BioTime raises $3.5M in offering

|By:, SA News Editor

BioTime (BTX) brings in $3.5M after selling 70,000 shares of Series A Preferred Stock.

Each share yields 3% per annum or $1.50/share and is convertible into common at $4.00.

Purchasers of the preferred shares also received an option to convert the shares into LifeMap Sciences common stock at the ratio of 1:12.5 for a period of five years.

Proceeds will be used to finance product development activities at LifeMap, a BioTime subsidiary.

80 mutual funds have positions in the stock.