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Submitted by on 1, October 19, 2009 – 5:45 amNo Comment

BioTime announces new subsidiary

BioTime announces new subsidiary

BioTime announces new subsidiary

seedingLocal biotech firm BioTime has announced the creation of a new subsidiary. The subsidiary, OncoCyte Corporation, will work toward creating cancer treatments based on stem cell technology.

According to a company press release, a private investor has purchased three million common shares of OncoCyte for $2 million, representing an initial 15 percent stake in the new company. The unnamed investor may also purchase three million additional shares for $2 million on or before April 15, 2010, based on an agreed initial market capitalization of approximately $15 million.

More from the release:

OncoCyte’s new therapeutic strategy and goal will be to utilize human embryonic stem cell technology to create genetically modified stem cells capable of homing to specific malignant tumors while carrying genes that can cause the destruction of the cancer cells. This therapeutic use of human embryonic stem cells differs from most proposed industrial uses of stem cell technology in that OncoCyte’s goal is not the stable engraftment of the cells to regenerate tissue function, but rather a use of the unique properties of stem cells as a tool to eliminate malignant cells.

Cancer is the second-leading cause of death in the United States.

BioTime is the maker of Hextend, a blood plasma expander used on the battlefield, for surgery and other uses.

BioTime announces new subsidiary

UTStarcom, Starent settle patent infringement suit

UTStarcom, Starent settle patent infringement suit

UTStarcom, Starent settle patent infringement suit

Local networking equipment maker UTStarcom and Tewksbury, Mass.-based Starent have settled a patent dispute, the companies reported Thursday.

UTStarcom had accused Starent of infringing on several of the former company’s patents. Starent, which is reportedly about to be acquired by Cisco Systems, will pay the Alameda firm $3.5 million for unlimited, royalty-free access to its patents.

The payment will settle suits UTStarcom lodged in federal court in 2005 and 2007, a company press release says.

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