BVI-registered Juvenescence Limited, a global leader in developing therapeutics focused on extending human age, signed a strategic agreement with AgeX Therapeutics, according to which 14.4mln shares of AgeX will be purchased by the BVI corporation from clinical-stage biotechnology company BioTime, Inc. 50% of the purchase price of US$43.2mln will be paid to BioTime in cash, and the second half of the sum will be a 2-year convertible/redeemable note with an annual interest rate of 7%.
Greg Bailey, the CEO of Juvenescence, has said in his comments: “BioTime and AgeX have been trail blazers in regenerative medicine. The assets they have created with their lead scientist and the CEO of AgeX Mike West are remarkable, both for the unique qualities of their programs, but also for the breadth of cell lines and IP… Furthermore, we feel it is a great fit with the Juvenescence team of drug developers and scientists. First and foremost, we look forward to developing and bringing products to the patients as novel treatments to potentially offset some of the maladies of getting old.”
Management of Juvenescence Limited, through their previous roles in pharmaceutical companies with marketed products, have taken multiple products to commercialization with annual peak sales being over US$70 billion. It has sourced and created a pipeline of therapeutic candidates, all of which have the potential to positively modify aging.