ALAMEDA, Calif.--(BUSINESS WIRE)--AgeX Therapeutics , Inc. (AgeX: NYSE American: AGE), a biotechnology company developing therapeutics for human aging and regeneration, reported financial and operating results for the first quarter ended March 31, 2020.

The human tragedy of this pandemic has long tentacles that effect numerous businesses including AgeX, said Greg Bailey M.D., Chairman. Given the current global economic landscape, and the changes that businesses will need to make to accommodate to a post pandemic world, we feel that new business model aligns well to be able to function in this new environment. We see enormous opportunity to license and joint venture PureStem and HLA-G while implementing a definitive plan to begin preclinical trials on tissue regeneration under the leadership of Michael West and Michael May. We will update you in the future as these plans progress.

AgeX has completed a company restructuring to help set it up for success in the future. The combination of company priorities, cash position and the COVID-19 pandemic led to employee lay-offs designed to support the evolution of AgeX's current team to execute on strategic business goals going forward and to ensure cash is directed at near-term priorities to deliver maximum shareholder value. AgeX has a dual business strategy to diversify risk and maximize opportunities. It plans to continue to pursue its licensing and collaboration strategy for its two primary technology platforms, UniverCyte immunotolerance technology for the generation of universal cells, and PureStem cell derivation and manufacturing technology for the production of therapeutic cells with potential advantages, including industrial scalability and lower manufacturing costs. Since the launch of its licensing and collaboration strategy in January 2020, AgeX has delivered a research collaboration in Japan focused on developing universally transplantable cells for therapeutic use based on UniverCyte, entered into a neural stem cell therapy research collaboration for neurological disorders utilizing PureStem at a California University, and AgeX licensee ImStem Biotechnology received the first-ever clearance of a cell therapy derived from AgeXs embryonic stem cells by the FDA to enter human studies.

In addition, AgeX remains committed to pursuing in-house cell therapy product development and plans to raise money to build the optimal team to deliver on its products, AGEX-BAT1 for metabolic diseases such as type II diabetes and AGEX-VASC1 for tissue ischaemia. AgeXs budgetary and personnel adjustments will result in the deferral of in-house product development and may also lead to AgeX seeking arrangements with other companies in the cell therapy or biopharma industry for the development of its product candidates and technology, or outsourcing of some of that work to service providers until further funding can be obtained to rebuild in-house research and development staff for one or more of those programs. Development of AgeXs iTR technology may be done at AgeXs subsidiary Reverse Bioengineering, Inc. subject to successful financing of the subsidiary.

Upwards of 80% of healthcare expenditures in the United States relates to chronic degenerative disease and aging is a principle underlying cause of such conditions, said Michael D. West, Ph.D., AgeXs Chief Executive Officer. Therefore, the ability to manufacture to scale young clinical-grade cells capable of regenerating functionality in diverse tissues of the body has the potential to transform healthcare as we know it today. Perhaps even more noteworthy is the potential of reversing developmental aging in the body itself through AgeXs iTR technology. Our goal in the coming year is to advance the development of our intellectual property with the goal of bringing value to our shareholders.

Q1 Highlights

Liquidity and Capital Resources

AgeX is in need of additional capital to finance its operations. On March 30, 2020, AgeX entered into a Secured Convertible Facility Agreement (the New Loan Agreement) with Juvenescence Limited pursuant to which AgeX may borrow funds from time to time. On April 1, 2020 AgeX drew the initial $500,000, and may draw additional funds from time to time subject to Juvenescences discretion, prior to the contractual repayment date on March 30, 2023. AgeX may not draw down more than $1 million in any single draw. More information about the New Loan Agreement can be found in AgeXs Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on March 30, 2020 and May 14, 2020, respectively.

