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BioTime sells minority stake in JV

Alameda, Calif.-based BioTime Inc. sold its minority stake in privately held Ascendance Biotechnology Inc. for $3.5 million.

IVT Holdings acquired Ascendance and has already paid $3.2 million to AgeX Therapeutics Inc., a subsidiary of BioTime. The remaining $300,000 will be paid later.

"This cash will help fund AgeX programs and operational expenses, as it continues to grow and establish an even larger presence in the field of aging and age-related diseases," BioTime co-CEO Aditya Mohanty said in a statement.

Ascendance was created in late 2015 as a joint venture between BioTime and Hepregen Corp. to offer a broad portfolio of assays and research products and services.