BioTime, Inc. (NYSE MKT:BTX) today announced it has sold 70,000 shares of a newly authorized Series A Convertible Preferred Stock for $3.5 million. The Series A Preferred Stock carries a cumulative annual 3% preferred dividend or $1.50 per share, in preference to BioTime common shares. Each share of Series A Preferred Stock is convertible, at the election of the holder, into BioTime common shares at a conversion price of $4.00 per share, a current conversion ratio of 12.5 common shares for each share of Series A Preferred Stock.
BioTime is a biotechnology company that researches and develops therapeutic products for oncology, orthopedics, retinal and neurological diseases and disorders, blood and vascular system diseases and disorders, blood plasma volume expansion, diagnostic products for the early detection of cancer, and hydrogel products for use in surgery, and products for human embryonic stem cell research. Co.'s primary focus is in the field of regenerative medicine; specifically human embryonic stem cell and induced pluripotent stem cell technology. Co.'s research products include ACTCellerate cell lines and associated ESpan culture media, HyStem® hydrogels, human embryonic stem cell lines, and Hextend®.
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