BioTime, Inc. (NYSE MKT:BTX) and its subsidiary OncoCyte Corporation
today announced that OncoCyte has received a new round of financing to
fund further development and commercialization activities for its cancer
diagnostic products. With completion of the financing, which included a
cash investment of $3.3 million and conversion of $3.3 million of
existing debt into equity, OncoCyte has approximately $7 million in cash
and marketable securities, which should be sufficient to fund current
operations into early 2016. Proceeds from this transaction will be used
to fund activities associated with the research, clinical development
and commercialization of OncoCyte’s proprietary PanC-Dx™ cancer
diagnostic tests. All of OncoCyte’s existing shareholders participated
in the financing round.
“With this round of financing, OncoCyte is well positioned to prepare
for commercialization of our cancer diagnostic products,” said Joseph
Wagner, Ph.D., Chief Executive Officer of OncoCyte. “As we complete
analysis of the initial clinical data from our studies in lung, bladder,
and breast cancer, we plan on collecting additional clinical validation
data for our tests, solidifying the commercialization paths for each
product, identifying our lead test for launch, and developing a
longer-term financing strategy. On behalf of OncoCyte, I thank our
dedicated investors for their continued support.”
PanC-Dx™ is a class of non-invasive cancer diagnostics based on
OncoCyte’s proprietary set of cancer markers, which were discovered by
company scientists through an analysis of broad gene expression patterns
in numerous cancer types. OncoCyte is currently sponsoring three
clinical studies of PanC-DxTM in bladder, breast, and
lung cancer. Interim data from the bladder and breast cancer studies
were presented in April at the annual meeting of the American
Association of Cancer Research. Data from the lung cancer study will be
presented at the upcoming annual meeting of the American Thoracic
Society Annual Meeting on May 19 in Denver, Colorado. Final data from
all three studies are expected to be presented by the end of 2015.
About OncoCyte Corporation
OncoCyte, a majority-owned subsidiary of BioTime, Inc., is developing
novel products for the diagnosis and treatment of cancer in order to
improve the quality and length of life of cancer patients. Based on
large unmet need, market size, and data generated thus far from patient
sample screening, OncoCyte is initially focusing its efforts on
developing PanC-Dx™ diagnostic products for use in detecting
breast, bladder, and lung cancers. PanC-Dx™ is a class of
non-invasive cancer diagnostics based on a proprietary set of cancer
markers characterized, in part, by broad gene expression patterns in
numerous cancer types. The PanC-Dx™ biomarkers were discovered as
a result of ongoing research within OncoCyte and BioTime on the gene
expression patterns associated with embryonic development. This research
has demonstrated that many of the same genes associated with normal
growth during embryonic development are abnormally reactivated by cancer
cells. These genes regulate such diverse processes as cell
proliferation, cell migration and blood vessel formation. Many of these
genes have not been previously associated with cancer. Moreover,
expression of a large subset of these genes is conserved across numerous
cancer types (e.g. cancers of the breast, colon, ovaries, etc.),
suggesting these genes may control fundamental processes during cancer
growth and progression. In addition to their potential value in
developing diagnostic biomarkers, an understanding of the pattern of
expression of these genes may also enable the development of powerful
new cancer therapeutics that target rapidly proliferating cancer cells.
About BioTime
BioTime, Inc., a pioneer in regenerative medicine, is a clinical-stage
biotechnology company. BioTime and its subsidiaries are leveraging their
industry-leading experience in pluripotent stem cell technology and a
broad intellectual property portfolio to facilitate the development and
use of cell-based therapies and gene marker-based molecular diagnostics
for major diseases and degenerative conditions for which there presently
are no cures. The lead clinical programs of BioTime and its subsidiaries
include OpRegen®, currently in a Phase I/IIa trial for
the treatment of the dry form of age-related macular degeneration; AST-OPC1,
currently in a Phase I/IIa trial for spinal cord injuries; Renevia™,
currently in a pivotal trial in Europe as an injectable matrix for the
engraftment of transplanted cells to treat HIV-related lipoatrophy; and PanC-Dx™
cancer diagnostics, nearing the completion of initial clinical studies
for the detection of bladder, breast, and lung cancers. AST-VAC2,
a cancer vaccine, is in the pre-clinical trial stage.
BioTime’s subsidiaries include the publicly traded Asterias
Biotherapeutics, Inc. (NYSE MKT: AST), developing pluripotent stem
cell-based therapies in neurology and oncology, including AST-OPC1
and AST-VAC2; Cell Cure Neurosciences Ltd., developing stem
cell-based therapies for retinal and neurological disorders, including OpRegen®;
OncoCyte Corporation, developing PanC-Dx™ cancer diagnostics;
LifeMap Sciences, Inc., developing and marketing an integrated on-line
database resource for biomedical and stem cell research; LifeMap
Solutions, Inc., a subsidiary of LifeMap Sciences, developing mobile
health (mHealth) products; ES Cell International Pte Ltd, which has
developed cGMP-compliant human embryonic stem cell lines that are being
marketed by BioTime for research purposes under the ESI BIO branding
program; OrthoCyte Corporation, developing therapies to treat orthopedic
disorders, diseases and injuries; and ReCyte Therapeutics, Inc.,
developing therapies to treat a variety of cardiovascular and related
ischemic disorders.
BioTime common stock is traded on the NYSE MKT under the symbol BTX. For
more information, please visit www.biotimeinc.com
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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
business 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 2015