BioTime Completes Rights Offer; Announces That Rights Offer Was Heavily Oversubscribed.Business Editors/Health/Medical Writers BIOWIRE2K BERKELEY, Calif.--(BUSINESS WIRE)--Jan. 22, 2004 BioTime, Inc. (AMEX AMEX See: American Stock Exchange :BTX (Balanced Technology EXtended) A motherboard design from Intel introduced in 2004 that supersedes the ATX. Unlike the ATX, the placement of all chip sockets in the BTX is defined in order to provide sufficient air flow over the processor and display adapter. ) announced the successful completion of its subscription rights offer which expired at 5:00 p.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time on January 21, 2004. The deadline for submitting subscription certificates and subscription funds under notices for guaranteed delivery is January 26, 2004 at 5:00 p.m. New York time. BioTime will receive $3,584,424 through the rights offer, which was heavily over-subscribed. BioTime may also receive up to an additional $750,000 through the offer of 428,571 additional Units to certain persons who acted as Guarantors of the rights offer. In addition, certain holders of BioTime debentures have agreed to exchange $1,500,000 of debentures for Units if all of the Units offered to the Guarantors are sold. BioTime received subscriptions, including over-subscriptions, for an estimated 2,932,638 Units in the rights offer. However, only 2,560,303 Units are available to fill subscriptions, including over-subscriptions. Shareholders who properly exercised the over-subscription privilege will be allocated over-subscription Units based upon the ratio of the number of Rights issued to them. BioTime distributed subscription rights ("Rights") to the holders of its common shares entitling each holder to subscribe for and purchase one "Unit" for every eight Rights held. Each Unit consists of one new common share and one-half of a warrant to purchase an additional common share. The subscription price for the Units was $1.40 per Unit. Each full warrant will entitle the holder to purchase one common share for $2.00 per share and will expire on January 14, 2007. BioTime expects the warrants issued as part of the Units to begin trading on a when issued basis on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol BTX.WS on Monday, January 26, 2004, and to trade on a regular way basis beginning on or about Wednesday, January 28, 2004. BioTime will use proceeds from the sale of Units to conduct clinical trials of its new plasma volume expander PentaLyte(R), for working capital, and to repay the balance of its outstanding debentures, thereby eliminating its debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. indebtedness. BioTime, headquartered in Berkeley, California Berkeley is a city on the east shore of San Francisco Bay in Northern California, in the United States. Its neighbors to the south are the cities of Oakland and Emeryville. To the north is the city of Albany and the unincorporated community of Kensington. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 changes in economic and market conditions, changes in the price at which the Company's common shares and warrants trade, and the need to meet the American Stock Exchange's continued listing standards. Other risk factors are discussed in BioTime's Annual Report on Form 10-K/A-1 filed with the Securities and Exchange Commission. |
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