BioTime, Inc. (NYSE MKT and TASE: BTX), a clinical-stage regenerative
medicine company with a focus on pluripotent stem cell technology,
reported today that its Board of Directors has appointed Adi Mohanty to
serve with Michael D. West, PhD, as co-Chief Executive Officer. Mr.
Mohanty has served as BioTime’s Chief Operating Officer since December
2014. Dr. West will lead BioTime’s science, technology development, and
intellectual property activities with a particular focus on growing the
company’s discovery and pre-clinical product development programs. Mr.
Mohanty will lead the company’s advanced clinical development programs
and commercialization strategies, as well as assume leadership of its
corporate and administrative activities. The two executives will
continue to collaborate closely on major corporate decisions, and both
will report to the Board of Directors.
Alfred D. Kingsley, Chairman of the Board, noted, “BioTime’s Board of
Directors has chosen the well utilized co-CEO leadership structure
because of the complementary skill sets of Mike West and Adi Mohanty
that reflect BioTime’s emphases on both laboratory and clinical
development of new products. During the past year, Adi has led BioTime’s
effort to focus on therapeutic development programs while at the same
time creating pathways to realize shareholder value for several of the
company’s subsidiaries. In recognition of the operational momentum he
has created at the company and his results to date, the Board felt that
now is the time to have Adi join Mike as co-CEO as we transition our
products through clinical trials, prepare for commercialization, and
continue to evolve the company to build shareholder value. Mike will now
be able to concentrate his efforts on continuing BioTime’s technological
and intellectual property leadership as we advance product candidates
for clinical evaluation. I look forward to working with both leaders as
we unlock the potential of our BioTime assets and develop products with
the potential to offer better treatment options to patients with serious
diseases.”
“Since he joined us last December, Adi has demonstrated a focus and
determination that has generated numerous operational and strategic
achievements for BioTime,” said Dr. West. “The experience in clinical
product development and commercialization that he gained through his
years at Baxter and Shire will be valuable as we transition through the
next phase of BioTime’s development. The appointment of Adi as co-CEO
renders him a full partner in the leadership and direction of BioTime.
As co-CEO, I will concentrate on deepening our technological leadership
and will continue to identify and develop assets that meet our strategic
vision and criteria for return on investment. Together, Adi and I expect
to maximize BioTime’s opportunities.”
“I am honored the Board of Directors has given me the opportunity to
serve alongside Mike West as we lead BioTime with a concerted effort,”
said Mr. Mohanty. “Mike’s understanding of the scientific,
technological, and intellectual property foundations of our industry is
unparalleled, and his strategic vision has created the opportunities to
successfully develop several products that have near-term potential to
generate substantial returns for our shareholders. I look forward to
pursuing the clinical development and commercialization of those
products and am eager to help shape the corporate strategy of our
growing company. Mike has been an excellent partner and mentor to me,
and I anticipate an even closer collaboration as co-CEO.”
Prior to joining BioTime and particularly during his 11 years at Shire
plc, Mr. Mohanty served in various leadership positions of increasing
responsibility. At Shire, he most recently served as President, Head of
the Regenerative Medicine Business, where he oversaw all aspects of that
concern, including sales and marketing, research and development, and
manufacturing. Mr. Mohanty led a successful turnaround and divestiture
of that division. Prior to that achievement, Mr. Mohanty served as the
head of Shire’s global franchise portfolio of biologic products for rare
diseases, with sales and operations in over 50 countries. Previously,
Mr. Mohanty served in management positions at Transkaryotic Therapies,
Inc., a development-stage biotherapeutics enterprise that grew to a
successful commercial company eventually acquired by Shire. Before
joining Transkaryotic Therapies, Mr. Mohanty worked at Baxter Bioscience
(now Baxalta), where he held a variety of engineering, manufacturing,
and general management positions. He has been involved in the
development of several successful products through clinical trials and
launch, and in later-stage, life-cycle management of products addressing
patient needs in the context of several rare diseases and wound care.
Mr. Mohanty holds BS and MS degrees in Chemical Engineering as well as
an MBA.
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
cancer diagnostics, nearing the completion of initial clinical studies
for the detection of lung, bladder, and breast 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 cancer diagnostics; LifeMap Sciences,
Inc., developing and marketing an integrated online 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 and TASE under the symbol
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
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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