BioTime Inc. (NYSE:BTX) has closed its public offering of 9,615,385 shares of common stock, the company said today, raising nearly $29 million.
The Alameda, Calif.-based company said it plans to use the offering’s net proceeds to support clinical trials, R&D activities and for other general corporate purposes.
In August, BioTime announced that its subsidiary, Cell Cure Neurosciences, landed a $2 million grant from the Israel Innovation Authority for the development of its dry-AMD therapy, OpRegen.
OpRegen is an investigational therapy that delivers retinal pigment epithelial cells into the subretinal space to replace lost RPE cells.
“This new grant demonstrates the continued high level of support and confidence that the Israel Innovation Authority has in our development of cell therapy-based treatments,” co-CEO Adi Mohanty said in prepared remarks.
Earlier this year, BioTime expanded its OpRegen Phase I/IIa trial into the U.S. with 2 new trial sites. The company’s study is evaluating its cell therapy in patients with advanced dry form age-related macular degeneration.