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BioTime, Inc.
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(Name of Issuer)
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Common Shares
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(Title of Class of Securities)
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09066L105
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(CUSIP Number)
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Neal C. Bradsher
c/o Broadwood Capital, Inc.
724 Fifth Avenue, 9th Floor
New York, New York 10019
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(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)
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May 1, 2014
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(Date of Event Which Requires Filing of this Statement)
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CUSIP No.
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09066L105
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1.
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NAME OF REPORTING PERSONS
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Broadwood Partners, L.P.
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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[_]
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(b)
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[X]
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS
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WC
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5.
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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[_]
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7.
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SOLE VOTING POWER
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0
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8.
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SHARED VOTING POWER
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11,872,262
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9.
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SOLE DISPOSITIVE POWER
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0
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10.
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SHARED DISPOSITIVE POWER
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11,872,262
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11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
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PERSON
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11,872,262
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12.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
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CERTAIN SHARES
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[_]
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13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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16.5%
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14.
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TYPE OF REPORTING PERSON
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PN
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CUSIP No.
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09066L105
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1.
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NAME OF REPORTING PERSONS
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Broadwood Capital, Inc.
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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[_]
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(b)
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[X]
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS
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AF
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5.
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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[_]
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
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New York
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7.
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SOLE VOTING POWER
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0
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8.
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SHARED VOTING POWER
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11,872,262
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9.
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SOLE DISPOSITIVE POWER
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0
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10.
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SHARED DISPOSITIVE POWER
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11,872,262
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11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
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PERSON
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11,872,262
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12.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
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CERTAIN SHARES
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[_]
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13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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16.5%
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14.
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TYPE OF REPORTING PERSON
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CO, IA
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CUSIP No.
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09066L105
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1.
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NAME OF REPORTING PERSONS
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Neal C. Bradsher
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2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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[_]
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(b)
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[X]
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3.
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SEC USE ONLY
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4.
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SOURCE OF FUNDS
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WC, AF, OO
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5.
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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[_]
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6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7.
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SOLE VOTING POWER
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142,908
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8.
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SHARED VOTING POWER
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11,872,262
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9.
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SOLE DISPOSITIVE POWER
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142,908
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10.
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SHARED DISPOSITIVE POWER
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11,872,262
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11.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
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PERSON
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12,015,170
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12.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
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CERTAIN SHARES
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[_]
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13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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16.6%
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14.
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TYPE OF REPORTING PERSON
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IN
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CUSIP No.
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09066L105
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Item 1.
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Security and Issuer.
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BioTime, Inc., (the 'Issuer') Common Shares, no par value (the 'Shares')
BioTime, Inc.
1301 Harbor Bay Parkway, Suite 100
Alameda, CA 94502
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Item 2.
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Identity and Background.
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NO MATERIAL CHANGE FROM THE SCHEDULE 13D/A FILED ON December 31, 2013.
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Item 3.
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Source and Amount of Funds or Other Consideration.
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As of the date hereof Broadwood Partners may be deemed to beneficially own 11,872,262 Shares.
As of the date hereof Broadwood Capital may be deemed to beneficially own 11,872,262 Shares.
As of the date hereof Neal C. Bradsher may be deemed to beneficially own 12,015,170 Shares.
No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.
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Item 4.
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Purpose of Transaction.
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The Reporting Persons have acquired their Shares of the Issuer for investment. The Reporting Persons have no plans or proposals as of the date of this filing which, other than as expressly set forth below, would relate to or would result in: (a) any extraordinary corporate transaction involving the Issuer; (b) any change in the present Board of Directors or management of the Issuer; (c) any material change in the present capitalization or dividend policy of the Issuer; (d) any material change in the operating policies or corporate structure of the Issuer; (e) any change in the Issuer's charter or by-laws; (f) the Shares of the Issuer ceasing to be authorized to be quoted in the NASDAQ inter-dealer quotation system; or (g) causing the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934.
In addition, the Reporting Persons, however, reserve the right, at a later date, to effect one or more of such changes or transactions in the number of shares they may be deemed to beneficially own.
Mr. Bradsher serves on the Board of Directors of the Issuer.
The Reporting Persons have been and may continue to be in contact with members of the Issuer's management, the Issuer's Board of Directors, other significant shareholders and others regarding alternatives that the Issuer could employ to maximize shareholder value.
