BTIM News BioTime Announces Sublicense Arrangement for Japan With Maruishi Pharmaceutical Co., Ltd.
EMERYVILLE, Calif.--(BUSINESS WIRE)--Dec. 20, 2005--BioTime, Inc. (OTCBB:BTIM) announced today that it has entered into an addendum to its agreement with Summit Pharmaceuticals International Corporation to develop Hextend(R) and PentaLyte(R) for the Japanese market. The addendum grants Summit the licenses required to permit Summit to implement an agreement with Maruishi Pharmaceutical Co., Ltd., to seek regulatory approval and to manufacture and market Hextend(R) in Japan. Summit will also participate in the regulatory approval process and will have the right to manufacture and market Hextend(R) in Japan if regulatory approval is obtained.
Under its joint-development agreement with Summit, BioTime will be entitled to receive its pro rata share of the royalties and milestone payments payable by Maruishi through Summit. If Summit sells Hextend(R), BioTime will also be entitled to receive its pro rata share of Summit's net sales revenues.
During October 2005, BioTime received its pro rata share of its first milestone payment from Maruishi through Summit. Additional milestone payments, of which BioTime will receive its pro rata share, are payable by Maruishi when a new drug application for Hextend(R) is filed in Japan and when the new drug application is approved. The filing of a new drug application will not be done until clinical trials are completed, which could take several years.
Founded in 1888 and headquartered in Osaka, Maruishi Pharmaceutical Co. develops and sells a variety of pharmaceutical products, particularly anesthetics and disinfectants. Information about Maruishi can be found on the web at www.maruishi-pharm.co.jp.
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.
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 the results of clinical trials of Hextend(R), the ability of Summit and Maruishi to obtain foreign regulatory approval to market Hextend(R); competition from products manufactured and sold or being developed by other companies; the price of and demand for Hextend(R); and the availability of reimbursement for the cost of Hextend(R) and related treatment from government health administration authorities, private health coverage insurers and other organizations. These and other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
