Juvenescence3 Jan 2020 11:15
Lineage Cell Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs, announced the pricing of the sale of 2,383,090 shares of common stock of OncoCyte Corporation at a price to buyers of $2.156 per share, representing the average closing price of OncoCyte common stock over the five trading days prior to the execution of the agreement. Net proceeds from the sale were approximately $5 million. The sale is expected to close by January 9, 2020, subject to certain closing conditions. Following the completion of the sale, Lineage will own approximately 6 million shares, which represents less than 10% of OncoCyte’s outstanding common stock. Based on the closing price of OncoCyte’s common stock on January 2, 2020, the value of Lineage’s remaining OncoCyte shares following the closing is approximately $13.5 million. Lineage has agreed not to sell additional shares of OncoCyte common stock until March 17, 2020 or unless the OncoCyte common stock price closes above $3.40.
Lineage to have sufficient capital to support our core programs and will bridge us to the $21.6 million promissory note due to us in August 2020 from Juvenescence Ltd.