Message #7 From:
NewsBot Date: December 22, 2005 08:38:00 AM
BTIM News BioTime Raises $1,787,145 in Rights Offer
EMERYVILLE, Calif.--(BUSINESS WIRE)--Dec. 22, 2005--BioTime, Inc. (OTCBB:BTIM) announced the completion of its subscription rights offer which expired at 5:00 p.m. New York time on December 21, 2005. The deadline for submitting subscription certificates and subscription funds under notices for guaranteed delivery is December 27, 2005 at 5:00 p.m. New York time.
BioTime will receive $1,787,145 through the rights offer.
Based upon preliminary results, BioTime received subscriptions for an estimated 1,165,508 Units in the rights offer. The Guarantors will purchase approximately 3,302,354 Units for which subscriptions were not received.
BioTime distributed subscription rights ("Rights") to the holders of its common shares entitling each holder to subscribe for and purchase one "Unit" for every four Rights held. Each Unit consists of one new common share and one warrant to purchase an additional common share. The subscription price for the Units was $0.40 per Unit. Each full warrant will entitle the holder to purchase one common share for $2.00 per share and will expire on October 31, 2010.
BioTime will use proceeds from the sale of Units for a Phase II clinical trial of its new plasma volume expander PentaLyte(R) and for working capital.
BioTime, headquartered in Emeryville, California, develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, organ preservation solutions and technology for use in surgery, emergency trauma treatment, and other applications. Information about BioTime can be found on the web at www.biotimeinc.com.
Forward Looking Statements
The matters discussed in this press release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to changes in economic and market conditions, and changes in the price at which the Company's common shares and warrants trade. Other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
