BioTime Inc. closed its public offering of 9,615,385 common shares at $2.60 apiece with gross proceeds of about $28.8 million.

The share sale includes 1,442,308 shares sold pursuant to the underwriters exercising their option to buy additional shares.

BioTime intends to use the net proceeds from the offering for general corporate purposes, including, without limitation, to fund clinical trials, research and development activities and for general working capital.

Raymond James & Associates Inc. acted as the sole book-running manager for the offering. Ladenburg Thalmann & Co. Inc., Chardan and LifeSci Capital LLC acted as co-managers. Lake Street Capital Markets acted as a financial adviser for the offering.