BioTime Inc. is a biotechnology company that, through various subsidiaries, develops and markets products in the field of regenerative medicine and blood plasma volume expanders.
The company announced today that one of its majority-owned subsidiaries, OncoCyte Corporation, has received a new round of equity financing to fund the expansion of its development of novel proprietary diagnostics and therapeutics for cancer in humans. The financing includes $4 million in cash ($3 million from an outside investor) combined with $6 million worth of BioTime common shares.
OncoCyte’s products for the diagnosis and treatment of cancer are based on embryonic stem cell-derived technology. Its molecular diagnostics division is developing products that may provide for earlier detection and more effective treatment of various cancers. Utilizing its proprietary algorithms, OncoCyte has currently discovered and filed patent applications on over 100 novel cancer-associated genes. The company expects to use its new financing to expand its current patent portfolio and to advance the development and commercialization of any resulting new diagnostic and therapeutic products.
This is truly a rapid growth field. The total market for next generation cancer diagnostics is believed to be growing at a rate of 47 percent annually, with a forecast global market size of over $5 billion by 2015. The overall cancer therapeutic market was reported to be over $50 billion worldwide in 2010 and represents the most rapidly growing segment of the pharmaceutical industry.
For further information on BioTime, OncoCyte and BioTime’s other subsidiaries, please visit the company’s website at www.biotimeinc.com
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