BioTime Expands Corporate Headquarters
BioTime Inc. (NYSE Amex: BTIM) announced today it is expanding its corporate headquarters and laboratory facility in Alameda, California and has signed a new Lease Agreement effective December 1, 2010 for an initial five-year term, with an option to renew the lease for an additional five years. The new lease extends BioTime’s existing space by 6,000 square feet to 17,000 square feet, enabling BioTime to provide both office and laboratory space for itself and its subsidiary companies. BioTime will also have a right of first refusal on approximately 10,000 square feet of adjacent space.
The facility is good manufacturing process (GMP) capable and has previously been certified as Class 1000 and Class 10,000 laboratory space. The space includes cell culture and manufacturing equipment previously validated for use in GMP manufacture of cell-based products. BioTime expects this space will be used by its family of domestic subsidiary companies for the purpose of developing therapeutic products for human degenerative diseases and disorders based on stem cell technology, and research products for sale to companies, universities, and other institutions engaged in drug discovery and other stem cell research activities. Currently, BioTime’s U.S. subsidiaries are developing cell-based therapies for orthopedic disease and cancer. BioTime’s laboratory facilities may also be used to provide therapeutic and research products to its foreign subsidiaries for further development or sale in overseas markets.
“This is the optimum time for us to take advantage of commercial lease prices and ensure our subsidiaries have the necessary facilities to develop leading cell-based therapeutics and research products,” said BioTime’s CEO Dr. Michael D. West. “Our location in Alameda within San Francisco’s biotechnology corridor will also provide access to the talent necessary to advance our wide array of scalable and purified human cell types toward the clinic.”
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 developed through subsidiaries focused on specific fields of applications. BioTime develops and markets research products in the field of stem cells and regenerative medicine through its wholly owned subsidiary Embryome Sciences, Inc.
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