Asterias nets $18.6mm in follow-on offering; reduces Biotime's ownership stake

Asterias Biotherapeutics Inc. (regenerative medicine cell therapy; subsidiary of BioTime Inc.) netted $18.6mm in a follow-on offering of 5.9mm units (each unit consists of one common share and one-half of one five-year warrant at a $4.37 strike price; includes 742k of over-allotment shares) at $3.40 per unit. The company will put the proceeds toward clinical trials and R&D. Asterias is developing three clinical stage candidates for oncology and neurology. NOTE: After completion of a stock option exercise and the current public offering, BioTime’s ownership in Asterias was reduced from a majority stake to 48.8%.