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BioTime plans to raise up to $2.68 million in rights offering
New York, Sept. 1 - BioTime, Inc. said it is planning a rights offering to raise up to $2.68 million.
The Emeryville, Calif., company will distribute subscription rights to its stock holders entitling them to buy one unit for every right. Each unit will be made up of one new common share and one warrant for a further share, exercisable at $2.00 per share through 2010.
The subscription price for the units is $0.50.
Shareholders who fully exercise their rights will be entitled to buy any units not acquired by other holders.
There is also a greenshoe for a further 1,787,145 rights.
If the over-allotment option is exercised, BioTime will raise $2.68 million.
No record date for the rights offering has been set so far and the rights will not be distributed until a registration statement has been filed with the Securities and Exchange Commission and has become effective, BioTime said.
The rights will be tradable.
A group of private investors has agreed to backstop the offering, excluding the over-subscription units.
Proceeds will be used for working capital needed for the company's on-going clinical trials of its second plasma volume expander, PentaLyte, and for general operating expenses.
BioTime said it is also considering "a number of opportunities" to enter new fields of research for the development of medical products. Some of the proceeds may be used for that research and development.
BioTime stock closed at $0.50 Thursday.
BioTime 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.
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