BioTime Completes Merger of XenneX, Inc. into LifeMap Sciences, Inc.
News May 21, 2012
Developed by a leading bioinformatics team at the Weizmann Institute of Science, GeneCards(R) is an online database that provides concise genomic, transcriptomic, genetic, proteomic, functional and disease-related information on all known and predicted human genes. With over 12 million page visits per year from hundreds of thousands of unique users worldwide, GeneCards(R) is used by academia, research hospitals, patent offices, and leading biotech and pharma companies. PanDaTox is a recently developed, searchable database that can aid in the discovery of new antibiotics and biotechnologically beneficial products.
LifeMap Sciences' goal is to be the leading resource for the emerging field of regenerative medicine, by providing access to GeneCards(R), and its LifeMap(TM) database of embryonic development and stem cells, and by also marketing research products manufactured by BioTime, including ACTCellerate(TM) cell lines, HyStem(R) hydrogels, and cell culture media.
LifeMap scientists will also utilize its databases to aid in the development of BioTime's proprietary ACTCellerate(TM) human progenitor cell lines into products for the treatment of human diseases, especially degenerative diseases that might be treatable by cell replacement therapies.
Since 2003, XenneX has been commercializing GeneCards(R) worldwide. Its customers include biotechnology, pharmaceutical and other life sciences companies, as well as organizations dealing with biotechnology intellectual property.
Through the merger, XenneX stockholders received 1,362,589 shares of LifeMap Sciences common stock, which represents approximately 13% of the LifeMap Sciences common stock now outstanding. XenneX shareholders also received 448,431 BioTime common shares as part of the transaction.
"The need for the LifeMap database is a reflection of the growth of the field of regenerative medicine," said Michael D. West, Ph.D., BioTime's Chief Executive Officer. "And the pace of this research is currently exponential, not linear. As a result, the scientific community today is very dependent on such relational databases. The LifeMap team is dedicated to building a quality resource in order to speed stem cell-based therapies to the clinic."
David Warshawsky, Ph.D., LifeMap Sciences Chief Executive Officer, who also founded XenneX, Inc. in 2003, stated "By marketing GeneCards(R) and PanDaTox, and the newly licensed MalaCards human disease database, alongside its LifeMap(TM) stem cell database and discovery platform, LifeMap Sciences will be the leading source of online database research tools for genetic, biological, and stem cell research and development. We are confident that our products will enhance research and provide life-saving cures in the future."