BioTime prices $25-million stock offering
BioTime (NYSE MKT, TASE: BTX) priced a public offering of 9,615,385 common shares at a price of $2.60 each for gross proceeds of about $25-million.
The offering is expected to close on Oct. 17. BioTime also granted underwriters a 30-day option to purchase an additional 1,442,308 of its shares to cover over allotments.
BioTime intends to use the net proceeds for general corporate purposes, including funding clinical trials, financing R&D programs, and for general working capital.
Raymond James & Associates, Inc. is acting as the sole book-running manager for the offering.