The Reporting Persons further reserve the right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose should it determine to do so, and/or to recommend courses of action to management and the shareholders of the Issuer.
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Item 5.
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Interest in Securities of the Issuer.
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(a, b)
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As of the date hereof, Broadwood Partners may be deemed to be the beneficial owner of 11,872,262 Shares, constituting 16.5% of the Shares of the Issuer, based upon the 72,149,341* Shares deemed outstanding.
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Broadwood Partners has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 11,872,262 Shares; has sole power to dispose or direct the disposition of 0 Shares; and has shared power to dispose or direct the disposition of 11,872,262 Shares.
Broadwood Partners specifically disclaims beneficial ownership in the Shares reported herein except to the extent of its pecuniary interest therein.
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(a, b)
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As of the date hereof, Broadwood Capital may be deemed to be the beneficial owner of 11,872,262 Shares, constituting 16.5% of the Shares of the Issuer, based upon the 72,149,341* Shares deemed outstanding.
Broadwood Capital has the sole power to vote or direct the vote of 0 Shares; has the shared power to vote or direct the vote of 11,872,262 Shares; has sole power to dispose or direct the disposition of 0 Shares; and has shared power to dispose or direct the disposition of 11,872,262 Shares.
Broadwood Capital specifically disclaims beneficial ownership in the Shares reported herein except to the extent of its pecuniary interest therein.
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(a, b)
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As of the date hereof, Neal C. Bradsher may be deemed to be the beneficial owner of 12,015,170 Shares, constituting 16.6% of the Shares of the Issuer, based upon the 72,249,341** Shares deemed outstanding.
Neal C. Bradsher has the sole power to vote or direct the vote of 142,908 Shares; has the shared power to vote or direct the vote of 11,872,262 Shares; has sole power to dispose or direct the disposition of 142,908 Shares; and has shared power to dispose or direct the disposition of 11,872,262 Shares.
Neal C. Bradsher specifically disclaims beneficial ownership in the Shares reported herein except to the extent of his pecuniary interest therein.
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(c)
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The trading dates, number of Shares purchased and sold and price per share for all transactions in the Shares by the Reporting Persons in the past 60 days are set forth in Exhibit B.
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(*)
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The number of outstanding shares is based on the 69,617,341 shares the Issuer reported outstanding as of April 23, 2014, adjusted for shares issued pursuant to BioTime’s Controlled Equity Offering sales agreement amended as of March 26, 2014.
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(**)
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The number of outstanding shares is based on the 69,617,341 shares the Issuer reported outstanding as of April 23, 2014, adjusted for shares issued pursuant to BioTime’s Controlled Equity Offering sales agreement amended as of March 26, 2014 and options held by Neal C. Bradsher.
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Item 6.
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Contracts, Arrangements, Understandings or Relationships with Respect
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to Securities of the Issuer.
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NO MATERIAL CHANGE FROM THE SCHEDULE 13D/A FILED ON December 31, 2013.
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Item 7.
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Material to be Filed as Exhibits.
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Exhibit A
Exhibit B
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Joint Filing Agreement.
Transactions by the Reporting Persons during the past 60 Days
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BROADWOOD PARTNERS, L.P.
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By:
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Broadwood Capital, Inc.
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By:
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/s/ Neal C. Bradsher
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Name:
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Neal C. Bradsher
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Title:
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President
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BROADWOOD CAPITAL, INC.*
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By:
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/s/ Neal C. Bradsher
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Name:
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Neal C. Bradsher
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Title:
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President
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/s/ Neal C. Bradsher
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NEAL C. BRADSHER*
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May 5, 2014
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BROADWOOD PARTNERS, L.P.
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By:
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Broadwood Capital, Inc.
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By:
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/s/ Neal C. Bradsher
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Name:
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Neal C. Bradsher
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Title:
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President
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BROADWOOD CAPITAL, INC.*
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By:
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/s/ Neal C. Bradsher
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Name:
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Neal C. Bradsher
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Title:
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President
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/s/ Neal C. Bradsher
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NEAL C. BRADSHER*
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TRANSACTIONS BY BROADWOOD PARTNERS
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Date of
Transaction
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Number of Shares
Purchase/(Sold)
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Price of Shares
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5/1/2014
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2,000,000
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$2.52
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