Asterias Biotherapeutics Receives $11.7M in Proceeds from Exercise of Warrants

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Asterias Biotherapeutics, Inc. (NYSE MKT:
AST
), a biotechnology company focused on the emerging field of regenerative medicine, today announced that all outstanding common share purchase warrants originally issued in June 2014 were exercised prior to their expiry on June 15, 2015, resulting in total proceeds to the Company of $11.7 million. "We thank our shareholders for their continued support," said Pedro Lichtinger, President and CEO of Asterias. "This exercise of warrants represents a strong vote of confidence from our long-term shareholders in Asterias, the prospects for our clinical programs, and our potential to create value. The $11.7 million in proceeds strengthens our balance sheet and will be used to further advance our development programs focused on major unmet medical needs without adequate available therapies, including AST-OPC1 for spinal cord injuries and AST-VAC2 for lung cancer." "Asterias has made significant progress since these warrants were issued nearly 12 months ago," continued Mr. Lichtinger. "Among other accomplishments, we obtained commitments for non-dilutive financing from the California Institute for Regenerative Medicine and Cancer Research U.K., we received FDA clearance and initiated a Phase 1/2a clinical trial for AST-OPC1 for complete cervical spinal cord injury ("SCI"), and the abstract from the Phase 2 clinical trial of our autologous telomerase-based dendritic cell cancer vaccine, AST-VAC1, was selected for an oral presentation on May 30, 2015 at the 2015 American Society of Clinical Oncology (ASCO) Annual Meeting." This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company's common stock or any other securities, and there shall not be any offer, solicitation or sale of securities mentioned in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such any state or jurisdiction. Any offering of the securities under a resale registration statement, if any, will only be by means of a prospectus.
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