EMERYVILLE, Calif. - (Business Wire) BioTime, Inc. (OTCBB:BTIM) today announced that The Life Extension Foundation has joined a group of lenders providing a revolving line of credit to BioTime.
“We at Life Extension Foundation are pleased to help finance BioTime’s entry into the filed of regenerative medicine. We believe that one of the most important applications of embryonic stem cell technology is the slowing and reversing of aging and age-related disease. BioTime has, in Dr. Michael West, a leader in stem cell technology, and we are enthusiastic in our support of his new efforts to create new tools that may speed the development of life-saving therapies for an aging population,” said Saul Kent, Director of The Life Extension Foundation.
Regenerative medicine is based on the discovery of human embryonic stem cells, which have the potential to produce any human cell type. These stem cells may be used in the treatment of a host of degenerative diseases by rebuilding cell and tissue functions. BioTime has recently entered the field of regenerative medicine through its wholly owned subsidiary Embryome Sciences, Inc. which plans to develop new products for use in stem cell research. BioTime has licensed from Wisconsin Alumni Research Foundation (WARF) certain patents relating to human embryonic stem cell technology for use in the development of new research products. The validity of three of those patents were recently upheld by the United States Patent and Trademark Office.
Dr. Michael West, BioTime’s Chief Executive Officer, said, “We deeply respect the efforts of Life Extension Foundation to advance medical technologies that could extend human healthspan and lifespan. We look forward to our collaboration in rebuilding the aged human body through the emerging science of regenerative medicine.”
The Life Extension Foundation is a nonprofit organization that markets a wide variety of natural hormones, dietary supplements and prescription drugs intended to help people live in health, youth and vigor for longer periods of time. The Life Extension Foundation is seeking methods to slow aging and prevent disease, and to uncover potential therapies to treat the degenerative diseases of aging such as Alzheimer's and Parkinson's disease, cancer, stroke, and macular degeneration.
BioTime received the initial funds from The Life Extension Foundation under an amendment of a Revolving Line of Credit Agreement (the “Credit Agreement”) that increases the amount of BioTime’s line of credit by $100,000. The total line of credit is now $1,100,000. Additional information about the amendment can be found in BioTime’s Form 8-K filed March 10, 2008.
About BioTime, Inc.
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. BioTime’s lead product Hextend is manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ Corp. under exclusive licensing agreements. BioTime has recently entered the field of regenerative medicine through its wholly owned subsidiary Embryome Sciences, Inc. where it plans to develop new medical and research products using embryonic stem cell technology. Additional 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 the success of BioTime in developing new stem cell products and technologies; results of clinical trials of BioTime products; the ability of BioTime and its licensees to obtain additional FDA and foreign regulatory approval to market BioTime products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime products, and the ability of BioTime to raise the capital needed to finance its current and planned operations. Other factors that could affect BioTime’s operations and financial condition are discussed in BioTime’s Annual Report on Form 10-KSB filed with the Securities and Exchange Commission.
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BioTime, Inc.
Judith Segall, 510-350-2940
