BioTime, a biotech company focused on regenerative medicine and blood plasma volume expanders, today announced that it, along with wholly owned subsidiary LifeMap Sciences, have signed a definitive agreement to acquire XenneX through a merger of XenneX into LifeMap. The deal is expected to close within 30 days.
XenneX provides biotech, pharmaceutical, and life sciences companies with services and tools to enhance their bio-medical research. The company holds the exclusive, worldwide licenses to market GeneCards®, a searchable, integrated database of human genes; and PanDaTox, a recently developed, searchable database that can be used to identify genes and intergenic regions that are unclonable in E. coli, to aid in the discovery of new antibiotics and biotechnologically beneficial functional genes.
BioTime said that future plans include making LifeMap the principal marketing subsidiary for BioTime research products, as well as to utilize LifeMap’s databases as part of its online marketing strategy.
In addition, BioTime will collaborate with LifeMap scientists to utilize LifeMap’s proprietary discovery platform, stem cell database, and the newly acquired database products to aid in the development of BioTime’s proprietary ACTCellerate™.
Per the agreement, XenneX stockholders will receive approximately 1,362,589 shares of LifeMap common stock, approximately 13 percent of the LifeMap common stock outstanding upon the closing of the transaction; XenneX shareholders will also receive approximately 448,430 BioTime common shares.
For more information visit www.biotimeinc.com
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