AgeX Therapeutics Announces Drawdown of Second Tranche of Loan Facility from Juvenescence Ltd.
ALAMEDA, Calif.--(BUSINESS WIRE)--Dec. 26, 2019--
AgeX Therapeutics, Inc. (“AgeX”; NYSE American: AGE), a biotechnology company focused on developing therapeutics for human aging and regeneration, announced the drawdown of a $1.3 million tranche of financing pursuant to its unsecured loan facility from Juvenescence Limited.
“Juvenescence is pleased to continue its commitment to AgeX through this additional drawdown under the loan facility,” commented Gregory Bailey, MD, Chairman of AgeX and CEO of Juvenescence. “Juvenescence remains committed to funding the future development plans of AgeX through further advancements under the loan facility or otherwise. Since Juvenescence’s initial investment in AgeX in June 2018, AgeX has been an important element in the Juvenescence mission and strategy. Juvenescence is also investing its time and personnel to support AgeX’s business development initiatives which have impressive potential. We look forward to AgeX announcing its plans for 2020 as it pursues tissue regeneration in Reverse Bioengineering, while advancing the development of BAT and VASC 1, the coupling of HLA-G with PureStem®-derived cells for transplant therapies, and exploring partnerships with third parties.”
“This round of funding will allow us to continue to execute on our strategic plan to provide therapies for certain chronic and degenerative diseases through cellular regeneration and replacement,” commented AgeX’s founder and CEO Michael D. West, PhD.
As announced in the company’s news release on August 14, 2019, AgeX has obtained a $2 million credit facility from Juvenescence to finance AgeX’s operations and advance its product development programs.
About AgeX Therapeutics
AgeX Therapeutics, Inc. (NYSE American: AGE) is focused on developing and commercializing innovative therapeutics for human aging. Its PureStem® and UniverCyte™ manufacturing and immunotolerance technologies are designed to work together to generate highly-defined, universal, allogeneic, off-the-shelf pluripotent stem cell-derived young cells of any type for application in a variety of diseases with a high unmet medical need. AgeX has two preclinical cell therapy programs: AGEX-VASC1 (vascular progenitor cells) for tissue ischemia and AGEX-BAT1 (brown fat cells) for Type II diabetes. AgeX’s revolutionary longevity platform induced Tissue Regeneration (iTR™) aims to unlock cellular immortality and regenerative capacity to reverse age-related changes within tissues. AGEX-iTR1547 is an iTR-based formulation in preclinical development. HyStem® is AgeX’s delivery technology to stably engraft PureStem cell therapies in the body. AgeX is developing its core product pipeline for use in the clinic to extend human healthspan and is seeking opportunities to establish licensing and collaboration agreements around its broad IP estate and proprietary technology platforms.
For more information, please visit www.agexinc.com or connect with the company on Twitter, LinkedIn, Facebook, and YouTube.
Certain statements contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not historical fact including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” “estimates” should also be considered forward-looking statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the business of AgeX Therapeutics, Inc. and its subsidiaries, particularly those mentioned in the cautionary statements found in more detail in the “Risk Factors” section of AgeX’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commissions (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. AgeX specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.
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Source: AgeX Therapeutics, Inc.
Media Contact for AgeX:
Gotham Communications, LLC