6/17/2014 10:14:07 AM
ALAMEDA, Calif. & MENLO PARK, Calif.--(BUSINESS WIRE)--BioTime, Inc. (NYSE MKT: BTX) announced today that its subsidiary Asterias Biotherapeutics, Inc. (“Asterias”), has raised $12.5 million through the sale of 5,000,000 BioTime common shares held by Asterias and the issuance of warrants to purchase 5,000,000 shares of Asterias Series B Common Stock. The majority of the funds raised through this privately negotiated transaction will be used to finance Asterias’ product development programs, including AST-OPC1 for the treatment of spinal cord injury, and AST-VAC2, which is being developed as an immunotherapy for non-small cell lung cancer. The investors included BioTime’s largest shareholder and a trust established by another long-term BioTime shareholder. In addition, as reported earlier today, Pedro Lichtinger, Asterias’ President and Chief Executive Officer, has invested $0.5 million directly into Asterias through the purchase of 200,000 shares of Asterias Series B Common Stock.
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