BioTime Announces License Agreement for China and Taiwan.EMERYVILLE, Calif. -- BioTime, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTIM) announced today that it has entered into a license agreement with Summit Pharmaceuticals International Corporation ("Summit") to develop Hextend(R) and PentaLyte(R) in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China and Taiwan. Summit has sublicensed to a pharmaceutical company the right to use our patents, trademarks and other proprietary information to manufacture and market Hextend(R) and PentaLyte(R) in those countries. Summit or its sublicensee must obtain regulatory approval before Hextend(R) and PentaLyte(R) can be brought to the market in China and Taiwan. Summit has agreed to pay BioTime the first milestone payment in the second quarter of 2006 as the initial consideration for the China and Taiwan license. BioTime also will be entitled to receive a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. share of the royalties and milestone payments payable to Summit by its sublicense sub·li·cense n. A license giving rights of production or marketing of products or services to a person or company that is not the primary holder of such rights. tr.v. . "The addition of China and Taiwan is a logical expansion of our product development relationship with Summit, who is co-developing Hextend(R) with Maruishi Pharmaceutical Co., Ltd. in Japan. It is also an important step in our plans for obtaining world wide distribution of our products," said Dr. Jeffrey B. Nickel, BioTime Vice President of Business Development and Marketing. About BioTime, Inc. BioTime, headquartered in Emeryville, California Emeryville is a small city located in Alameda County, California , in the United States. It is located in a corridor between the cities of Berkeley and Oakland, extending to the shore of San Francisco Bay. , develops blood plasma blood plasma n. The yellow or gray-yellow, protein-containing fluid portion of blood in which the blood cells and platelets are normally suspended. volume expanders, blood replacement solutions for hypothermic hy·po·ther·mi·a n. Abnormally low body temperature. [hypo- + Greek therm (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. 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 results of clinical trials of Hextend(R) and PentaLyte(R); competition from products manufactured and sold or being developed by other companies; the price of and demand for Hextend(R) and PentaLyte(R); and the availability of reimbursement for the cost of Hextend(R) and PentaLyte(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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. |
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