Community Corner
Alameda's AgeX Therapeutics Raises $10 Million In Capital
The subsidiary of BioTime was formed earlier this year. The biotechnology company is located on Atlantic Avenue.
From AgeX: AgeX Therapeutics, Inc. (AgeX), a subsidiary of BioTime, Inc. (NYSE American: BTX), announced today that it has closed its round of equity financing, raising net proceeds of $10 million, valuing AgeX at approximately $68 million post-money. Post-closing, BioTime owns approximately 85% of the outstanding shares of AgeX. The financing, first announced on August 2, 2017, is expected to fund AgeX’s general operations and product development well into 2019, while saving BioTime approximately $5 million annually on these programs and associated operational expenses. The majority of the investors participating in the financing were new to the BioTime group of companies.
Image Via AgeX
