"We believe that the dual listing on the TASE will help us to open a new access point for our shares in the Israeli market that is becoming a center for biomed and emerging technology companies," said Michael D. West, Ph.D., CEO of BioTime. "The new listing also offers an opportunity to expand and diversify our shareholder base by increasing our exposure and improving our accessibility to Israeli investors."
TASE CEO, Yossi Beinart said, "We welcome BioTime to the Tel Aviv Stock Exchange Dual Listing, and believe that this is a recognition of the Biomed sector's special position at the Tel Aviv Stock Exchange. BioTime joins a group of 46 cross-listed companies entitling them to significant benefits including, added exposure among Israeli investors, extension of the trading day, investment by Exchange Traded Product vendors, and easy access to institutional and retail investors as well as to global growth companies."
BioTime considers this listing a natural extension of its long-standing relationship with the Israeli biotechnology industry, including its two Israeli subsidiaries Cell Cure Neurosciences Ltd. ("Cell Cure") of Jerusalem and LifeMap Sciences Ltd. of Tel Aviv which has benefited from a rewarding relationship with the Weizmann Institute of Science.
In conjunction with the Hadassah Human Embryonic Stem Cell Research Center at Hadassah University Medical Center, BioTime's Jerusalem-based subsidiary Cell Cure is currently conducting a Phase I/IIa clinical trial of its lead product OpRegen®, the first cell therapy product derived from human embryonic stem cells (ESCs) ever to undergo clinical testing in Israel. Utilizing retinal pigment epithelial (RPE) cells derived from ESCs, the OpRegen® trial is targeting the dry form of age-related macular degeneration (AMD). AMD is the number one cause of blindness in the elderly in the developed world. The clinical trial is being funded in part by a grant from the Office of the Chief Scientist (OCS).
BioTime's shares will continue to be listed on the NYSE MKT, subject to the rules and regulations of the NYSE MKT applicable to listed companies. Under Israel's Dual Listing Law, U.S.-listed companies may also list on the TASE without any additional regulatory requirements. Investors should note that the trading on the TASE occurs Sunday through Thursday from 8:30 am to 4:30 pm Israel time, except on TASE trading holidays, and trading on the NYSE MKT occurs Monday through Friday, 9:30 am to 4:00 pm Eastern Time, except on NYSE holidays. The TASE Clearing House is electronically linked to the Depository Trust Company, a subsidiary of the Depository Trust & Clearing Corporation, to automate the cross-border settlement of shares listed on both the TASE and a U.S. Exchange.
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., 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 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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