Finance News

BioTime, Inc. Announces Closing of Public Offering of Common Stock

1.8 from 4 votes
Thursday, February 16, 2017

ALAMEDA, California, USA & JERUSALEM, Israel - BioTime, Inc. (NYSE MKT and TASE:BTX), a clinical-stage biotechnology company developing and commercializing products addressing degenerative diseases, announced the closing of its previously announced underwritten public offering. BioTime, Inc. sold 7,453,704, shares of its common stock in the offering, which includes 972,222 shares of its common stock issued in connection with the exercise in full of the underwriters' over allotment option. The offering price to the public was $2.70 per share and gross proceeds to BioTime, Inc. are approximately $20.1 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by BioTime, Inc.

BioTime, Inc. intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, to fund clinical trials, research and development activities and for general working capital.

Raymond James & Associates, Inc. acted as the sole book-running manager for the offering. Ladenburg Thalmann & Co. Inc., Chardan and LifeSci Capital LLC acted as co-managers for the offering.

A registration statement relating to these securities was previously filed with and has become effective by rule of the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and the related prospectus have been filed with the SEC and are available on the SEC's website at A final prospectus supplement and the related prospectus have been filed with the SEC and are available on the SEC's website at Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida, or by telephone at (800) 248-8863, or e-mail at .

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About BioTime, Inc.

BioTime, Inc. ("BioTime") is a clinical-stage biotechnology company focused on developing and commercializing novel therapies developed from what the company believes to be the world's premier collection of pluripotent cell assets. The foundation of BioTime's core therapeutic technology platform is pluripotent cells that are capable of becoming any of the cell types in the human body. Pluripotent cells have potential application in many areas of medicine with large unmet patient needs, including various age-related degenerative diseases and degenerative conditions for which there presently are no cures. Unlike pharmaceuticals that require a molecular target, therapeutic strategies based on the use of pluripotent cells are generally aimed at regenerating or replacing affected cells and tissues, and therefore may have broader applicability than pharmaceutical products.

In addition to the development of therapeutics, BioTime's research and other activities have resulted, over time, in the creation of other subsidiaries that address other non-therapeutic market opportunities such as cancer diagnostics, drug development and cell research products, and mobile health software applications.

Investor - EVC Group, Inc.
Matt Haines, 917-733-9297
Media - Gotham Communications, LLC
Bill Douglass, 646-504-0890
Source: BioTime, Inc.
1.8 from 4 votes
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by Abidemi Uruejoma
by Abidemi Uruejoma
by Abidemi Uruejoma
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