BioTime offers discount to warrant holder, uses cash to boost reserves
By APFriday, June 18, 2010
BioTime offers discounts to warrant holders
ALAMEDA, Calif. — Biotech company BioTime Inc. said Friday that it will give certain warrant holders a 9 percent discount on the rights to purchase stock before Aug 18.
The discount warrant offering is available those whose warrants expire Oct. 31. The warrant prices shares at $1.818 per share, compared to the regular warrant exercise price of $2 per share.
After Aug. 18, the warrants will return to $2 per share.
BioTime, which develops regenerative medicines and blood plasma volume expanders, said it has 7.6 million of the warrants outstanding.
It plans to use money from the warrant sale to boost capital reserves, expand its stem cell product development projects and to start human clinical trials for one of its products to treat malaria.
BioTime shares rose 7 cents to $7.09 in afternoon trading.
