BioTime, Inc. (NYSE MKT: BTX) and its subsidiary LifeMap Sciences, Inc. (“LifeMap”) today announced that LifeMap entered into a Share Exchange and Contribution Agreement with Alfred D. Kingsley and a company that he controls, Greenway Partners, L.P., pursuant to which Mr. Kingsley and Greenway agreed to contribute to LifeMap, in the aggregate, BioTime common shares having an aggregate value of not less than $2,000,000 and not more than $3,000,000. LifeMap may sell, from time to time, some or all of the BioTime shares it receives and will use proceeds from the sale of the shares to expand the development and marketing of its database products, its research products, and its therapeutic discovery activities.
LifeMap expects to use a portion of the net proceeds to fund the continued development of its online stem cell database LifeMap™ and marketing all of its database products, including GeneCards ®, and the market launch of two new online databases, PanDaTox and MalaCards. LifeMap will also use proceeds to fund expenses of marketing BioTime research products, primarily online through LifeMap’s website. In addition, LifeMap plans to commence research into the identification and development of novel cell lines for therapeutic products, including research on ACTCellerate™ human embryonic progenitor cell lines (“hEPC lines”) using the LifeMap proprietary discovery platform, with the goal of identifying those hEPCs that have greatest potential for use in the development of cell-based therapies for degenerative diseases. One or more hEPC lines identified as candidates for therapeutic product development may be selected for development by BioTime, or by one or more BioTime subsidiaries, including by LifeMap, directly or through collaborative or licensing arrangements with third parties.
BioTime plans to file a registration statement with the Securities and Exchange Commission relating to the BioTime shares received by LifeMap. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts