Asterias Biotherapeutics to price $15 million public offering of units

Deal finances company's product development programs, working capital

By Devika Patel

Knoxville, Tenn., Oct. 28 - Asterias Biotherapeutics, Inc. will price a public offering of units to raise between $12 million and $15 million, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company will sell units of one series B common share and one redemption right.

Each redemption right will entitle the holder to sell one series B common share to Asterias during a redemption period that will begin 30 days prior to the third anniversary of settlement and will end on the third anniversary date.

If a share is redeemed through the redemption right, Asterias will pay the investor an amount either in cash or BioTime, Inc. common shares, or a combination, with a value equal to the initial public offering price of Asterias' series B stock.

Proceeds will be used for the company's product development programs and working capital.

The Menlo Park, Calif., company is a subsidiary of BioTime, Inc., an Alameda, Calif., biotechnology company. It expects its shares to trade on the NYSE exchange under the symbol "AST."

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