BERKELEY, CA, June 4, 2003 – BioTime, Inc. (AMEX:BTX) announced today that CJ Corp, Global Damon Pharma and BioTime held a ceremony at the CJ Corp headquarters in Seoul, in celebration of the signing of BioTime's agreement with CJ to license Hextend® and PentaLyte® in Korea. Dr. D. K. Kim, of Global Damon Pharma, was the consultant in the agreement.
Following the ceremony, the companies met to discuss issues relating to the regulatory and marketing efforts necessary to introduce Hextend into Korea and the development of PentaLyte and other BioTime products.
“We are very happy to conclude the licensing of BioTime's products which we believe to be the most advanced in this therapeutic class, to begin our collaboration with this promising company in Korea, and to explore the expansion of this collaboration in other areas throughout the world.” Said Dr. Kil-Whan Chun, President of Pharma Division & R&D Centers at CJ Corp.
Mr. Dong-IL Lee, Executive Vice President of Pharma Division also said “We are very pleased to have the opportunity to provide safer and more efficient blood volume expanders in Korea. The presence of blood borne diseases, and the emergence of new threats such as SARS, make products like these very important world wide.”
In Japan, meetings were held with Ajinomoto, the supplier of hydroxyethyl starch for BioTime blood plasma volume expanders, and Summit Pharmaceuticals International, BioTime's consultants for Japanese licensing.
Mr. Michiya Kanzaki, Manager, Marketing and Development Section, Amino Acid Department, Global Foods and Amino Acid Company of Ajinomoto Company, Inc. said “Ajinomoto can supply BioTime and its licensees with the highest quality starch-based drug substances which can meet regulatory requirements necessary for the manufacture of their products in areas throughout the world.”
Mr. Masahiro Sasaki, Executive Vice President and Chief Operating Officer of Summit Pharmaceuticals International said “BioTime products can provide Japan with a valuable addition to the hospital products currently available to treat lost blood volume.”
“We are pleased to have our products marketed by CJ Corp. whose many resources will enable them to maximize sales of these products, and to have Global Damon Pharma to assist us in our international business development,” said Dr. Paul Segall, BioTime's chairman and chief executive officer. “We are also fortunate that the Ajinomoto Company can provide BioTime's licensees with the quantities of the finest hydroxyethyl starch products required for the commercial distribution of BioTime's synthetic volume expanders, and that Summit Pharmaceuticals International can facilitate our relationships with Japan's dynamic pharmaceutical industry.”
“The licensing and marketing of BioTime's products overseas is a high priority for our company, as the need for safer and more effective plasma volume expanders is increasing demand for these products. This is especially true in regions of the world where the safety of blood and blood products is less reliable, or where military activity creates a special urgency for plasma expanders,” said Dr. Segall.
CJ Corp. which was established in 1953 has led the Korean food industry with the first modern operations in Korea. Through the application of innovative bio-fermentation technology, the company is now a world leader in the production of pharmaceuticals, food and animal feed additives. CJ Group now pursues business growth through food and food service, bioproducts and pharmaceuticals, media entertainment, and home shopping and logistics, etc. CJ conducts business in over 60 different countries through its thirty-two offices around the world. Lysine, MSG and nucleotides are the main export products of CJ. CJ Group, in addition to the above mentioned products, exports a wide variety of foods and pharmaceuticals, synthesized by its sophisticated bio-engineering technology. The pharmaceutical business of CJ Corp. was launched in 1984 with the hepatitis B vaccine and has aimed to provide cutting-edge products that improve people's health and their quality of life. The therapeutic field covered by CJ is antibiotics, metabolism and cardiovascular, vaccines and immunologicals, oncology, and I.V. solutions. CJ also plans to enter new fields such as those in the CNS, urology and respiratory categories. CJ uses its strong marketing capabilities to bolster the brand recognition of its medicines and the market dominance of its products. For more information about CJ Corp., please visit the company's web sites at www.cj.net and www.cjp.co.kr.
Global Damon Pharma is an established Korean pharmaceutical company with sales representatives covering both the ethical and over-the-counter markets. The company markets a wide range of products under distribution and marketing agreements with companies based all over the world. Some of the partners are: Amarillo Biosciences for natural oral interferon, Matritech for NMP 22, Cellegy for Retogesic, Devax for Y-Flex stent, Hayashibara for interferon injectable, Teraklin for artificial liver, MED EQ for Libido, Laphal for Ozothine and so on.
The Ajinomoto Group is a global food and amino acid powerhouse, with estimated world-wide sales totaling approximately $8 billion in 2002. One of Japan's best-known and most respected brand names, Ajinomoto boasts a century-long heritage of creating innovative foods, dietary supplements and amino acid-based products for consumers as well as industrial use. The first company in the world to produce and market amino acids, Ajinomoto today commands an approximate 60% share of the global amino acid market. More information on Ajinomoto is available on the web at www.ajinomoto.com.
Summit Pharmaceuticals International (SPI) was spun off from the "New Drugs & Biotech Department" of Sumitomo Corporation in 1995. SPI has made a new start as an integrated service company, which specializes in the research and development of pharmaceuticals. Subsequently, SPI has provided services in research and development assistance to Japanese pharmaceutical companies ranging from the assistance with original drug research to the arranging of licensing, production and import and export of new drugs and diagnostic products. Information about SPI can be found on the web at www.summitpharma.co.jp.
BioTime, headquartered in Berkeley, California develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, organ preservation solutions and technology for use in surgery, emergency trauma treatment, and other applications. Information about BioTime can be found on the web at www.biotimeinc.com.
The matters discussed in this press release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to the results of clinical trials of BioTime products; BioTime's ability to obtain United States Food and Drug Administration and foreign regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime's products; BioTime's ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; and the availability of reimbursement for the cost of BioTime products (and related treatment) from government health administration authorities, private health coverage insurers and other organizations. These and other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.