An earlier report of US stem cell company BioTime's acquisition of ES Cell, which owns a 49% stake in Hadasit Bio Holdings Ltd. (TASE:HDST) stem cell company CellCure, mistakenly stated that BioTime assumed a $35 million CellCure debt.
BioTime acquired a $35 million (principal and accrued interest) promissory note which was owed to an investment fund, one of ES Cell's shareholders.
BioTime's acquisition of all of ES Cell's preferred shares and ordinary shares held by ES Cell shareholders closed on May 3. BioTime issued 1,383,400 BioTime common shares, and warrants to purchase an additional 300,000 common shares at an exercise price of $10 per share, to acquire ES Cell, but BioTime did not incur or assume any indebtedness.
Published by Globes [online], Israel business news - www.globes-online.com - on July 19, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010