New BioTime (BTIM.PK) Subsidiary, OncoCyte Corporation, Receives $2 Million Equity Financing to Develop Cancer Treatments Using Stem Cell Technology
10/16/2009 8:30:11 AM
ALAMEDA, Calif.--(BUSINESS WIRE)--BioTime, Inc. (OTCBB:BTIM) announced today that it has organized a new subsidiary, OncoCyte Corporation, for the purpose of developing novel therapeutics for the treatment of cancer based on stem cell technology. BioTime will license certain technology to the new company restricted to the field of cell-based cancer therapies, including early patent filings on targeting stem cells to malignant tumors. A private investor has purchased 3,000,000 common shares of OncoCyte for $2 million, representing an initial 15% stake in the new company, and the investor has the option of purchasing an additional 3,000,000 common shares for $2 million on or before April 15, 2010, based on an agreed initial market cap of approximately $15,000,000.