ALAMEDA, Calif.--(BUSINESS WIRE)--Please replace the release dated February 6, 2017, with the following corrected version due to multiple revisions.
The corrected release reads:
BIOTIME EXPANDS OPHTHALMOLOGY PORTFOLIO WITH GLOBAL IN-LICENSING AGREEMENT FOR NEXT-GENERATION RETINAL DISEASE THERAPY FROM UNIVERSITY OF PITTSBURGH
Advanced retinal regeneration program could lead to fully functional retinal tissue implants to restore vision in late stages of blindness
BioTime, Inc. (NYSE MKT:BTX), a clinical-stage biotechnology company developing and commercializing products addressing degenerative diseases, today announced that the company has obtained a world-wide license to intellectual property (IP) assets from University of Pittsburgh. The technology was developed in part in collaboration with BioTime scientists and includes composition and methodologies to develop 3-D retinal tissue constructs from pluripotent stem cells for their implantation in patients with advanced stages of retinal degeneration.
“This significant addition to our expanding portfolio is a major step toward our goal of becoming an industry leader in regenerative opthalmology innovation,” commented Adi Mohanty, Co-Chief Executive Officer of BioTime. “These assets enable us to develop treatments for advanced forms of blindness for which there are currently no treatments available. We intend to build a strong franchise for serious forms of eye disease.”
“We anticipate that this technology, co-developed with the University of Pittsburgh, for retinal repair will allow us to generate three-dimensional laminated human retinal tissue in a controlled manufacturing process. This could lead to vision restoration treatments for a variety of blinding retinal degenerative diseases, particularly retinitis pigmentosa, macular degeneration, and diabetic retinopathy, among other diseases and conditions,” said Michael D. West, PhD, Co-Chief Executive Officer of BioTime.
Key aspects of the technology are described in three presentations at the annual meeting of the Society for Neuroscience, November 12-16, 2016 in San Diego by Dr Igor Nasonkin, lab head at BioTime, and one upcoming presentation at the ISSCR congress in Basel Switzerland February 27th-March 1st.
BioTime, Inc. is a clinical-stage biotechnology company focused on developing and commercializing novel therapies developed from what the company believes to be the world’s premier collection of pluripotent cell assets. The foundation of BioTime’s core therapeutic technology platform is pluripotent cells that are capable of becoming any of the cell types in the human body. Pluripotent cells have potential application in many areas of medicine with large unmet patient needs, including various age-related degenerative diseases and degenerative conditions for which there presently are no cures. Unlike pharmaceuticals that require a molecular target, therapeutic strategies based on the use of pluripotent cells are generally aimed at regenerating or replacing affected cells and tissues, and therefore may have broader applicability than pharmaceutical products.
In addition to the development of therapeutics, BioTime’s research and other activities have resulted, over time, in the creation of other subsidiaries that address other non-therapeutic market opportunities such as cancer diagnostics, drug development and cell research products, and mobile health software applications.
BioTime common stock is traded on the NYSE MKT and TASE under the symbol BTX. For more information, please visit www.biotimeinc.com or connect with the company on Twitter, LinkedIn, Facebook, YouTube, and Google+.
Certain statements contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for BioTime, Inc. and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates” should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the business of BioTime, Inc. and its subsidiaries, particularly those mentioned in the cautionary statements found in more detail in the “Risk Factors” section of its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. BioTime specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.
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