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BioTime unit closes $5M common share sale to Juvenescence

AgeX Therapeutics Inc. closed the sale of 2 million shares to Juvenescence Ltd., raising $5 million.

The Alameda, Calif.-based company, a unit of BioTime Inc., said the funds will help finance the development of its programs into 2020. The company is developing treatments for aging and age-related diseases.

Juvenescence, which invests in companies developing therapies for aging and age-related diseases, now owns about 7% of AgeX.

BioTime owns about 80.6% of AgeX following the sale.