3 August 2018 - - US-based clinical-stage biotechnology company BioTime, Inc. (NYSE American: BTX) will profit from a new strategic alignment between its AgeX Therapeutics subsidiary and Juvenescence Ltd., a specialist in developing therapeutics focused on improving and extending human lifespans, the company said.

Under the terms of the agreement, Juvenescence will purchase, in a single transaction, 14.4 m shares of AgeX Therapeutics from BioTime for USD 43.2m. 50% of the purchase price will be paid to BioTime in cash and the remaining 50% will be a 2-year convertible/redeemable note with an annual interest rate of 7%, payable at maturity.

BioTime remains committed to unlocking further value for its shareholders and continues to move forward with its planned distribution of AgeX shares to BioTime shareholders as previously communicated.

Juvenescence management, through their previous roles in pharmaceutical companies with marketed products, have taken multiple products to commercialisation with annual peak sales aggregating well over USD 70m.

BioTime is a clinical-stage biotechnology company focused on degenerative diseases. Its clinical programmes are based on two platform technologies: cell replacement and cell/drug delivery.

With its cell replacement platform, BioTime is producing new cells and tissues with its proprietary pluripotent cell technologies.

These cells and tissues are developed to replace those that are either rendered dysfunctional or lost due to degenerative diseases or injuries. BioTime's cell/drug delivery programs are based upon its proprietary HyStem cell and drug delivery hydrogel matrix technology.

HyStem was designed, in part, to provide for the transfer, retention and/or engraftment of cellular replacement therapies.

BioTime's lead cell delivery clinical program is Renevia, which consists of HyStem combined with the patient's own adipose derived tissue or cells. Renevia met its primary endpoint in an EU pivotal clinical trial for the treatment of facial lipoatrophy in HIV patients in 2017. 

BioTime has submitted Renevia for CE Mark approval in the EU. There were no device related serious adverse events reported to date. BioTime's lead cell replacement product candidate is OpRegen, a retinal pigment epithelium transplant therapy, which is in a Phase I/IIa multicenter clinical trial for the treatment of dry age-related macular degeneration, the leading cause of blindness in the developed world.

There have been no unexpected serious adverse events reported to date. BioTime also has significant equity holdings in two publicly traded companies, Asterias Biotherapeutics, Inc. (NYSE American: AST) and OncoCyte Corp. (NYSE American: OCX), and a private company, AgeX Therapeutics, Inc.

AgeX Therapeutics, Inc., a subsidiary of BioTime, Inc. (NYSE American: BTX), is a biotechnology company focused on the development of novel therapeutics for age-related degenerative disease.

The company's mission is to apply the proprietary technology platform related to telomerase-mediated cell immortality and regenerative biology to address a broad range of diseases of aging.