SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (date of earliest event reported): March 4, 2008.
BioTime,
Inc.
(Exact
name of registrant as specified in its charter)
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California
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1-12830
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94-3127919
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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6121
Hollis Street
Emeryville,
California 94608
(Address
of principal executive offices)
(510)
350-2940
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
£ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
£ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
£ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
£ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Statements made in this Report that
are not historical facts may constitute forward-looking statements that are
subject to risks and uncertainties that could cause actual results to differ
materially from those discussed. Such risks and uncertainties include
but are not limited to those discussed in this report and in BioTime's Annual
Report on Form 10-KSB filed with the Securities and Exchange Commission. Words
such as “expects,” “may,” “will,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” and similar expressions identify forward-looking
statements.
Section
1 - Registrant’s Business and Operations
Item 1.01 Entry into a Material
Definitive Agreement.
See the
information in item 2.03 below.
Section
2 - Financial Information
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
In order
to help finance BioTime’s entry into the field of regenerative medicine, on
March 4, 2008 The Life Extension Foundation agreed to participate with other
lenders in a revolving line of credit to BioTime.
Regenerative
medicine is based on the discovery of human embryonic stem cells, which have the
potential to produce any human cell type. These stem cells may be
used in the treatment of a host of degenerative diseases by rebuilding cell
and tissue functions. BioTime has recently
entered the field of regenerative medicine through its wholly owned subsidiary
Embryome Sciences, Inc. which plans to develop new products for use in stem cell
research.
BioTime
received $100,000 from The Life Extension Foundation under an amendment of a
Revolving Line of Credit Agreement that increases the amount of BioTime’s line
of credit to $1,100,000. In
consideration for making the additional credit available, BioTime agreed to
issue 10,000 common shares to The Life Extension Foundation.
The Life
Extension Foundation is a nonprofit organization that markets a wide variety of
dietary supplements intended to help people live in health, youth and vigor for
longer periods of time. The Life Extension Foundation is seeking
methods to slow aging and prevent disease, and to uncover potential therapies to
treat the degenerative diseases of aging such as Alzheimer's and Parkinson's
disease, cancer, stroke, and macular degeneration.
Section
9-Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
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Exhibit
Number
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Description
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10.1
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Second
Amended and Restated Revolving Line of Credit Agreement, dated February
15, 2008
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10.2
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Form
of Amended and Restated Revolving Credit Note
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10.3
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Second
Amended and Restated Security Agreement, dated February 15,
2008
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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BIOTIME,
INC. |
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Date: March
10, 2008
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By
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/s/ Steven A. Seinberg
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Chief
Financial Officer
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Exhibit
Number
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Description
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Second
Amended and Restated Revolving Line of Credit Agreement, dated February
15, 2008
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Form
of Amended and Restated Revolving Credit Note
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Second
Amended and Restated Security Agreement, dated February 15,
2008
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4