BioTime (BTX) Investor Update Call (Transcript)

| About: BioTime, Inc (BTX)

BioTime, Inc. (NYSEMKT:BTX)

Investor Update Call

March 31, 2016 04:30 PM ET

Executives

Dan Lawrence - Director of IR and Corporate Communications

Adi Mohanty - Co-CEO

Michael West - Co-CEO

Russell Skibsted - CFO

Oscar Cuzzani - VP of Clinical Development

Analysts

Keay Nakae - Chardan

Rohit Vanjani - Oppenheimer

Bruce Jackson - Lake Street Capital Markets

Patrick Lin - Primarius Capital

Operator

Good day, ladies and gentlemen, welcome to the BioTime 2015 Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I will now introduce your host for today's conference, Dan Lawrence, BioTime’s Director of Investor Relations and Corporate Communications. Dan, please go ahead.

Dan Lawrence

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for BioTime's investor conference call and webcast. There will be a taped replay of this call and will be available approximately two hours after the call’s conclusion and will remain available for seven days. The operator will provide the replay instructions at the end of today's call.

With us today on the call are members of BioTime's management team including Co-Chief Executive Officers Adi Mohanty and Dr. Michael West; our Chief Financial Officer, Russell Skibsted; and our recently appointed Vice President of Clinical Development, Dr. Oscar Cuzzani. Adi, Dr. West and Russell will make some prepared remarks and then we will take some questions at the end of the call.

Before we get started, we would like to remind you that during the course of this conference call, the company will make some projections and forward-looking statements regarding future events. We encourage you to review the company's past and future filings with the SEC, including, without limitation to the company's forms 10-K and 10-Q which identify the specific factors that may cause actual results or events to differ materially from those described in these forward-looking statements. These factors may include, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials, or regulatory approval need, also the ability to obtain future capital, and maintenance of intellectual property right.

And with that, I'd like to turn the call over to Adi Mohanty, Co-Chief Executive Officer of BioTime.

Adi Mohanty

Thanks, Dan, and good afternoon everyone. Thank you for joining us this afternoon. Let’s get started. 2015 was an important year for BioTime. We accelerated our evolution from a research focused to clinical focused biotech company. We are developing novel regenerative therapies that leverage our core PureStem pluripotent stem cells and HyStem biomaterial platforms. We believe we have the leading pluripotent stem cell technology platform, as well as the best cell delivery platform for therapeutics and medical aesthetics.

Together, our board and management are focused on achieving three primary objectives to drive increased shareholder returns. First, clinical progress. A development stage biotech company's value is created when promising product candidates make progress in human clinical trial. Each successful step removes the risk and brings the product candidate closer to commercialization. So, for us, advancing key programs like Renevia and OpRegen through clinical trials is critically important. Second, simplification. We are working to simply BioTime’s structure as we focus our operations and resources on therapeutic programs with the greatest potential value and fastest time-to-market. And third, unlocking value. We demonstrated our ability to unlock value with the spinout of OncoCyte. As we focus on core assets, we are also working with our non-core assets and subsidiaries to further create value for our shareholders.

In order to capitalize on our potential, we have evolved the leadership of the BioTime family of companies by adding talent and experienced executives to the management teams and various boards. At BioTime, we appointed Russell Skibsted as our Chief Financial Officer. Russell is a biotech industry veteran with substantial equity markets experience. He has been the CFO of successful public and private biopharma and diagnostic companies.

To lead BioTime’s clinical programs, we also recruited Dr. Oscar Cuzzani, M.D., PhD as our Vice President of Clinical Development. Oscar has more than 30 years of experience as a physician and in clinical development. He has a great deal of expertise in ophthalmology and medical aesthetics. Oscar’s experience includes some of the world's best ophthalmology research organizations like the National Eye institute and the Bascom Palmer Eye Institute. His industry experience includes leadership positions at AbbVie and Allergan.

At our subsidiary Asterias Biotherapeutics, Steve Cartt was recently appointed President and CEO and Don Bailey was named Chairman of the Board. Both Steve and Don are highly respected pharmaceutical industry veterans. They created significant shareholder value during the seven years as they led Questcor Pharmaceuticals before selling it to Mallinckrod for $5.8 billion.

