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.