AgeX Therapeutics, Inc., an Alameda, CA-based subsidiary of BioTime, Inc. (NYSE MKT: BTX), a clinical-stage biotechnology company focused on developing and commercializing products addressing degenerative diseases, raised $10 in equity financing.
Participants in the financing included:
– IBS Capital LLC,
– KIZOO Technology Capital,
– Jim Mellon,
– John Mauldin, founder of Mauldin Economics, and
– Alfred Kingsley, BioTime’s Chairman.
The company will use the capital for preclinical development at AgeX as well as building operational infrastructure. Following the financing, BioTime continues to own about 87% of AgeX’s outstanding shares. The financing may also lead to a registration and distribution of a to-be-determined percentage of the AgeX shares to BioTime shareholders, after which AgeX would trade as a public company.
Formed in early 2017, AgeX develops BioTime technology relating to cell immortality and regenerative biology by developing products for the treatment of aging and age-related diseases. Initial product development plans include:
– pluripotent stem cell-derived brown adipocytes (AGEX-BAT1);
– vascular progenitors (AGEX-VASC1); and
– induced Tissue Regeneration (iTR).
Initial planned indications for these products are type II diabetes, cardiac ischemia, and cancer, respectively.
BioTime has licensed or assigned to AgeX certain assets related to the development of these and related products and has retained all assets related to its core areas of focus in ophthalmology, orthopedics, medical aesthetics, and drug delivery, including its Renevia and OpRegen products.
In addition to its ownership of AgeX shares, BioTime will retain its ownership in Asterias Biotherapeutics (NYSE MKT: AST) and OncoCyte Corporation (NYSE MKT: OCX). BioTime has assigned to AgeX its ownership of the private subsidiaries LifeMap Sciences, Ascendance Biotechnology, and ReCyte Therapeutics.
BioTime’s Co-Chief Executive Officer, Michael D. West, Ph.D. will serve as AgeX’s Chief Executive Officer.