In 2014, Bill Annett was appointed as CEO of OncoCyte. Bill previously served as Chief Executive Officer of seven companies. He brings to OncoCyte extensive commercialization experience within the biotech and diagnostics industry, including seven years at Genentech. As you may know, I spent the last seven years with Shire. Another successful biopharma company has been Angus Russell who was the CEO of Shire and is currently a Director of BioTime.

The new executives and directors have played an important role in advancing our company to its current clinical focus. These are examples of a few additions to our leadership team and I encourage you to look at our website to learn more about the very talented team we are assembling.

Now let me tell you about our progress on three main objectives starting with the first clinical progress. BioTime and Asterias now have four therapeutic product candidates in human clinical trials. Renevia is in a pivotal clinical trial in Europe to assess its efficacy in HIV related patient lipoatrophy. Renevia consists of our cell delivery matrix HyStem combined with the patient's own adipose cells. It provides the support structure for delivery and retention of cells at the site of transplant that could lead to better outcomes by enabling higher cell survival and engraftment.

The efficacy measures of the trial include changes in thickness, 3D biometric change and aesthetic scores that include patient reported outcome. The trial continues to enroll as planned. We expect to complete patient enrollment by the second half of 2016 with top line efficacy data in early 2017 leading to an expected CE Mark filing in the first half of 2017. To-date, there have been no reported safety concerns with Renevia or the transplant injection.

There are about 350,000 people in Europe with HIV related lipoatrophy and we look forward to making Renevia available to these patients next year. More importantly, though, we consider this product to be a gateway trial that could serve as the basis for studying Renevia in medical aesthetic uses such as age-related and trauma-related facial fat loss which represent a much larger multibillion-dollar market.

We are encouraged by Renevia’s progress to-date in the clinic and are starting to map out the plan for assessing Renevia in the broader applications of fat tissue deficits in various medical aesthetics application. We believe there are many other potential applications for Renevia and the HyStem platform in combination with the diverse range of autologous and allogeneic cell therapy.

BioTime’s other key therapeutic candidate is targeted at dry age-related macular degeneration or dry AMD. There are no currently approved therapies available dry AMD. While therapeutics for wet AMD are widely used and generates around $8 billion in annual revenue, dry AMD represents a much larger opportunity with about nine dry AMD patients for every one wet AMD patient. There is significant interest in this space among pharma and biotech companies as evidenced by the recent acquisition of Ocata by Astellas for approximately $400 million.

The loss of retinal pigment epithelial or RPE cells in the eye can cause either dry or wet AMD. OpRegen, our RPE cell product integrates into the sub-retinal space to replace missing RPE cells. Also OpRegen has received fast track designation from the US FDA for the treatment of dry AMD. We have started treating patients in our Phase 1/2a dose escalation clinical trial in Israel and an expansion is planned for additional clients in Israel and the US later this year.

We continue to expect to complete the first cohort of this trial in Q2. We also expect to receive clearance from the Data and Safety Monitoring Board in Q2 to begin cohort two. We expect to complete the enrollment of cohort two this year and anticipate approval to proceed to cohort three from the DSMB by the end of the year.

Now let's briefly turn to two other clinical therapeutic candidates at our subsidiary Asterias. Last year Asterias reported very promising long-term data from their Phase 2 study in AML with their cancer immunotherapy AST-VAC1. Subsequently Asterias announced the completion of a successful end of Phase 2 meeting with the FDA. The agency indicated general agreement with a proposed development plan for registration of AST-VAC1 via an accelerated development pathway and BLA filing. This year Asterias plans to work through a special protocol assessment with the FDA to confirm the primary endpoint and other design elements of the pivotal Phase 3 trial.

Asterias is also making progress on AST-OPC1, which is currently in a Phase 1/2 clinical trial for spinal cord injury. Asterias provided more information on their program during a conference call this past Tuesday and an archive of that call is available on their website.

The next two company objectives I mentioned were simplification and unlocking value for BioTime shareholders from our non-core assets. An example of the successful execution of both strategies is OncoCyte. Last year we spun out a portion of our OncoCyte ownership to BioTime shareholders. Russell will tell you more about this transaction later, but we are pleased our OncoCyte shares have continued to perform well in active trading since the distribution.

OncoCyte is developing highly accurate easy to administer noninvasive diagnostic tests. OncoCyte is developing liquid biopsy diagnostic tests for bladder and breast cancer. However, its lead test is targeting lung cancer, the largest cause of cancer related death in the US. This diagnostic was developed in collaboration with Wistar Institute.