On April 13, 2020, AgeX obtained a loan in the amount of $432,952 from Axos Bank under the Paycheck Protection Program (the PPP Loan). The PPP Loan will bear interest at a rate of 1% per annum. No payments will be due on the PPP Loan during a six month deferral period commencing on the date of the promissory note. Commencing one month after the expiration of the deferral period, and continuing on the same day of each month thereafter until the maturity date of the PPP Loan, monthly payments of principal and interest will be due, in an amount required to fully amortize the principal amount outstanding on the PPP Loan by the maturity date. The maturity date is April 13, 2022. The principal amount of the PPP Loan is subject to forgiveness under the PPP to the extent that PPP Loan proceeds are used to pay expense permitted by the PPP, including payroll, rent, and utilities (collectively, Qualifying Expenses), during the time frame permitted by the PPP. AgeX intends to use the PPP Loan amount for Qualifying Expenses. However, no assurance is provided that AgeX will obtain forgiveness of the PPP Loan in whole or in part.

Staff Reductions

During April 2020, AgeX initiated staff layoffs that affected 12 employees, primarily research and development personnel. AgeX has paid approximately $105,000 in accrued payroll and unused paid time off and other benefits and expects to recognize approximately $194,800 in restructuring charges in connection with the reduction in staffing, consisting of contractual severance and other employee termination benefits, substantially all of which are expected to be settled in cash. The staff reductions followed AgeXs strategic review of its operations, giving consideration to the status of its product development programs, human resources, capital needs and resources, and current conditions in the capital markets resulting from the COVID-19 pandemic.

Going Concern Considerations

As required under Accounting Standards Update 2014-15, Presentation of Financial Statements-Going Concern (ASC 205-40), AgeX evaluates whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date its financial statements are issued. Based on AgeXs most recent projected cash flows, and considering that loans from Juvenescence in excess of an initial $500,000 advance under the New Loan Agreement will be subject to Juvenescences discretion, AgeX believes that its cash and cash equivalents, the $500,000 loan under the New Loan Agreement, the PPP Loan and reduction in staff in May 2020 would not be sufficient to satisfy its anticipated operating and other funding requirements for the twelve months following the filing of AgeXs Quarterly Report on Form 10-Q for the three months ended March 31, 2020. These factors raise substantial doubt regarding the ability of AgeX to continue as a going concern.

First Quarter 2020 Operating Results

Revenues: Total Revenues for the first quarter of 2020 were $515,000 as compared with $388,000 for the first quarter of 2019. AgeX revenue is primarily generated from subscription and advertising revenues from the GeneCards online database through its subsidiary LifeMap Sciences, Inc. Revenues in 2020 also included approximately $86,000 of allowable expenses under its research grant from the NIH as compared with $15,000 in the same period in 2019.

Operating expenses: Operating expenses reported for the three months ended March 31, 2020 were $3.7 million as compared to $3.4 million for the same period in 2019. On an as-adjusted basis, operating expenses for the three months ended March 31, 2020 were $3.2 million as compared to $2.8 million for the same period in 2019.

The reconciliation between GAAP and non-GAAP operating expenses is provided in the financial tables included with this earnings release.

Research and development expenses increased by $0.3 million to $1.6 million during the three months ended March 31, 2020 from $1.3 million during the same period in 2019. The increase was primarily attributable to an increase of $0.2 million in scientific consultants, $0.2 million in laboratory facilities and equipment related expenses and maintenance, $0.1 million in personnel related expenses allocable to research and development, and $0.1 million in depreciation and amortization of laboratory equipment and improvements. These increases were offset to some extent by a decrease of $0.3 million in shared services from Lineage Cell Therapeutics, Inc. (Lineage) with the termination of the Shared Facilities and Services Agreement on September 30, 2019.

General and administrative expenses for the three months ended March 31, 2020 remained consistent with the same period in 2019 of $2.1 million despite bearing the full lease and facilities related costs since April 2019, and an increase in head count with the employment of AgeXs own finance team since October 1, 2019. These increases were offset by a decrease in shared facilities and services fees from Lineage following the termination of the Shared Facilities and Services Agreement on September 30, 2019.

