BioTime,
Inc. (NYSE MKT:BTX) announced today that Michael H. Mulroy and Stephen
L. Cartt are joining its Board of Directors. Mr. Mulroy has been
appointed to the Board to fill a vacancy and Mr. Cartt has been
nominated for election to the Board at the Company’s upcoming annual
shareholders’ meeting, which will be held on November 4.
Mr. Mulroy most recently served as Executive Vice President – Strategic
Affairs and General Counsel of the Autoimmune and Rare Diseases Business
Unit of Mallinckrodt plc. This transitional role followed Mallinckrodt’s
acquisition of Questcor Pharmaceuticals for $5.8 billion in August 2014.
At Questcor, Mr. Mulroy served in various capacities during his tenure
from January 2011 to September 2014, including as Executive Vice
President – Strategic Affairs, Chief Financial Officer, General Counsel,
and Corporate Secretary. During the time Mr. Mulroy worked at Questcor,
the company’s stock price rose more than 500%. Prior to Questcor, Mr.
Mulroy was a partner at the law firm of Stradling Yocca Carlson & Rauth,
before which he was an investment banker at Merrill Lynch and Citigroup.
He earned his J.D. degree from the University of California, Los Angeles
and his B.A. (Economics) from the University of Chicago.
Mr. Cartt has most recently served in a transitional role as Chief
Operating Officer of the Autoimmune and Rare Diseases Business Unit of
Mallinckrodt following its acquisition of Questcor, where he served as
Chief Operating Officer. Mr. Cartt worked at Questcor for more than nine
years and played a major role in the company’s success. During that
time, Questcor’s stock price rose more than 200-fold. Prior to his
appointment to the position of Chief Operating Officer in February 2012,
Mr. Cartt served as Executive Vice President and Chief Business Officer.
Prior to working at Questcor, he was the Senior Director of Strategic
Marketing for Elan Pharmaceuticals and previously held a variety of R&D
and Commercial positions at ALZA Corporation. Mr. Cartt holds a B.S.
degree in biochemistry from the University of California at Davis and an
M.B.A. from Santa Clara University.
“We are very pleased that Mike Mulroy and Steve Cartt are joining our
Board of Directors,” commented Michael D. West, BioTime’s Chief
Executive Officer. “Both of these executives have exceptional track
records of creating substantial shareholder value over time, most
recently at Questcor, where they were instrumental in successfully
managing a period of rapid growth, commercial expansion, and increased
investment in research and development. As BioTime and its subsidiaries
move into clinical trials with several products, we are focused on
adding biopharmaceutical industry executives to our management teams and
boards of directors who have records of successfully advancing products
through clinical trials and commercialization while creating substantial
shareholder value.”
“Steve and Mike have valuable experience with the investment community,
with clinical and commercial stage products, and with financing public
companies with breakthrough technologies,” Dr. West continued. “As
BioTime’s subsidiaries progress further, that experience is likely to be
particularly valuable. For example, Asterias recently became the first
of BioTime’s subsidiaries to be publicly traded. When Steve joined
Questcor, it was considerably smaller than BioTime is today, and when
Mike joined Questcor, it was only moderately larger than BioTime is
today. We look forward to working closely with both Mike and Steve to
build significant value for BioTime’s shareholders over time.”
About BioTime
BioTime is a biotechnology company engaged in research and product
development in the field of regenerative medicine. Regenerative medicine
refers to therapies based on stem cell technology that are designed to
rebuild cell and tissue function lost due to degenerative disease or
injury. BioTime’s focus is on pluripotent stem cell technology based on
human embryonic stem (“hES”) cells and induced pluripotent stem (“iPS”)
cells. hES and iPS cells provide a means of manufacturing every cell
type in the human body and therefore show considerable promise for the
development of a number of new therapeutic products. BioTime’s
therapeutic and research products include a wide array of proprietary PureStem®
progenitors, HyStem®
hydrogels, culture media, and differentiation kits. BioTime is
developing Renevia™ (a HyStem® product) as a
biocompatible, implantable hyaluronan and collagen-based matrix for cell
delivery in human clinical applications, and is planning to initiate a
pivotal clinical trial around Renevia™, in 2014. In addition,
BioTime has developed Hextend®,
a blood plasma volume expander for use in surgery, emergency trauma
treatment and other applications. Hextend® is
manufactured and distributed in the U.S. by Hospira, Inc. and in South
Korea by CJ HealthCare Corporation, under exclusive licensing agreements.
BioTime is also developing stem cell and other products for research,
therapeutic, and diagnostic use through its subsidiaries:
-
Asterias
Biotherapeutics, Inc. (OTCBB: ASTY) is developing pluripotent
stem-cell based therapies in neurology and oncology, including
AST-OPC1 oligodendrocyte progenitor cells in spinal cord injury,
multiple sclerosis and stroke, and AST-VAC2, an allogeneic dendritic
cell-based cancer vaccine. Asterias trades publicly under the symbol
ASTY.
-
BioTime Asia, Ltd., a Hong Kong company, may offer and sell
products for research use for BioTime’s ESI BIO Division.
-
Cell
Cure Neurosciences Ltd. is an Israel-based biotechnology
company focused on developing stem cell-based therapies for retinal
and neurological disorders, including the development of retinal
pigment epithelial cells for the treatment of macular degeneration,
and treatments for multiple sclerosis.
-
ESI
BIO is the research and product marketing division of BioTime,
providing stem cell researchers with products and technologies to
enable them to translate their work into the clinic, including PureStem®
progenitors and HyStem® hydrogels.
-
LifeMap
Sciences, Inc. markets, sells, and distributes GeneCards®,
the leading human gene database, as part of an integrated database
suite that also includes the LifeMap
Discovery® database of embryonic development, stem
cell research, and regenerative medicine, and MalaCards,
the human disease database.
-
LifeMap
Solutions, Inc. is a subsidiary of LifeMap Sciences focused on
developing mobile health (mHealth) products.
-
OncoCyte
Corporation is developing products and technologies to diagnose and
treat cancer, including PanC-Dx™, with four clinical studies
currently underway.
-
OrthoCyte
Corporation is developing therapies to treat orthopedic disorders,
diseases and injuries.
-
ReCyte
Therapeutics, Inc. is developing therapies to treat a variety
of cardiovascular and related ischemic disorders, as well as products
for research using cell reprogramming technology.
BioTime stock is traded on the NYSE MKT, ticker BTX. For more
information, please visit www.biotimeinc.com
or connect with the company on Twitter,
LinkedIn,
Facebook,
YouTube,
and Google+.
FORWARD-LOOKING STATEMENTS
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for BioTime and its subsidiaries, along with
other statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management constitute forward-looking
statements. Any statements that are not historical fact (including, but
not limited to statements that contain words such as “will,” “believes,”
“plans,” “anticipates,” “expects,” “estimates”) should also be
considered to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks
inherent in the development and/or commercialization of potential
products, uncertainty in the results of clinical trials or regulatory
approvals, need and ability to obtain future capital, and maintenance of
intellectual property rights. Actual results may differ materially from
the results anticipated in these forward-looking statements and as such
should be evaluated together with the many uncertainties that affect the
businesses of BioTime and its subsidiaries, particularly those mentioned
in the cautionary statements found in BioTime's Securities and Exchange
Commission filings. BioTime disclaims any intent or obligation to update
these forward-looking statements.
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Copyright Business Wire 2014