QualityStocks would like to highlight BioTime (
NYSE: BTX), a California-based biotechnology company focused on the emerging field of regenerative medicine. The company's core technologies center on novel stem cells capable of becoming all of the cell types in the human body. Products made from these “pluripotent” stem cells are being developed by company subsidiaries, each of which concentrates on different medical specialties, including: neuroscience, oncology, orthopedics, and blood and vascular diseases.
In the company’s news,
BioTime announced that its Cell Cure Neurosciences subsidiary has been awarded a grant of approximately $1.5 million from Israel’s Office of the Chief Scientist for 2013. The grant will help finance the development of OpRegen, a cell-based therapeutic product for the treatment of age-related macular degeneration.
Cell Cure Neurosciences plans to develop OpRegen include completion of preclinical testing and filing an application to begin human clinical trials in 2014. Age-related macular degeneration is one of the leading diseases of the elderly. It is estimated to afflict in excess of 7.3 million Americans. The company believes OpRegen will prove to be effective in the treatment of the disease worldwide.
BioTime’s subsidiary will pay a 3.5% royalty to the Office of the Chief Scientist on revenues from OpRegen until total royalties paid equal 100% of the amount of the grant plus interest at a LIBOR rate.
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