BioTime (NYSE Amex:BTIM), Completes Acquisition of ES Cell International
BioTime (BTIM) has acquired all of the outstanding shares and debt instruments of ESI. Through transactions with ESI’s former shareholders and debt holders, ESI has no significant liabilities to third parties and BTIM has no new debt obligations of its own as a result of this acquisition.
In exchange for all of ESI’s shares and debt, BTIM issued to ESI’s former shareholders and debt holders 1,383,400 BTIM common shares and warrants to purchase an additional 300,000 common shares at an exercise price of $10 per share. The warrants issued in the acquisition will expire 4 years after the date of issue.
The acquired (ESI’s) intellectual patent (IP) portfolio includes 20 patent families covering various aspects of hES cell identification, propagation, genetic manipulation, storage, and directed differentiation of hES cells into other cell types (for example differentiating cells into neuronal progenitors, pancreatic progenitors, or cardiomyocytes). ESI currently holds or licenses from others more than 50 issued patents in various countries, including the US, the UK, Australia, Israel and Singapore. BTIM expects that its aquired IP portfolio’s value will create significant licensing revenue opportunities.
ESI also holds over 49% of the shares of Cell Cure Neurosciences, an Israel based biotechnology company focused on developing stem cell-based therapies for retinal and neurological disorders, including the development of retinal pigment epithelial cells for the treatment of dry age-related macular degeneration. The other shareholders of Cell Cure are Hadasit BioHoldings and Teva Pharmaceutical Industries.
