Alameda-Based BioTime to Acquire XenneX

Alameda, Calif. -- BioTime, an Alameda-based biotechnology firm focused on regenerative medicine and blood plasma volume expanders, said on Friday it will acquire Massachusetts-based XenneX, a provider of services and tools designed to enhance bio-medical research. The deal, technically a merger of XenneX into BioTime-unit LifeMap Sciences, is expected to close within 30 days. Through the agreement, XenneX stockholders will receive approximately 1.4 million shares of LifeMap -- a 13% stake in that company -- as well as 450,000 shares of BioTime. XenneX holds the exclusive, worldwide licenses to market GeneCards and PanDaTox. GeneCards is a searchable database of human genes, while PanDaTox is a searchable, database used to identify genes and intergenic regions. "We believe that centralized online databases of biological knowledge will become indispensable tools for research in the field of regenerative medicine," said Michael West, BioTime's CEO.
http://www.biotimeinc.com
http://www.xennexinc.com
http://www.businesswire.com/news/home/20120420005197/en/BioTime-Subsidiary-LifeMap-Sciences-Announce-Agreement-Acquire