BioTime, Inc.: An Undervalued Regenerative Medicine Company

Apr. 09, 2018 7:30 AM ETLCTX22 Comments
Eric Fahmi profile picture
Eric Fahmi
90 Followers

Summary

  • OpRegen is Phase IIa clinical trials seeking approval.
  • If approved, it would be the first therapy for dry AMD, which could be a $22 billion market in the United States.
  • Renevia CE Mark submitted to be approved to market in Europe.
  • AgeX spin-off being planned to unlock value.

BioTime From a Glance

BioTime (BTX) is a regenerative medicine company that has two products in its pipeline that could potentially be commercialized within a few years: Renevia and OpRegen. Renevia is a medical device that was developed as a replacement for hole adipose tissue in cell assisted lipotransfer (CAL) procedures by recreating many aspects of the adipose tissue extracellular matrix. OpRegen is a therapy in development for the dry form of age-related macular degeneration. It is currently in Phase I/IIa.

Also in the pipeline are delivery methods HySTem-BDNF, ReGlyde, and Orthopedic (Ankle Fracture).

BioTime also has significant ownership in several companies including OncoCyte (OCX).

Given progress and near-possibility of near-term approval of Renevia in Europe, AgeX going public, and OpRegen to report positive results, I believe there is significant upside on the price of BioTime which is currently undervalued.

https://www.sec.gov/Archives/edgar/data/876343/000149315218003416/image_001.jpg

(BioTime, Inc.)

A Closer Look at OpRegen

OpRegen works by replacing missing RPE cells when OpRegen cells are introduced to the subretinal space. RPE (retinal pigment epithelium) cells are the pigmented cell layer outside the retina that nourishes retinal visual cells. The main functions of the RPE are light absorption, epithelial transport, spatial buffering of ions, visual cycle, phagocytosis, secretion, and immune modulation.

Dry macular degeneration is a common eye disorder among people over 65 that caused blurred or reduced central vision. Below are some statistics on dry macular degeneration as a gauge of the potential market size.

  • As many as 11 million people in the United States have some form of age-related macular degeneration. This number is expected to double to nearly 22 million by 2050.
  • The number of people living with macular degeneration is expected to reach 196 million worldwide by 2020 and increase to 288 million by 2040.
  • Estimates of the global cost of visual impairment due

This article was written by

Eric Fahmi profile picture
90 Followers
I'm a Finance student Mays Business School and an aspiring equity analyst.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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