LONDON, UK / ACCESSWIRE / October 13, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for BioTime, Inc. (NYSE: BTX), following which, we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=BTX. The Company announced on October 11, 2017, that it had finalized the terms for sublicensing certain HyStem® rights to Processa Pharmaceuticals, Inc. HyStem® is a patented cell and drug delivery platform developed by BioTime. The objective of sublicensing of HyStem® to Processa Pharma is the creation of new sustained-release delivery platforms using this technology. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The financial details and other terms of the sublicensing agreement between BioTime and Processa Pharma were not disclosed. BioTime is confident about Processa Pharma's abilities and the leadership of Dr. David Young. Dr. Young and his team at Processa Pharma have solid background in drug development, especially in the area of drug delivery platforms, and have been instrumental in winning more than 30 FDA approvals in this area.
Commenting on the sublicensing of HyStem® to Processa Pharma, Adi Mohanty, Co-CEO of BioTime, said, "This initiative will combine the expertise and experience of the Processa team with our HyStem® platform, and together, we hope to leverage the technology beyond the local delivery programs we are pursuing at BioTime."
Dr. David Young, CEO of Processa Pharma, added, "The Processa team and I are excited about accessing the HyStem® technology platform as a way to address the numerous challenges that exist within drug delivery. This technology has the potential to be beneficial for many drugs. We are keen to make progress on the development of the HyStem® platform for drug delivery."
The HyStem® is a patented cell and drug delivery platform and it is a technology that includes a family of unique, biocompatible hydrogels designed to effectively deliver cells or bioactive compositions for therapeutic benefit. The HyStem® design enables the effective transfer, engraftment, and metabolic support for cells. It is the underlying technology for BioTime's Renevia™ product currently undergoing a pivotal clinical trial for the treatment of HIV-related lipoatrophy. The flexible chemistry of the HyStem® also allows for hydrogel optimization in the delivery of drugs and therapeutics. BioTime is actively pursuing local delivery aspects of this platform technology.
First Patient Successfully Treated with Premvia™ for Cosmetic Use in a Clinical Trial
In a separate announcement in the same day, BioTime announced that it has successfully treated its first patient in a study of Premvia™ as a carrier for stromal vascular fraction cells (SVF) for the treatment of age-related volume loss in the face. The investigator-led clinical trial is the first trial studying Premvia™ as a purely cosmetic application. Premvia™ has received 510(k) clearance for wound management in the US and is in the process of filing for CE Mark in Europe under brand name Renevia® for the treatment of facial lipoatrophy in HIV patients later in 2017.
About BioTime, Inc. (NYSE: BTX)
Alameda, California based BioTime is a late-stage clinical biotechnology Company focused on degenerative diseases. The Company develops and commercializes products aimed at degenerative diseases. The current focus of the Company is on clinical trials in three main sectors - aesthetics, ophthalmology, and cell and drug delivery. The Company's clinical programs are based on two platform technologies: pluripotent cells, which can become any type of cell in the human body; and cell/drug delivery.
The Company's Renevia®, a cell delivery product, met its primary endpoint in early 2017 in an EU pivotal clinical trial for the treatment of facial lipoatrophy in HIV patients. The Company plans to submit Renevia® for FDA approval in late 2017 and is expected to launch the product commercially in 2018.
The Company's OpRegen® is a retinal pigment epithelium transplant therapy for the treatment of dry age-related macular degeneration, the leading cause of blindness in developing countries. The product is currently in Phase-I/IIa multicenter trial stage. The Company has significant equity holdings in Asterias Biotherapeutics, Inc. and OncoCyte Corporation, and in privately held AgeX Therapeutics, Inc.
About Processa Pharmaceuticals, Inc.
Heatwurx, Inc. completed the merger with Promet Therapeutics, LLC, a clinical stage biotechnology company that develops innovative drug products, on October 5, 2017. The newly merged Company had started operating as Processa Pharmaceuticals Inc. Processa Pharma plans to develop products that can improve the survival and/or quality of life for patients who have a high unmet medical need. The Company has already put together a proven management team, Board of Directors and product development team. Dr. David Young has been appointed as the CEO and interim CFO of Processa Pharma. The team has great experience in developing drug products from investigational new drug application (IND) to the New Drug Application (NDA) stage. The Company's combined scientific, development, and regulatory experience has resulted in more than 30 drug approvals by the FDA and more than 50 drug development programs, including drug products targeted to orphan disease conditions.
Last Close Stock Review
At the close of trading session on Thursday, October 12, 2017, BioTime's stock price slipped 1.44% to end the day at $2.73. A total volume of 295.29 thousand shares were exchanged during the session. The Company's shares are trading at a PE ratio of 4.50. At Thursday's closing price, the stock's net capitalization stands at $319.57 million.
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