Mike will tell you more about some of our other collaborations and partnerships, so now I'll turn it over to Dr. Michael West.

Michael West

Thanks, Adi, and good afternoon, everyone. As Adi mentioned, a key to maximizing value creation for our shareholders is to leverage partnerships that can secure non-dilutive financing for our product development. One example of this strategy is a deal we struck in 2015 with Heraeus Medical, which is a division of Heraeus Group. The goal of the partnership is the development of innovative bone grafting therapies to address unmet orthopedic needs.

Heraeus Group is an established and leading German conglomerate with a global footprint and over $2 billion in annual revenues. It has a medical technology focus in a substantial bone grafting business. It distributes its medical products through Zimmer. This collaboration is based on BioTime's proprietary PureStem technology platform, which allows the industrial scale manufacturer of over 200 diverse human cell types. However the collaboration only commits certain bone applications of the PureStem technology to Heraeus. This collaboration demonstrates the value of the PureStem platform to industry. Under the terms of the agreement, Heraeus Medical made an upfront payment and will make additional payments upon the attainment of certain product development milestones. Heraeus will fund all ongoing product development activities. The deal also provides for commercialization of the product and includes good economics for BioTime once the product is approved and launched. These milestones will become more relevant as we progress through the product development.

Another example of non-dilutive funding, we and our subsidiaries have been successful winning numerous significant grants. These grants are highly competitive and stringently reviewed. So we believe they still provide third-party expert validation of the scientific merit of our products and development. For instance, Asterias Biotherapeutics continues to receive funding from a $14.5 million grant from the California Institute for Regenerative Medicine for the ongoing Phase 1/2a trial of OPC1 for spinal cord injury. Asterias is also been awarded even larger grant from Cancer Research UK for the development of a stem cell based cancer vaccine targeting telomerase. A target with extraordinarily broad potential in cancer being expressed in over 95% of tumors. Under the partnership, Cancer Research UK will sponsor, manage and fund a Phase 1/2 clinical trial in non-small cell lung cancer.

Lastly, the Office of the Chief Scientist in Israel is providing significant grant funding for the trail of OpRegen for the treatment of macular degeneration. A major factor behind our success in developing collaborations and receiving grant support is our industry leading intellectual property of stack focused on pluripotent stem cell technology. There were 48 new patents issued around the world to the BioTime family of companies in 2015. These new patents add to our large portfolio of over 700 issued in pending patents and patent applications worldwide that are owned or licensed to BioTime or its subsidiaries. BioTime has worked diligently to strengthen this patent portfolio to protect our therapeutic programs and to drive value creation in corporate alliances.

So with that I'll now turn the call over to Russell Skibsted our CFO, who will discuss our financial results. Russell?

Russell Skibsted

Thanks Mike, good afternoon everyone. I will start with a brief review of some key financial metrics. Our consolidated cash and cash equivalents totaled $42.2 million as of December 31, 2015 compared to $29.5 million as of December 31 the prior year. The $42 million of cash on hand at the end of 2015 included $23.1 million held by BioTime and its non-public subsidiary. As of December 2015, we also had approximately $148 million in available for sale security. We believe with our available resources that we have the ability to execute our operating plan throughout 2016. In addition to the focus on our core therapeutic programs, we have been working on strategies to unlock value for shareholders from our non-core businesses as well. The most significant example of this has been our distribution of OncoCyte shares to our shareholders last December. This distribution provided our shareholders with over $20 million dollars’ worth of shares in a publicly traded company. An additional $74 million of value, it’s still held by BioTime representing its roughly 58% remaining ownership. OncoCyte today has a market capitalization of more than a $120 million. OncoCyte though is the second our subsidiaries to have gone up. Asterias Biotherapeutics became a publicly traded company in 2014. With its three clinical stage product candidates, Asterias now has a market cap of approximately $180 million. BioTime’s 58% interest is currently worth about $107 million.

