BioTime, a developer of regenerative medicine therapies, said yesterday it plans to launch a public offering of common stock.
The company’s announcement offered no details on how many shares BioTime plans to offer or at what price.
However, in a regulatory filing yesterday, BioTime disclosed: “One of our significant stockholders has indicated an interest in purchasing up to an aggregate of $6 million in shares of our common stock in this offering at the offering price.”
“However, because indications of interest are not binding agreements or commitments to purchase, the underwriters may determine to sell more, less, or no shares in this offering to this stockholder, or the stockholder may determine to purchase more, less, or no shares in this offering,” the company added.
BioTime develops therapies based on its core pluripotent stem cells, PureStem® progenitor cells, and HyStem® biomaterial platform. In a May 2 note to investors, the company said its near-term strategy would focus on unlocking value for shareholders, simplifying its structure to focus resources on therapeutic programs with the greatest potential value and fastest time to market, and advancing key programs such as Renevia® and OpRegen® through clinical trials.
Renevia—which combines HyStem with the patient’s own adipose cells—is in a pivotal clinical trial in Europe to assess its efficacy in delivering and engrafting transplanted cells to treat human immunodeficiency virus (HIV)-related facial lipoatrophy. OpRegen is designed to treat dry age-related macular degeneration by integrating new retinal pigment epithelial (RPE) cells into the subretinal space to replace missing RPE cells.
On June 9 at its annual meeting, shareholders approved an increase in BioTime’s authorized number of common shares from 125 million to 150 million. The company had 90,489,133 common shares outstanding and eligible to vote at the annual meeting as of April 27, the record date for determining shareholders entitled to vote at the meeting.
Shares of BioTime fell nearly 7% in after-hours trading this morning as of 8:13 a.m. ET, from yesterday’s closing price of $2.60 to $2.42.
Oppenheimer & Co. Inc. is acting as sole book-running manager for the offering.