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BioTime Provides Business Update Including Information on AgeX, OncoCyte and Asterias | ||
By: Nasdaq / GlobeNewswire - 14 Feb 2019 | Back to overview list |
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ALAMEDA, Calif., Feb. 14, 2019 (GLOBE NEWSWIRE) -- BioTime, Inc. (NYSE American: BTX), a clinical-stage biotechnology company focused on degenerative diseases, today provided a business update which included information on AgeX Therapeutics, Inc. (AgeX) (NYSE American: AGE) and BioTime’s two affiliated companies, OncoCyte Corporation (OncoCyte) (NYSE American: OCX), and Asterias Biotherapeutics, Inc. (Asterias) (NYSE American: AST). “In the past five months, BioTime has made rapid progress toward its commitment to become a leading cell therapy company by focusing on clinical-stage cell therapy product candidates with promising human data and supporting their development in part through targeted transactions among its affiliated companies,” stated Brian M. Culley, Chief Executive Officer of BioTime, Inc. “An early accomplishment was to sell approximately half of our shares of AgeX, which we had created to develop BioTime’s preclinical regenerative medicine assets, to Juvenescence Limited for a total of $43.2 million. Cash payments totaling $21.6 million were received in 2018 and the remaining $21.6 million, along with interest, is due no later than August 2020, or may be converted at BioTime’s option into Juvenescence common stock if Juvenescence becomes a public company before that date. Most of the remaining AgeX shares owned by BioTime were then distributed to BioTime shareholders in late November, launching AgeX as a public company. BioTime has retained an equity position in AgeX Therapeutics of 1.7 million shares, or approximately 5% of AgeX’s common stock. As of February 13, 2019, the value of BioTime’s AgeX share position was approximately $7.1 million.” “We next announced an exclusive collaboration with Orbit Biomedical for the use of Orbit’s proprietary injection technology to deliver our lead product candidate OpRegen®, for the treatment of dry age-related macular degeneration. The Orbit device delivers cells to the sub-retinal space via a suprachoroidal route as opposed to standard of care delivery directly through the retina. We are moving quickly to enroll our first patient in the Orbit portion of our ongoing Phase I/II study in the next quarter and we anticipate reporting additional clinical data from the study in the first half of this year.” “We also intend to close our proposed acquisition of Asterias assuming approval by the respective shareholders of BioTime and Asterias during the respective shareholders meetings on March 7th, 2019. This acquisition would broaden our pipeline with clinical-stage cell therapy assets in spinal cord injury and oncology. Last month, Asterias announced top line 12-month data from a Phase I/II study of its OPC-1 program in severe spinal cord injury, which included early evidence of cell engraftment and improved motor function in nearly all treated patients. The UK clinical trial of Asterias’s off-the-shelf allogeneic immune-oncology cell therapy product, VAC2, has enrolled four patients to date.” “Finally, our affiliated company OncoCyte recently reported positive results from an R&D validation study of DetermaVu™, their non-invasive liquid biopsy test intended to facilitate clinical decision making in lung cancer diagnosis. Following a recently completed $40.25 million public offering by OncoCyte at a price of $3.75 per share, BioTime owns approximately 14.7 million shares, or approximately 28% of OncoCyte’s common stock. As of February 13, 2019, the value of BioTime’s OncoCyte share position was approximately $56.6 million.” “We are pleased with the continued progress at BioTime. In addition to advancing OpRegen® and the proposed acquisition of Asterias, two public companies, AgeX and OncoCyte, have been launched with assets which originated from within the BioTime laboratories. Looking ahead, we believe that we are delivering on our stated plans to streamline BioTime’s corporate structure and reduce expenses in a prudent manner, while focusing on creating value from our most compelling clinical opportunities and selectively converting assets created within BioTime into cash or other forms of value on attractive terms. We believe that our continued efforts will increase our visibility, support our growth, and help drive our success in 2019 and beyond,” concluded Mr. Culley. Select Upcoming BioTime Events
About BioTime, Inc. About Asterias Biotherapeutics, Inc. About OncoCyte Corporation About AgeX Therapeutics, Inc. Additional Information and Where to Find It No Offer or Solicitation This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Forward-Looking Statements Certain statements in this communication, including statements relating to the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement, uncertainties as to the timing of the closing of Merger, including due to failure to satisfy or delay in satisfying the conditions to such closing; anticipated closing of OncoCyte public offering and further development and potential of the product candidates, including enrollment and timing of the results of our clinical trials; and expectations related to BioTime’s CE Mark application for Renevia are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 giving BioTime’s and Asterias’ expectations or predictions of future financial or business performance or conditions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty to update forward-looking statements. In addition to factors previously disclosed in BioTime’s and Asterias’ reports filed with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements and historical performance: the ability to meet closing conditions to the Merger, including requisite approval by BioTime’s and Asterias’ stockholders, on a timely basis or at all; delay in closing the Merger; the ultimate outcome and results of integrating the operations of BioTime and Asterias and the ultimate ability to realize synergies and other benefits; business disruption following the Merger; the availability and access, in general, of funds to fund operations and necessary capital expenditures. More information on potential factors that could affect our results is included from time to time in the SEC filings and reports of BioTime and Asterias, including the risks identified under the sections captioned “Risk Factors” in BioTime’s quarterly report on Form 10-Q filed with the SEC on November 8 and Asterias’ annual report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 15, 2018, and Asterias’ quarterly report on Form 10-Q for the quarter ended September 30, 2018, filed with the SEC on November 9, 2018. BioTime Inc. IR Solebury Trout IR |
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