BioTime Raises $1,787,145 in Rights Offer.EMERYVILLE, Calif. -- BioTime, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTIM) announced the 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 December 21, 2005. The deadline for submitting subscription certificates and subscription funds under notices for guaranteed delivery is December 27, 2005 at 5:00 p.m. New York time. BioTime will receive $1,787,145 through the rights offer. Based upon preliminary results, BioTime received subscriptions for an estimated 1,165,508 Units in the rights offer. The Guarantors will purchase approximately 3,302,354 Units for which subscriptions were not received. BioTime distributed subscription rights ("Rights") to the holders of its common shares entitling each holder to subscribe for and purchase one "Unit" for every four Rights held. Each Unit consists of one new common share and one warrant to purchase an additional common share. The subscription price for the Units was $0.40 per Unit. Each full warrant will entitle the holder to purchase one common share for $2.00 per share and will expire on October 31, 2010. BioTime will use proceeds from the sale of Units for a Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II of its new plasma volume expander PentaLyte(R) and for working capital. 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 changes in economic and market conditions, and changes in the price at which the Company's common shares and warrants trade. 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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