Another example of our effort to create value from our asset as well as simplify our corporate structure was the combining of one of our subsidiaries with Hepregen last fall which combined to form a company called Ascendance Biotechnology. Since December Ascendance has been growing its revenue base through sales to customers like Bi, Pfizer and Merck. LifeMap Solutions, our mobile health subsidiary has done innovative digital health apps in partnership with Mount Sinai - National Jewish Health another significant partner. The company is also a commercial developer working with Apple on the recent ResearchKit technology platform. LifeMap’s Asthma Health app which was co-developed with Mount Sinai garnered worldwide attention as enabling the first IRB approved smartphone based asthma study. So as we look at the intrinsic value of BioTime, we believe there are three main catalyst categories that will grow shareholder value in the future. One, our core therapeutic programs included are aesthetics program with Renevia and HyStem, and our dry AMD program with OpRegen. Two, unlocking the value of our private subsidiaries operating in non-core businesses like LifeMap and Ascendance. And then three, capitalizing on the progress of our public subsidiary Asterias and OncoCyte which currently represent a combined value of over $180 million in available for sale securities for BioTime.

Now I'll turn the call back over to Adi Mohanty.

Adi Mohanty

Thanks Russell, so to summarize a lot has happened over the last year. BioTime has evolved into a more mature clinical stage company. We are pleased with the progress on our three main objectives clinical progress including dry AMD and medical-aesthetics products, simplification with the spin-out of OncoCyte and formation of Ascendance, unlocking value with our distribution of OncoCyte shares to BioTime shareholders and the performance of our investment in key subsidiaries like Asterias and OncoCyte. We are committed to reducing the complexity of our operations while progressively unlocking the value of our subsidiaries for BioTime shareholders particularly a more mature revenue generating subsidiaries. We believe that we have the right strategic plan in place that will deliver shareholder value above and beyond that which is reflected in our evaluation today.

With that let me turn the call to the operator.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question from Keay Nakae of Chardan. Please go ahead.

Keay Nakae

First question for you relates to Cell Cure’s OpRegen study, wondering if you could give us an idea of number one, when we might see the first interim data from patients enrolled in that study and then number two, when might we expect to see the study expand beyond the site in Israel.

Adi Mohanty

Hi Keay, this is Adi. You know Oscar, we mentioned Doctor Oscar Cuzzani has joined us and I will let him answer a little bit of this but he's only been here a month, I might fill in at the end after he answers if that hasn't covered your answer. So Oscar go ahead.

Oscar Cuzzani

As regards to the finalization of a clinical trial, we expect that by the end of 2016, we are going to have a complete enrolment of the subject and approximately there will be four different cohorts which we are going to run the trial. We plan to expand each through different sites in Israel and we have plan in US.

Adi Mohanty

So let me jump in, I think what Keay was asking was the first cohort, we expect to complete in Q2. So at the end of that cohort, you go to the drug safety monitoring board and so we will be able to say something about it at that point once we have cleared the DSMB and we'll move onto cohort 2 which also we expect a DSMB by the end of the year. So we think we'll able to say something more by the end of year before moving to cohort 3 by the end of the year. Is that okay?

Keay Nakae

So if I'm hearing right Adi, perhaps a little bit of interim information maybe just even safety around the middle of this year and more information perhaps maybe some efficacy around the end of 2016?

Adi Mohanty

Yes. So you know it's going to be measured because that's still in the middle of a trail. But since we will have data packages going into the DSMB we will be able to share some information, yes.

Keay Nakae

And then with respect to LifeMap and the mobile apps and that whole initiative and that entity, if you do think about spinning that off as you mentioned earlier is there some point of maturity where the things that you're working on need to get to before that makes sense and timing wise roughly how far out is something like that.

Adi Mohanty

Great question, so first, let me just make a quick correction, we never said we were going to spin out LifeMap solutions or any of our other subsidiaries. However, we are absolutely committed to simplifying and unlocking value and we do absolutely like the fact that the spin out of OncoCyte works so well, so it’s definitely an option on the table, but we have multiple options because these - actually, both LifeMap and Ascendance businesses have already matured. I don’t think we need to wait too much longer for them to mature much more. They are very close to where they could be considered for several other options. And right now, all those options are on the table and we have not made a decision on exactly, which way we will try to unlock the value.

Keay Nakae

Okay. My mistake for misunderstanding what you said about the spin-off of that. And then just a final question if I may, with respect to the OrthoCyte subsidiary, how far away is that product development initiative from possibly reaching the clinic?

Adi Mohanty

Really good question. So I also want to clarify something with OrthoCyte since it’s 100% owned subsidiary, we consider that essentially a BioTime program. It is a great partnership with Heraeus. We have been working on TPP and early preclinical work. So we have not provided any guideline or timing of when that will go to the clinic because also as you can imagine, we have to work with Heraeus and their requirements. So soon as we have more information, we will be happy to share, but it’s going along quite well.