About AgeX Therapeutics

AgeX Therapeutics, Inc. (NYSE American: AGE) is focused on developing and commercializing innovative therapeutics for human aging. Its PureStem and UniverCyte manufacturing and immunotolerance technologies are designed to work together to generate highly defined, universal, allogeneic, off-the-shelf pluripotent stem cell-derived young cells of any type for application in a variety of diseases with a high unmet medical need. AgeX has two preclinical cell therapy programs: AGEX-VASC1 (vascular progenitor cells) for tissue ischemia and AGEX-BAT1 (brown fat cells) for Type II diabetes. AgeXs revolutionary longevity platform induced Tissue Regeneration (iTR) aims to unlock cellular immortality and regenerative capacity to reverse age-related changes within tissues. AGEX-iTR1547 is an iTR-based formulation in preclinical development. HyStem is AgeXs delivery technology to stably engraft PureStem cell therapies in the body. AgeXs core product pipeline is intended to extend human healthspan. AgeX is seeking opportunities to establish licensing and collaboration arrangements around its broad IP estate and proprietary technology platforms and therapy product candidates.

For more information, please visit http://www.agexinc.com or connect with the company on Twitter, LinkedIn, Facebook, and YouTube.

Forward-Looking Statements

Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not historical fact including, but not limited to statements that contain words such as will, believes, plans, anticipates, expects, estimates should also be considered forward-looking statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the business of AgeX Therapeutics, Inc. and its subsidiaries, particularly those mentioned in the cautionary statements found in more detail in the Risk Factors section of AgeXs most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commissions (copies of which may be obtained at http://www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. AgeX specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

AGEX THERAPEUTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT PAR VALUE AMOUNTS)

March 31,

2020

December 31,

2019

(Unaudited)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

468

$

2,352

Accounts and grants receivable, net

366

363

Prepaid expenses and other current assets

1,238

1,339

Total current assets

2,072

4,054

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AgeX Therapeutics Reports First Quarter 2020 Financial Results and Provides Business Update - Business Wire

From its simple beginnings as a metering conference African Utility Week, along with its trusted official host publication ESI Africa, has spent the past two decades closely mirroring the growth of the continents energy, power and water value chains.

This article first appeared inESI AfricaIssue 2-2020.Read thefulldigimaghereorsubscribe to receive a print copy here.

As the continents water and power systems grew and became more sophisticated, the conference and exhibition expanded into one of the largest events on the continent, morphing into African Utility Week and POWERGEN Africa (AUW & PGAF).

David Ashdown, Managing Director Africa for Clarion Events, in conversation with ESI Africa chalks up AUW & PGAFs longevity to its ability to mirror the development and evolution of the market. With the expo weve done well to deliver a premium audience of professionals, representing more than 90 countries. The conference brings together a good cross section of speakers from the continent and abroad while being focused on solution-providing and knowledge-sharing, says Ashdown.

He is curious and excited to see what the future holds for AUW & PGAF as it enters its third decade. While it is too early to tell how a sudden burst of digitisation brought to the fore by the COVID-19 pandemic will affect the event industry as a whole, Ashdown thinks it isnt so much that the digital world is encroaching on live events but that the two are finding a way to blend: Clarion Events has been working across the two forms of media for the past ten years and we have seen a steady convergence. The reach we have through our digital media now culminates in live events as a meeting place.

Enforced lockdowns around the world have changed how Clarion Energys entire global workforce operates: Ultimately, we have to support the industry we serve; however, we can now provide support in the development plans of our stakeholders, to work with them to achieve real results in the power and energy sector.

It is going to be challenging, bouncing back from the pandemic crisis. Our products are well positioned and the discussions at AUW & PGAF in November will be about the resilience of the industry sector and the future outlook. How does Africa manage a crisis situation? I think the situation will accelerate the digitalisation of the sector, of the energy space in Africa and the infrastructure, smart city and IoT elements.

In terms of the traditional conference and exhibitions space, Ashdown does not foresee a move away from face-to-face engagement, as we are human; it is the way we interact.

