Asterias raises $12.5M

|By:, SA News Editor

In a private transaction, BioTime (BTX -0.3%) subsidiary Asterias Biotherapeutics raises $12.5M through the sale of 5M BTX shares of common stock held by Asterias and the issuance of warrants to purchase 5M shares of Asterias Series B common stock. The BTX shares were sold at $2.50/share. The warrants' exercise price is $2.34. If they are exercised in full, Asterias will receive an additional $11.7M.

Proceeds will be used to finance Asterias' product development programs including AST-OPC1 for the treatment of spinal cord injury and AST-VAC2, an immunotherapeutic for non-small cell lung cancer.