Keay Nakae

Okay. Well, very good. Congrats on the progress. We look for more in 2016.

Adi Mohanty

Thank you, Keay.

Operator

Thank you. The next question is from Rohit Vanjani of Oppenheimer. Please go ahead.

Rohit Vanjani

Hi, thanks for taking the questions. I missed your comment on Renevia, so for the lipoatrophy trial, the target enrollment was 56 to 92 patients, right is that close to being enrolled? I think you said, you are going to complete enrolment by mid-2016, is that right?

Adi Mohanty

Yes, so we are - we need 56 completers in the trial, and so we are going to recruit a few more than that and we expect that to be in the second half of this year, for sure, we will be fully enrolled and so we will be able to read our topline by the beginning of 2017.

Rohit Vanjani

Okay. And then the trial is - you are comparing people who are on it and then delay treatment right in the arms, the one-to-one arms.

Adi Mohanty

Yes, so one arm is treated patients and the other arm is delayed by six months, so they get no treatment for six months and then they get treated.

Rohit Vanjani

And I think we talked about this. So for the doctors conducting that trial, it’s probably pretty easy to tell who is receiving active and how is on delayed treatment off late. So was that an agreed upon standard by the EMEA?

Adi Mohanty

Okay. So it is still a blinded study, and yes, you’re right, these are patients who is - they clearly know who is on treatment and who is delayed treatment and the treatment is on the phase and they come in for follow ups. However, the 34D and ultrasound and those, those are not something that they see or any doctor see, so those are blinded and the technician that’s reading those is blinded from both delayed treatment as well as the treated arm. However, patients and physicians can start telling things about the trial and how it’s progressing.

Rohit Vanjani

Was that an agreed upon standard with the EMEA or will they have - will there be any issues with that or is that kind of an understood weight around the trial that there shouldn’t be any issue?

Adi Mohanty

Okay, good question. I didn’t understand that. Yes, this is absolutely agreed upon trial design with the European agency and there is no issue with the trial design at all and this is completely understood and has been done before in other trials of this kind.

Rohit Vanjani

Okay, great. And then for Russell, I think you said there was $42.2 million in cash, have you guys outlined the burn for 2016 yet?

Adi Mohanty

We haven’t outlined that yet and part of it is as we are refining the Renevia and aesthetics program we will be able to update more on that later. But what I can say is that we have taken lot of steps at BioTime to essentially reduce the burn, so we are sub-funding entities of ramping up. So for example, OncoCyte is now on its own. We took ESI BIO merger with Hepregen to form Ascendance, so we are not funding that. These are the actions that allow BioTime to focus investments on key programs like the aesthetics program with Renevia and with OpRegen. And that one, we can get them to advance to the clinic as already mentioned one of the primary objectives we got this clinical progress. And then we think this current cash allows us to get through really some good inflection points on our key development programs throughout the rest of this year. But keep in mind, we’re a development stage company, so one of the - this is where I think one of the benefits of our multiple asset structure really provides us with multiple options and opportunities over time.

Rohit Vanjani

Okay. And then I think you said, it was a 58% stake in Asterias and still 59% in OncoCyte?

Adi Mohanty

They both round to about 58%. It’s really coincidental.

Rohit Vanjani

Okay. Great. That was my questions. Thanks for taking them.

Operator

Thank you. The next question is from Bruce Jackson of Lake Street Capital Markets. Please go ahead.

Bruce Jackson

Hi, congratulations on all the progress in 2015, and thanks for taking my question. So if we could talk about just the dry AMD program. You announced a safety trial right now, but is there any possibility we could get an efficacy signal out of that?

Adi Mohanty

Well, maybe Oscar, you want to comment.

Oscar Cuzzani

Sure. This is a Phase 1, Phase 2 study and definitely safety is the number one priority in the study. However, there are some elements that they have been manager in these subjects can listen to some sort of biological response to the injection of cells. And that would be one is the aim to see if we can see a reduction in the rate of progress of the disease, which is the major point. Rather as you know, geographic atrophy in these patients, they are legally blind, so there is no endpoint on visual acuity that is likely to re-impacted.

Bruce Jackson

Okay. And then with regard to the release of the data do you have any plans to either publish or present the data at a medical meeting?

