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$9.2 M Generated in Warrant Raise, BioTime (Amex:BTIM)

BTIM completed its warrant discount offer which generated $9,195,422 of proceeds to BTIM from the exercise of warrants to purchase 5,057,988 common shares at the discounted price of $1.818 per share.

  • Approximately 2.3 M of BioTime’s publicly traded warrants were not exercised in the discount offer and remain outstanding,
  • Those warrants will continue to trade on NYSE Amex under the symbol BTIM.WS and may be exercised at the original exercise price of $2.00 per share until 5:00 pm, EST time on 10/31/10, at which time the warrants will expire and will no longer be exercisable,
  • If the remaining 2.3 M warrants are exercised in full, BTIM will realize additional proceeds of approximately $4.6 M.

As a result, BTIM will have approximately $25 M of cash and cash equivalents with  no debt. BTIM intends to use the capital raised through the warrant exercises in the discount offer to strengthen its working capital reserves and for the expansion of its stem cell product development, including product development.