BioTime raises $1.79 million in rights offering

New York, Dec. 22 - BioTime, Inc. said it raised $1.787 million in its rights offering.

Based on preliminary results, BioTime received subscriptions for 1,165,508 units. The guarantors for the offering will buy the remaining 3,302,354 units.

The offer ended at 5 p.m. ET on Dec. 21.

The Emeryville, Calif., company will use proceeds for working capital needed for the company's on-going clinical trials of its second plasma volume expander, PentaLyte, and for general operating expenses.

Completion follows an amendment in which the company lowered the price and increased the number of units.

Shareholders were able to buy one unit for every four rights held at a price of $0.40. Previously the company was offering one unit for every five rights at $0.50.

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.

A group of private investors agreed to backstop the offering, excluding the over-subscription units, at a commitment of $1,787,145.

BioTime stock closed at $0.20 Thursday, down from $0.50 on Sept. 1 when the rights offering was announced.

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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