Adi Mohanty

So Bruce, we got to be careful right, so this is still an ongoing clinical trial. We will have some data that we can share, but we would like to get through the trial and then publish all the data. So this year, we will get some summaries to share and some high level, but we need to keep most of that data till the end of the trial, so we can go to the agencies first and then share more in detail.

Bruce Jackson

Okay. Got it. Thank you very much.

Adi Mohanty

Thanks, Bruce.

Operator

Thank you. And the next question is from Raymond Myers of Benchmark. Please go ahead.

Raymond Myers

Thanks for taking questions. My first question is a little broad. You touched on it a little bit with LifeMap, maybe you could go into a little more. I wanted to ask about the OncoCyte and Asterias. They both have total market capitalizations of approximately $300 million in total. Overall, the spin-off of those businesses developed as you had hoped and does you vision include additional value creation spin-offs other than LifeMap?

Adi Mohanty

I will try to get to that question, I am not sure I understood the beginning part of it. Let me try, and you can help me if I am wrong, which is the spin out of OncoCyte or the performance of Asterias, yes, you are right overall, with about $180 million valuation of Asterias and about $120 million valuation of OncoCyte, around $300 million that was great value creation and we think that - those went very well and continue to do very well. And we are pretty excited because they have great products and they have some fantastic leadership in place. So we think those will continue to do well, and that is a great way for us to reward some of our shareholders with non-core assets. So whether it’s LifeMap Sciences or Ascendance or any of our other assets, certainly a way that we could do a reward to our shareholders is to do a spin out, because it’s been successful, certainly that comes into consideration. But we don’t want to limit ourselves to that. So we are absolutely at this point have not made a decision one way or another, but we are very - we are considering all of those and are in discussions right now, because we are committed to our simplification and unlocking value for our shareholders. So we should be able to have something fairly soon that we can share.

Raymond Myers

Okay, that sounds encouraging. And then I want to ask a more specific question now about Renevia. When we think about the marketing clearance that that product is targeting, both in Europe and United States, how procedure specific do you anticipate that marketing clearance could be? Because you have targeted a very specific HIV application, but one could imagine markets that are much larger, if that product were used in an off-label setting?

Michael West

Very perceptive, Ray. Certainly, we think and that’s why what I mentioned is that we think that this trial is a gateway trial or a foundation trial, because it is very much about creating fat tissue in the face. That’s what the trial is going to show. So we believe very quickly using this trial and the data from the trial as a basis, we can expand into several indications that might be age related, that might be trauma related, in general about different ways that you could have that replacement or tissue generation.

And I think that you know there is several companies that have been in this space, medical aesthetics is not a small space, the latest GBI report I think said that $2.5 billion market today and expect it to be $5.4 billion by 2020 and just a small piece of that would be enough for a company like us and so we do see this as way beyond HIV related lipoatrophy, we’re encouraged by the way the trial is going, so we’ve already started planning out those other indications. We’ll be happy to share more as soon as we develop them later this year.

Operator

Thank you. The next question is from Keay Nakae of Chardan. Please go ahead.

Keay Nakae

Yeah. Just a quick follow-up question related to the grand that Cell Cure currently has, how much additional funding is available to them from the OCS in Israel?

Adi Mohanty

Good question, Kay. I don’t think we have specifically written or shared exactly how much money, but over the years, it’s close to around $8 million of participation from the OCS. So it’s a pretty significant amount.

Keay Nakae

Is that something that you have periodically applied for renewal or how does that particular granting of the funding, what are the mechanics of it in terms of timing?

Dan Lawrence

Maybe, I’ll let Mike West answer this question.

Michael West

Well, to answer I guess two of your questions, on the renewal, it’s a yearly process. So progress is tracked continuously and awarded on a yearly basis. In terms of a ceiling, I don’t know that there is a ceiling. This is a very high priority program according to OCS for Israel, for Hadassah Hospital. They recognize the importance of regenerative medicine there, they’re one of the leading countries in this field of stem cell technology. So I don’t know that there is a limit as to the amount, dollar amount that they’re willing to fund to give you a sense of the historic value. It’s very apparently funding, we’re very happy to be collaborating with the OCS and with the Hadassah Hospital.

Operator

Thank you. Our final question comes from Patrick Lin of Primarius Capital. Please go ahead.

Michael West

Hi, Patrick. We can’t hear you.

Patrick Lin

Can you guys hear me?

Michael West

Yeah. There you go.

