ALAMEDA, Calif.--(BUSINESS WIRE)--BioTime, Inc. (NYSE MKT and TASE: BTX), a clinical-stage regenerative medicine company with a focus on pluripotent stem cell technology, reported today that its Board of Directors has appointed Adi Mohanty to serve with Michael D. West, PhD, as co-Chief Executive Officer. Mr. Mohanty has served as BioTime's Chief Operating Officer since December 2014. Dr. West will lead BioTime's science, technology development, and intellectual property activities with a particular focus on growing the company's discovery and pre-clinical product development programs. Mr. Mohanty will lead the company's advanced clinical development programs and commercialization strategies, as well as assume leadership of its corporate and administrative activities. The two executives will continue to collaborate closely on major corporate decisions, and both will report to the Board of Directors.
"I am honored the Board of Directors has given me the opportunity to serve alongside Mike West as we lead BioTime with a concerted effort"
Alfred D. Kingsley, Chairman of the Board, noted, "BioTime's Board of Directors has chosen the well utilized co-CEO leadership structure because of the complementary skill sets of Mike West and Adi Mohanty that reflect BioTime's emphases on both laboratory and clinical development of new products. During the past year, Adi has led BioTime's effort to focus on therapeutic development programs while at the same time creating pathways to realize shareholder value for several of the company's subsidiaries. In recognition of the operational momentum he has created at the company and his results to date, the Board felt that now is the time to have Adi join Mike as co-CEO as we transition our products through clinical trials, prepare for commercialization, and continue to evolve the company to build shareholder value. Mike will now be able to concentrate his efforts on continuing BioTime's technological and intellectual property leadership as we advance product candidates for clinical evaluation. I look forward to working with both leaders as we unlock the potential of our BioTime assets and develop products with the potential to offer better treatment options to patients with serious diseases."
"Since he joined us last December, Adi has demonstrated a focus and determination that has generated numerous operational and strategic achievements for BioTime," said Dr. West. "The experience in clinical product development and commercialization that he gained through his years at Baxter and Shire will be valuable as we transition through the next phase of BioTime's development. The appointment of Adi as co-CEO renders him a full partner in the leadership and direction of BioTime. As co-CEO, I will concentrate on deepening our technological leadership and will continue to identify and develop assets that meet our strategic vision and criteria for return on investment. Together, Adi and I expect to maximize BioTime's opportunities."
"I am honored the Board of Directors has given me the opportunity to serve alongside Mike West as we lead BioTime with a concerted effort," said Mr. Mohanty. "Mike's understanding of the scientific, technological, and intellectual property foundations of our industry is unparalleled, and his strategic vision has created the opportunities to successfully develop several products that have near-term potential to generate substantial returns for our shareholders. I look forward to pursuing the clinical development and commercialization of those products and am eager to help shape the corporate strategy of our growing company. Mike has been an excellent partner and mentor to me, and I anticipate an even closer collaboration as co-CEO."
Prior to joining BioTime and particularly during his 11 years at Shire plc, Mr. Mohanty served in various leadership positions of increasing responsibility. At Shire, he most recently served as President, Head of the Regenerative Medicine Business, where he oversaw all aspects of that concern, including sales and marketing, research and development, and manufacturing. Mr. Mohanty led a successful turnaround and divestiture of that division. Prior to that achievement, Mr. Mohanty served as the head of Shire's global franchise portfolio of biologic products for rare diseases, with sales and operations in over 50 countries. Previously, Mr. Mohanty served in management positions at Transkaryotic Therapies, Inc., a development-stage biotherapeutics enterprise that grew to a successful commercial company eventually acquired by Shire. Before joining Transkaryotic Therapies, Mr. Mohanty worked at Baxter Bioscience (now Baxalta), where he held a variety of engineering, manufacturing, and general management positions. He has been involved in the development of several successful products through clinical trials and launch, and in later-stage, life-cycle management of products addressing patient needs in the context of several rare diseases and wound care. Mr. Mohanty holds BS and MS degrees in Chemical Engineering as well as an MBA.
BioTime, Inc., a pioneer in regenerative medicine, is a clinical-stage biotechnology company. BioTime and its subsidiaries are leveraging their industry-leading experience in pluripotent stem cell technology and a broad intellectual property portfolio to facilitate the development and use of cell-based therapies and gene marker-based molecular diagnostics for major diseases and degenerative conditions for which there presently are no cures. The lead clinical programs of BioTime and its subsidiaries include OpRegen®, currently in a Phase I/IIa trial for the treatment of the dry form of age-related macular degeneration; AST-OPC1, currently in a Phase I/IIa trial for spinal cord injuries; Renevia™, currently in a pivotal trial in Europe as an injectable matrix for the engraftment of transplanted cells to treat HIV-related lipoatrophy; and cancer diagnostics, nearing the completion of initial clinical studies for the detection of lung, bladder, and breast cancers. AST-VAC2, a cancer vaccine, is in the pre-clinical trial stage.
BioTime's subsidiaries include the publicly traded Asterias Biotherapeutics, Inc. (NYSE MKT: AST), developing pluripotent stem cell-based therapies in neurology and oncology, including AST-OPC1 and AST-VAC2; Cell Cure Neurosciences Ltd., developing stem cell-based therapies for retinal and neurological disorders, including OpRegen®; OncoCyte Corporation, developing cancer diagnostics; LifeMap Sciences, Inc., developing and marketing an integrated online database resource for biomedical and stem cell research; LifeMap Solutions, Inc., a subsidiary of LifeMap Sciences, developing mobile health (mHealth) products; ES Cell International Pte Ltd, which has developed cGMP-compliant human embryonic stem cell lines that are being marketed by BioTime for research purposes under the ESI BIO branding program; OrthoCyte Corporation, developing therapies to treat orthopedic disorders, diseases, and injuries; and ReCyte Therapeutics, Inc., developing therapies to treat a variety of cardiovascular and related ischemic disorders.
BioTime common stock is traded on the NYSE MKT and TASE under the symbol BTX. For more information, please visit www.biotimeinc.com or connect with the company on Twitter, LinkedIn, Facebook, YouTube, and Google+.
Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for BioTime and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the business of BioTime and its subsidiaries, particularly those mentioned in the cautionary statements found in BioTime's Securities and Exchange Commission filings. BioTime disclaims any intent or obligation to update these forward-looking statements.
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