BioTime Announces Proposed Public Offering Of Common Stock

Published: Oct 13, 2017

ALAMEDA, Calif.--(BUSINESS WIRE)--BioTime, Inc. (“BioTime”) (NYSE American and TASE: BTX), a late stage clinical biotechnology company focused on developing and commercializing products addressing degenerative diseases, today announced its intent to offer to sell shares of its common stock in an underwritten public offering. BioTime intends to grant the underwriters a 30-day option to purchase up to an aggregate of an additional 15% of the shares of its common stock offered in the public offering to cover over-allotments, if any. The offering is subject to market, regulatory and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Raymond James & Associates, Inc. will act as the sole book-running manager for the offering.

BioTime intends to use the net proceeds from the offering for general corporate purposes, including, without limitation, to fund clinical trials of products it is developing, to finance its research and development programs, and for working capital.

The shares will be issued pursuant to an effective shelf registration statement on Form S-3 (File No. 333-217182) that was previously filed by BioTime with the Securities and Exchange Commission (the “SEC”) and was declared effective on May 5, 2017. The shares may be offered only by means of a prospectus. A preliminary prospectus supplement and the related base prospectus will be filed with the SEC and will be available for free on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering, when available, may be obtained from: Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, or by telephone at (800) 248-8863, or e-mail at prospectus@raymondjames.com.

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

About BioTime, Inc.

BioTime is a late stage clinical biotechnology company focused on developing and commercializing products addressing degenerative diseases. The Company’s current clinical programs are targeting three primary sectors: aesthetics, ophthalmology and cell and drug delivery.

Forward-Looking Statements

Certain statements contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release regarding the intention, completion, timing and option relating to the proposed public offering constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of customary closing conditions related to the proposed public offering. There can be no assurance that BioTime will be able to complete the proposed public offering. Additional information on risks facing BioTime, its subsidiaries and its affiliates can be found in the “Risk Factors” section of its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) and in the preliminary prospectus supplement related to the proposed offering to be filed with the SEC on or about the date hereof (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. BioTime specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Investor Contact:
BioTime
David Nakasone, 510-871-4188
DNakasone@biotimeinc.com
or
Media Contact:
JQA Partners, Inc.
Jules Abraham, 917-885-7378
jabraham@jqapartners.com

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