Patrick Lin

Okay. Sorry about that. Let’s see, thanks for doing this conference call here. I know you went over quite a few numbers, wondering if you could just do really quick perhaps even back of the envelope recap of your asset in holdings of OncoCyte, Asterias and your cash balance sheet so that people in the call might be able to quickly kind of figure out the enterprise value for BioTime as it is today for the core assets?

Michael West

We can do the numbers, let me have Russell, I mean you have the numbers. Just…

Russell Skibsted

Right. So as we said on the call, we ended the year with $42.2 million and of the $42 million that included $23.1 million that was BioTime and its non-public subsidiaries. So that eliminated the steroids in OncoCyte. Now in terms of our shares of Asterias and OncoCyte is that we coincidentally own about 58% of each of those companies. OncoCyte is trading roughly $120 million, $125 million market cap and Asterias I think is roughly I’m going to say about $180 million, $185 million market cap. So if you would look at those, our interest in - do the math on that, the interest that we own of Asterias is about $105 million, $107 million and if you look at OncoCyte, our ownership there currently is $70 million, $74 million. So the total there works out to, I got to do the math again, but that has been $180 million.

Patrick Lin

Okay.

Michael West

Did you get that, Patrick?

Patrick Lin

Yeah. So net of the market cap, you’re looking at enterprise value of how much when you factor that all in if you use any kind of fully diluted share count?

Russell Skibsted

Well that’s for the investors to do those calculations for us. It’s focused on making sure that we’re progressing clinical - through the clinic as much as possible and building value for our shareholders.

Patrick Lin

Go ahead.

Adi Mohanty

Yeah. No, Patrick. I think where you’re going with that is looking at today’s whatever our market cap is minus 20 plus million in cash and 180 million of our holdings in Asterias and OncoCyte. Right?

Patrick Lin

Right. It seems like the net enterprise value is very, very small relative to what you’ve been describing for the dry AMD as well as the Renevia. And looking at the market opportunity here, I just wanted to kind of get a quick summary of what that looks like especially since this is your first public conference call or as a summary.

Maybe if we could just move on to another quick question then, your troops are just getting out there. I think BioTime’s story seems a lot cleaning now and just wondering what your plans are as far as investor relations over the next three months or so in terms of either going on a roadshow or at various conference on industry meetings. Do you have a little preview for us?

Adi Mohanty

Yeah. We’re definitely getting on the road starting in April in 2 weeks and I’ll let Russell talk to about a couple of the events, but…

Russell Skibsted

We’re going to be spending some time on the east coast, not next week, but the week after going through the mid-Atlantic and down in Florida and a couple of weeks after that, we’ll be in New York and Boston We’re spending time up here in the bay area, Mike West is going to be out meeting with people around in his travels looking at couple of conferences that we expect to be presenting at looking at basically I try to help the brokers everywhere I go and I think Mike, even you’re going to London, right. We’re going to be bringing some shoe leather and shopping up some frequent flyer miles over the next few months.

Patrick Lin

Great. And just as a final wrap up, I know the team has been really coming together here over the last year or so, maybe you could give us a real quick summary here, based on your dashboard now, looking back and then looking into the future, where does it seem like BioTime is in terms of a baseball game. Are we kind of still in the first inning or do you feel like we’re in the second, third inning and just really starting to ramp up and hit the inflection point here?

Adi Mohanty

Really great question, Patrick. So certainly, we talked about like you said, we’ve got a great team together, there is a great foundation of science and some fantastic products, we’ve gotten our clear strategy and a pathway, so I put all of those together and say that we’re probably in baseball terms around that third inning, but we’re - no outs, couple of people on bays, this is to me where the next few months will be pretty significant acceleration of what we’ve been doing over the last 6 or 8 months already. So I think it’s a pretty exciting time. I think we’re going to be passed where it was more of an emerging company and think we’re well on our way to being a more established biotech company and so we just need to make sure that we get out there and kind of some of the questions you asked, let people understand the story a little better now that it’s pretty well understood to us, it’s very clear. So we’re going to make sure people get it.

Operator

Thank you. I will now turn the call back over to management for closing comments.

Adi Mohanty

Well, this is Adi again. I want to thank everybody who joined our call. Appreciate you guys taking the time to listen to what we have to say. We look forward to coming back fairly soon and continuing to share the progress. So thank you again.

Operator

Thank you. Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

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