BioTime Announces Receipt Of $8 Million From Early Exercise Of Warrants
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 received an additional $8 million from two investors. These two investors have elected to exercise early and in full, at a discounted exercise price, the stock purchase warrants that they had acquired under their May 2009 stock and warrant purchase agreements with BioTime. The two investors, Broadwood Partners L.P. and Mr. George Karfunkel, have each acquired 2,200,000 BioTime common shares by exercising 2,200,000 warrants at a discounted exercise price of $1.818 per share, representing a discount of $0.182 per share from the original warrant exercise price of $2.00. The discount of slightly less than 9% was offered to these investors by BioTime as an inducement for early exercise so as to enable the company to raise capital and accelerate the implementation of its business plans.
Discount Offer to Other Warrant Holders
BioTime intends to offer to all of the holders of its outstanding common share purchase warrants having an exercise price of $2.00 per share and an expiration date of October 31, 2010 the opportunity to exercise their warrants at the same discounted exercise price of $1.818 for a period of 60 days following the effective date of a registration statement that it plans to file soon with the Securities and Exchange Commission. BioTime presently has 7,574,801 of the warrants outstanding, most of which are presently listed on the NYSE Amex and trade under the symbol BTIM.WS. The warrants may not be exercised at the discounted price until the registration statement becomes effective. Before the registration statement becomes effective and after the discount offer expires, the warrants will be exercisable at the original exercise price of $2.00 per share. The new warrant discount offer will replace BioTime's previously-announced planned offer that would have allowed holders of its warrants to exercise up to 3,000,000 warrants at a price of $1.70 per share.
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