date for the $3 million second tranche of the
$5 million financing. The first $2 million tranche under the agreement was
funded in January 2013. The second tranche was originally intended to close
later this year concurrent with the closing of the acquisition of certain stem
cell assets by BioTime’s subsidiary BioTime Acquisition Corporation (BAC)
pursuant to an Asset Contribution Agreement among BioTime, BAC, and Geron
Corporation. Under the amendment, the remaining $3 million investment in
BioTime will be funded on April 10, 2013. Romulus has also committed to invest
$5 million in BAC in conjunction with the consummation of the stem cell asset
acquisition, which is expected to occur later this year.

BioTime plans to use the proceeds from this financing to fund its planned $5
million cash investment in BAC. BioTime will advance funds to BAC to finance
BAC’s continued progress in preparation for the completion of the stem cell
asset acquisition transaction. Since Romulus and BioTime signed their
agreement in January, a 24,000 sq. ft. research facility has been leased for
use by BAC, and BAC has acquired equipment for its research facility,
recruited experienced senior research and product development management
personnel, and worked to establish relationships with academic institutions
and potential commercial development partners.

BioTime has raised gross proceeds of approximately $14.6 million since October
2012, including the $2 million first tranche of the equity financing from
Romulus, and approximately $12.6 million from the sale of approximately 2.9
million common shares at a weighted average price of $4.34 per share in the
open market. The 2.9 million shares were sold through BioTime’s $25 million
Controlled Equity Offering facility with Cantor Fitzgerald & Co., as sales
agent, and through the sale of BioTime shares held by its majority owned
subsidiaries, LifeMap Sciences, Inc. and Cell Cure Neurosciences Ltd.

“These funds, plus the commitment from Romulus Films to invest $5 million in
BAC upon closing the stem cell asset acquisition transaction, will
significantly strengthen our balance sheet and our ability to execute on our
operating plan over the coming year, including financing the initiation of
planned clinical trials of Renevia™ and PanC-Dx™,” said Peter Garcia,
BioTime’s Chief Financial Officer.

Jonathan Woolf, Director of Romulus Films, a United Kingdom based investment
company, said, “As a significant and long-term investor in Geron Corporation,
we are very pleased to be supporting BioTime and BAC in the acquisition of
Geron’s embryonic stem cell assets. We believe these assets, which had shown
early success and were considered to be world-leading prior to discontinuation
by Geron in late 2011, may have the potential to revolutionize medicine and
provide untold benefits to patients in the future in many significant and
unmet areas of disease prevention and cure. We are pleased with BAC’s progress
announced today, as well as the progress that BioTime and its subsidiaries
have announced in recent months with their product development programs. To
support these developments, we have agreed to accelerate part of our
investment in BioTime. We believe that after the stem cell asset acquisition
transaction is completed, BAC and the BioTime family of companies will hold
the largest concentration of stem cell and regenerative medicine assets and
experience in the world.”

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. BioTime Acquisition Corporation 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 obtained at
www.biotimeinc.com.

Forward-Looking Statements

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,” “may” “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://phx.corporate-ir.net/phoenix.zhtml?c=83805&p=irol-alerts.

Contact:

BioTime, Inc.
Peter Garcia, 510-521-3390, ext 367
Chief Financial Officer
pgarcia@biotimemail.com
or
Judith Segall, 510-521-3390, ext 301
jsegall@biotimemail.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement