BioTime, Inc. (NYSE Amex: BTIM), a biotechnology company that develops and markets products in the field of human stem cells and regenerative medicine, today announced that it has completed its acquisition of the Singapore company ES Cell International Pte Ltd (“ESI”). Established in 2000, ESI has been a worldwide leader in the development of human embryonic stem (“hES”) cell technology, being one of the initial providers of human embryonic stem cell lines to the research community, having filed numerous early stem cell patent applications, and having built important relationships within the worldwide stem cell research community. Additional ESI assets include a bank of six new clinical-grade human embryonic stem cell lines produced following the principles of current Good Manufacturing Practice (“cGMP”), and equity in the Israel-based stem cell therapeutics company Cell Cure Neurosciences, Ltd. BioTime expects that the addition of ESI’s assets and scientific team will enable it to more quickly develop its research products and potential therapeutic products, and establish new commercial relationships.
ESI is based in Singapore’s iconic Biopolis, a world-class biomedical science research and development hub for Asia. The Biopolis has attracted leading researchers and pharmaceutical companies from around the world, not only because of its laboratory facilities and skilled workforce but also because of its proximity to China, India, and other rapidly growing markets. Singapore has a long history as a regional center for product distribution throughout Asia. In addition to research and manufacturing activities, the ESI facility will be a shipping point for BioTime’s product sales in Asia.
Through transactions with ESI’s former shareholders and debtholders, BioTime has acquired all of the outstanding shares and debt instruments of ESI, which has now become a wholly-owned subsidiary of BioTime. ESI has no significant liabilities to third parties, and BioTime has no new debt obligations of its own as a result of this acquisition. In exchange for all of ESI’s shares and debt, BioTime has issued to ESI’s former shareholders and debtholders 1,383,400 BioTime common shares, and warrants to purchase an additional 300,000 common shares at an exercise price of $10 per share. The BioTime warrants issued in the acquisition will expire four years after the date of issue.