BioTime, Inc. Provides Additional Information On Acquisition Of Promissory Notes In Connection With Planned Acquisition Of ES Cell International Pte Ltd.
BioTime, Inc. (NYSE Amex: BTIM) announced earlier today that it plans to acquire ES Cell International Pte Ltd, a Singapore private limited company (“ESI”). In its press release earlier today, BioTime stated that it will "acquire all of ESI's approximately $35 million of debt and accrued interest. ESI has no significant liabilities other than the debt obligations that BioTime will own after the acquisition."
In response to investor questions, BioTime is providing additional information regarding ESI's debt. As part of the acquisition, BioTime will acquire from one of the ESI investors secured promissory notes in the amount of approximately $35,000,000 of principal and accrued interest (the “Notes”). Upon completion of the acquisition of ESI, BioTime will be the owner of the Notes, so that the Notes will become an inter-company obligation of ESI payable to BioTime. BioTime will be acquiring ESI essentially free of indebtedness to third parties. Therefore, BioTime will incur no debt obligations of its own as a result of this acquisition.
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. BioTime develops and markets research products in the field of stem cells and regenerative medicine through its wholly owned subsidiary Embryome Sciences, Inc. BioTime’s subsidiary OncoCyte Corporation focuses on the therapeutic applications of stem cell technology in cancer. BioTime also plans to develop therapeutic products in China for the treatment of ophthalmologic, skin, musculo-skeletal system and hematologic diseases, including the targeting of genetically modified stem cells to tumors as a novel means of treating currently incurable forms of cancer through its subsidiary BioTime Asia. In addition to its stem cell products, BioTime develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, and technology for use in surgery, emergency trauma treatment and other applications. 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 Corp. under exclusive licensing agreements. Additional information about BioTime can be found on the web 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 the company 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 company's business, particularly those mentioned in the cautionary statements found in the company's Securities and Exchange Commission filings. The company 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://www.b2i.us/irpass.asp?BzID=1152&to=ea&s=0
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