ALAMEDA, Calif.--(BUSINESS WIRE)--  
    BioTime, Inc. (NYSE MKT: BTX) and its recently formed    subsidiary BioTime Acquisition Corporation (BAC) jointly    announced today that they have entered into a non-binding    letter of intent (LOI) with Geron Corporation. The LOI contains    broad terms of a potential transaction through which Geron    would contribute to BAC its intellectual property and other    assets related to Gerons discontinued human embryonic stem    cell programs. BioTime would contribute to BAC $5 million in    cash, $30 million of BioTime common shares, warrants to    purchase eight (8) million common shares of BioTime at a    pre-specified price, rights to use certain human embryonic stem    cell lines, and minority stakes in two of BioTimes    subsidiaries. In addition, a private investor would invest $5    million in cash in BAC.  
    Following consummation of the potential transaction, Geron    stockholders would receive shares representing 21.4% of the    common stock of BAC as well as warrants to purchase 8 million    shares of BioTime common stock at a pre-specified price.    BioTime would own approximately 71.6%, and a private investor    would own approximately 7.0% of the outstanding BAC common    stock for their $5 million investment. BioTime would also    receive warrants that would enable it to increase its ownership    in BAC by approximately 2%, which would reduce the Geron    stockholders ownership in BAC to 19.2%. BAC would also be    committed to pay to Geron royalties on the sale of products    that are commercialized in reliance upon Geron patents acquired    by BAC.  
    The LOI is not a binding agreement to complete the transaction.    Consummation of the transaction is necessarily subject to    entering into a definitive agreement between the parties    containing terms and conditions yet to be negotiated.  
    Kaye Scholer LLP and Thompson, Welch, Soroko & Gilbert LLP    are acting as legal counsel to BioTime in connection with the    acquisition of Gerons stem cell assets.  
    About BioTime, Inc.  
    BioTime, headquartered in Alameda, California, is a    biotechnology company focused on regenerative medicine and    blood plasma volume expanders. Its broad platform of stem cell    technologies is enhanced through subsidiaries focused on    specific fields of application. BioTime develops and markets    research products in the fields of stem cells and regenerative    medicine, including a wide array of proprietary    ACTCellerate cell lines, HyStem    hydrogels, culture media, and differentiation kits. BioTime is    developing Renevia (formerly known as    HyStem-Rx), a biocompatible,    implantable hyaluronan and collagen-based matrix for cell    delivery in human clinical applications. BioTime's therapeutic    product development strategy is pursued through subsidiaries    that focus on specific organ systems and related diseases for    which there is a high unmet medical need. BioTime's majority    owned subsidiary Cell Cure Neurosciences Ltd. is developing    therapeutic products derived from stem cells for the treatment    of retinal and neural degenerative diseases. BioTime's    subsidiary OrthoCyte Corporation is developing therapeutic    applications of stem cells to treat orthopedic diseases and    injuries. Another subsidiary, OncoCyte Corporation, focuses on    the diagnostic and therapeutic applications of stem cell    technology in cancer, including the diagnostic product    PanC-Dx currently being developed for the detection of    cancer in blood samples. ReCyte Therapeutics, Inc. is    developing applications of BioTime's proprietary induced    pluripotent stem cell technology to reverse the developmental    aging of human cells to treat cardiovascular and blood cell    diseases. BioTime's subsidiary LifeMap Sciences, Inc. markets    GeneCards, the leading human gene database,    and is developing an integrated database suite to complement    GeneCards that will also include the    LifeMap database of embryonic development, stem cell    research and regenerative medicine, and MalaCards, the    human disease database. LifeMap will also market BioTime    research products. BioTime's lead product,    Hextend, is a blood plasma volume expander    manufactured and distributed in the U.S. by Hospira, Inc. and    in South Korea by CJ CheilJedang Corporation under exclusive    licensing agreements. Additional information about BioTime can    be found on the web at     http://www.biotimeinc.com.  
    About BioTime Acquisition Corporation  
    BioTime Acquisition Corporation is a newly formed wholly owned    subsidiary of BioTime, Inc., through which BioTime plans to    pursue opportunities and acquire assets and businesses in the    fields of stem cells and regenerative medicine.  
    This communication is not an offer to sell any securities or    a solicitation of any vote or approval and BioTime and BAC are    not offering to sell, or soliciting an offer to buy, any    securities in any state where the offer or sale is not    permitted.  
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BioTime Announces Non-Binding Letter of Intent with Geron Regarding Stem Cell Assets