BioTime Forms BioTime Acquisition Corporation
Subsidiary will seek to acquire assets and businesses in the stem cell and
regenerative medicine fields
ALAMEDA, Calif., Sep 28, 2012 (BUSINESS WIRE) -- --Dr. Thomas Okarma appointed
Chief Executive Officer of the new company
BioTime, Inc. (nyse mkt:BTX), an Alameda-based company engaged in research and
development of innovative new products in the field of regenerative medicine
utilizing stem cells and related technology, announced today that it has formed a
new wholly owned subsidiary, BioTime Acquisition Corporation, to pursue
opportunities and acquire assets and businesses in the fields of stem cells and
regenerative medicine. Thomas Okarma, PhD, MD, will serve as the Chief Executive
Officer and as a member of the board of directors of BioTime's new subsidiary.
Dr. Okarma is the former President and Chief Executive Officer of Geron
Corporation and served on that company's board of directors.
Since 2010, BioTime has expanded the scope of its business through strategic
acquisitions and has been continually exploring other acquisition opportunities
in its fields of interest. BioTime's strategic acquisitions include:
-- ES Cell International Pte Ltd. (ESI), a Singapore company that developed the
first human embryonic stem cells generated under conditions designed to be
compliant with current good manufacturing practices (cGMP). ESI holds significant
intellectual property assets in the stem cell field, including a patent cross
license with Geron Corporation (GERN) providing a non-exclusive, worldwide cross
license to certain patent rights owned by Geron and ESI covering the
differentiation of neural cells from human embryonic stem cells.
-- Cell Cure Neurosciences Ltd., a majority-owned subsidiary of BioTime that is
developing therapeutic products derived from stem cells for the treatment of
retinal and neural degenerative diseases. Cell Cure's lead product is
OpRegen(TM), a retinal cell product for use in the treatment of age-related
macular degeneration.
-- Glycosan BioSystems, Inc., the developer of HyStem(R) hydrogel products, from
which BioTime is developing Renevia(TM) as a biocompatible, implantable
hyaluronan and collagen-based matrix for cell delivery in human clinical
applications. As an injectable product, Renevia(TM) may address an immediate need
in cosmetic and reconstructive surgeries and other procedures by improving the
process of transplanting adipose-derived cells, mesenchymal stem cells, or other
adult stem cells.
-- Cell Targeting, Inc., the developer of peptide-based technologies that may
facilitate directing human cells derived from embryonic stem and induced
pluripotent stem cells to sites in the body where the cells can exert a
therapeutic effect. These technologies are being used by BioTime's subsidiary
OncoCyte Corporation for its research and development related to genetically
modified human embryonic stem cell-derived vascular progenitors designed to
target and destroy malignant tumors.
-- Xennex, Inc., the holder of exclusive worldwide rights to market GeneCards(R),
the leading human gene database, which was acquired by BioTime's subsidiary
LifeMap Sciences, Inc. GeneCards(R) provides concise genomic, transcriptomic,
genetic, proteomic, functional, and disease-related information on all known and
predicted human genes. In addition, LifeMap is currently developing two
additional databases: LifeMap, a database for stem cell biology, and MalaCards, a
disease database. Together, this integrated database suite will provide
state-of-the-art information and research products for the medical research
community.
"Global advances on multiple fronts of stem cell biology have established the
foundation for an integrative business approach to consolidate and translate
these discoveries into products that may revolutionize clinical medicine," said
Thomas Okarma, the new company's CEO. "Living cell therapies can now be scalably
manufactured, efficiently distributed to points of care, and tested in controlled
clinical trials. The goal of regenerative medicine is to go beyond the reach of
pills and scalpels to achieve a new level of healing that may, after a single
administration of therapeutic cells, permanently restore function to tissues and
organs damaged by chronic disease or injury. BioTime Acquisition Corporation
intends to build its business by identifying, consolidating, and commercially
developing the best available cell therapy technologies to realize the potential
of regenerative medicine. Ultimately, the goal is to bring these new therapies to
the many millions of patients who need them."
"The breadth of Dr. Okarma's experience in the field of cell-based therapeutics
is simply spectacular," said Michael D. West, PhD, BioTime's Chief Executive
Officer. "We look forward to working together with him to translate these new
scientific advances into commercial products for the large and growing markets
driven by age-related degenerative diseases."
Dr. Okarma has had a distinguished career as a physician and an innovator and
executive in the biotechnology industry. Dr. Okarma served as Geron's President,
Chief Executive Officer, and as a member of its board of directors from July 1999
until February 2011, after having previously served as that company's Vice
President of Research and Development and Vice President of Cell Therapies. In
1985, Dr. Okarma founded Applied Immune Sciences, Inc. (AIS) and served initially
as its Vice President of Research and Development and subsequently as Chairman
and Chief Executive Officer and as a director until that company was acquired by
Rhone-Poulenc Rorer in 1995. After that acquisition, Dr. Okarma served as a
Senior Vice President at Rhone-Poulenc Rorer until December 1996. From 1980 to
1992, Dr. Okarma was a member of the faculty of the Department of Medicine at
Stanford University School of Medicine. Dr. Okarma holds an AB from Dartmouth
College, an MD and PhD from Stanford University, and is a graduate of the
Executive Education program of the Stanford Graduate School of Business.
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology company focused
on regenerative medicine and blood plasma volume expanders. Its broad platform of
stem cell technologies is enhanced through subsidiaries focused on specific
fields of application. BioTime develops and markets research products in the
fields of stem cells and regenerative medicine, including a wide array of
proprietary ACTCellerate(TM) cell lines, HyStem(R) hydrogels, culture media, and
differentiation kits. BioTime is developing Renevia(TM) (formerly known as
HyStem(R)-Rx), a biocompatible, implantable hyaluronan and collagen-based matrix
for cell delivery in human clinical applications. BioTime's therapeutic product
development strategy is pursued through subsidiaries that focus on specific organ
systems and related diseases for which there is a high unmet medical need.
BioTime's majority owned subsidiary Cell Cure Neurosciences Ltd. is developing
therapeutic products derived from stem cells for the treatment of retinal and
neural degenerative diseases. BioTime's subsidiary OrthoCyte Corporation is
developing therapeutic applications of stem cells to treat orthopedic diseases
and injuries. Another subsidiary, OncoCyte Corporation, focuses on the diagnostic
and therapeutic applications of stem cell technology in cancer, including the
diagnostic product PanC-Dx(TM) currently being developed for the detection of
cancer in blood samples. ReCyte Therapeutics, Inc. is developing applications of
BioTime's proprietary induced pluripotent stem cell technology to reverse the
developmental aging of human cells to treat cardiovascular and blood cell
diseases. BioTime's subsidiary LifeMap Sciences, Inc. markets GeneCards(R), the
leading human gene database, and is developing an integrated database suite to
complement GeneCards(R) that will also include the LifeMap(TM) database of
embryonic development, stem cell research and regenerative medicine, and
MalaCards, the human disease database. LifeMap will also market BioTime research
products. BioTime's lead product, Hextend(R), is a blood plasma volume expander
manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by
CJ CheilJedang Corporation under exclusive licensing agreements. Additional
information about BioTime can be found on the web at biotimeinc.com. |
