Longevity companies AgeX, Celularity and Biophytis announce debt exchange and registered direct offerings.
Longevity biotech AgeX Therapeutics (NYSE American: AGE) reports that it has issued stock in exchange for the cancellation of a total of $36 million of debt to Juvenescence. The shares-for-debt exchange should allow AgeX to regain compliance with the continued listing requirements of the NYSE American, which requires stockholder equity to exceeds $6 million.
Earlier this year, AgeX, which is developing therapeutics for human aging and regeneration, received a “stock exchange deficiency letter” from the NYSE American. The debt exchange of $36 million increases AgeX’s stockholder equity to approximately $16 Million from a deficit of approximately $20 Million. To cancel the debt, AgeX issued to Juvenescence 211,600 shares of a newly authorized Series A preferred stock, and 148,400 shares of a newly authorized Series B preferred stock.
Regenerative medicine company Celularity (Nasdaq: CELU) announced that it has entered into a definitive agreement with a single, healthcare-focused institutional investor for a registered direct offering of approximately $3 million. The company, which develops placental-derived allogeneic cell therapies and biomaterial products, also announced an exclusive US commercialization agreement with Verséa Ophthalmics to distribute Celularity’s products for the treatment of ocular surface disease and ocular surgical applications.
Speaking recently to Longevity.Technology, Celularity CEO Dr Robert Hariri explained why the company is well-positioned to weather the biotech investment storm.
“What makes us unique is that we are the only company in cellular medicine that has a diversified technology platform grounded in one raw material [postpartum placentas]. That gives us the ability to be both a commercial stage company as well as a developmental research stage company on the cell therapy side. And so, we’re prepared to weather some of this in ways that a lot of other companies have not been able to.”
And finally, French longevity biotech Biophytis (Nasdaq CM:BPTS) announced a $3.8 million registered direct offering. The company said it intends to use the net proceeds from the offering for funding research and development and clinical trials and for other working capital and general corporate purposes.
Biophytis is focused on the development of therapeutics that are aimed at slowing the degenerative processes associated with aging and improving functional outcomes for patients suffering from age-related diseases. The clinical-stage biotechnology company recently applied to the US FDA seeking authorization to commence the world’s first Phase 3 study for the treatment of sarcopenia – the age-related loss of muscle mass and strength.
