BioTime, Inc. (NYSE MKT: BTX), a biotechnology company that develops and markets products in the field of regenerative medicine, today reported financial results for the second quarter ended June 30, 2013 and highlighted recent corporate accomplishments.
Second Quarter and Recent Corporate Accomplishments
- BioTime’s shareholders approved the proposals related to the planned acquisition of stem cell related assets from Geron Corporation by BioTime’s subsidiary Asterias Biotherapeutics, Inc. Although there are several additional conditions that are required by the Asset Contribution Agreement, BioTime believes that it can fulfill those requirements and expects to close the transaction by the end of the third quarter of 2013.
- BioTime raised $9.1 million of equity capital in June 2013 through the sale of common shares and warrants to certain investors.
- BioTime expanded the size of its Board of Directors to nine and appointed Henry L. Nordhoff to the Board. Mr. Nordhoff retired as Chairman of the Board of Gen-Probe Incorporated, a clinical diagnostic and blood screening company, at the end of 2011, after serving as its Chairman since September 2002. Mr. Nordhoff brings to our Board a long record of experience and success in the pharmaceutical and biotech industries and provides our Board with valuable operational expertise and leadership skills during a period of significant growth.
- BioTime elected Franklin M. Berger to the BioTime Board of Directors. Mr. Berger is an experienced director of publicly-traded biotechnology companies, and currently serves on the boards of Seattle Genetics, Inc. and other companies. He is also a consultant to biotechnology industry participants, including major biopharmaceutical firms, mid-capitalization biotechnology companies, specialist asset managers and venture capital companies, providing business development, strategic advisory, financing, partnering, and royalty acquisition advice.
- BioTime’s Senior Vice President and Chief Operating Officer, Robert W. Peabody, reassumed the additional role as Chief Financial Officer commencing May 10, 2013. Mr. Peabody, 59, has served as our Senior Vice-President and Chief Operating Officer since 2007 and also served on an interim basis as our Chief Financial Officer from September 2010 until October 2011.
- BioTime entered into a worldwide license agreement with the University of California, Los Angeles (“UCLA”) for novel technology related to the treatment of stroke. The licensed technology developed at UCLA uses one of BioTime’s HyStem ® hydrogels to deliver locally released growth factors to improve recovery from stroke. BioTime will sponsor on-going pre-clinical work at UCLA to advance the understanding of this technology and develop data in support for the potential filing of an IND for human clinical trials.
- BioTime submitted a protocol to European regulatory authorities for initiation of human clinical trials of Renevia™ as a medical device for the delivery of adipose stem cells for reconstructive surgery. The initiation of human clinical studies is expected this year subject to approval of the protocol.
- BioTime subsidiary LifeMap Sciences, Inc. entered into a value-added reseller agreement with Appistry, Inc., a company that provides big-data computing that supports life-science and medical analytics at hospitals and medical research centers and organizations. Appistry will market reports that include LifeMap Sciences’ GeneCards ® and MalaCards genetic information to clinicians and researchers under a revenue share arrangement with LifeMap Sciences, based on sales of such reports.
- BioTime subsidiary Cell Cure Neurosciences Ltd. was awarded a grant of 5.34 million Shekels, approximately $1.5 million, for 2013 from Israel’s Office of the Chief Scientist (OCS) to help finance the development of OpRegen ®, a cell-based therapeutic product being developed by Cell Cure Neurosciences for the treatment of age-related macular degeneration.
“We are continuing to make progress towards our goal to become the leader in the field of regenerative medicine. We have the right team in place to capitalize on the opportunities in the field, and we will be one step closer to having the premier asset portfolio in regenerative medicine when our subsidiary Asterias Biotherapeutics, Inc. completes the acquisition of Geron’s stem cell assets by the end of the third quarter this year,” said Dr. Michael West, BioTime’s Chief Executive Officer. “We are also making continuing progress in developing our current revenues from Internet services and research product sales as well as in moving our near term diagnostic and therapeutic product opportunities toward clinical trials that are expected to begin later this year. In addition, we continued to raise capital to fund our efforts to provide adequate capital so that we can continue our work in this critical field of medicine.”