He adds that through the events media arm, we can communicate with an industry for 365 days a year and connect industry professionals to the benefit of their business, its that element that makes us very valuable. We provide a wide range of media content through our journals platforms, which range from a webinar where individuals speak on a curated topic to a panel bringing industry experts together or a debate on a web portals news story where you can take the conversation into a whole new direction.

Webinars have a huge role to play but rather than replace a physical conference, he believes there will eventually be a blended approach a simulcast where a person who cannot travel can still participate in a virtual way to attend a live conference.

Again, Ashdown points out that one simply cannot remove the human need to connect. There are people who will take a more conservative approach in the short term and the fear and anxiety created by COVID-19 might limit peoples comfort zone. It is our responsibility as event organisers to recognise that and to bring in measures in November to create a safe space.

Is the future of event conferencing virtual, though? That is the holy grail of questions, isnt it? What is the model and what would it look like? That debate could go on for many hours and end with different conclusions. But, what you lack in a purely virtual exhibition is the human connection. A virtual handshake is not the same as President Cyril Ramaphosas elbow greeting, says Ashdown. ESI

http://www.african-utility-week.com | http://www.powergenafrica.com

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Twenty years of power and energy engagement goes on | ESI-Africa.com - ESI Africa

Farmers have always been connected to several aspects of a healthy lifestyle. As food producers, were closely connected to the lifecycle of food, from field to fork.

Were also early pioneers of the concept of community, which happens to be a primary factor for self-reported happiness. But as agriculture has evolved, have we lost aspects of health in our daily lives?

A farm business is only as healthy as its operators and neglecting a healthy lifestyle can result in a vulnerable farming operation and food supply. At the forefront of most health-related topics is physical health.

Farmers often consider themselves to be in good physical condition. Many arent anymore, notes Mike Raine, managing editor of The Western Producer.

There are many reasons for this, but many of them boil down to technology, isolation and automation.

City folks often referred to us as farmer-strong because we grew up lifting bales or twisting and bending to get under or onto equipment. It was heavier work then. The farming lifestyle that the country was built on mostly doesnt exist anymore, and now farmers need to supplement with fitness, says Raine.

Whats less obvious to many is the impact that our psychological health has overall health. And while COVID-19 has only infected a small percentage of the population, the virus that has infected nearly everyone is the virus of fear. Fear is highly contagious, and farmers arent immune.

Whether its the fear of getting sick or the fear of losing a family farming operation due to the economic downturn, this fight or flight response to danger has substantial impacts on immune response. There is strong evidence indicating that healthy individuals respond to COVID-19 more favourably than unhealthy individuals. Much of this can be traced back to the bodys psychological state, which affects the body on a biochemical level.

When we perceive stress, the body produces cortisol. Cortisol is the fight-or-flight response hormone responsible for regulating blood pressure and inflammation. During this process, the body also produces a less desirable hormone called norepinephrine, what is more commonly known as adrenaline. This hormone causes increased heart rate and blood pressure. In situations of chronic stress, the body is unable to produce cortisol and the result is unopposed norepinephrine. The link between mental and physical response to stress, whats referred to as mind-body connection, is more relevant than ever before.

Whats also less mentioned is how closely related anxiety is to asthmatic symptoms and other respiratory conditions. While mild stress can most often be managed, situations of chronic stress often results in physical ailments later on in life. Our mental state, has significant impacts on how the body responds to physical stress.

A prime example of this is the impact that the human mind can have on the outcome of major surgeries. Research has found that viewing a surgeon in a favourable light can have a positive impact on the outcome of surgery.

Certainly, fear isnt always a bad thing; doctors can also use this technique to motivate patients to make positive lifestyle changes to improve overall health.

The dominant factor responsible for increased longevity and happiness is not diet or exercise, its the feeling of being a part of a community. While farmers have always been community-based, they are also incredibly isolated in some circumstances. The possible result of this is loneliness.

Current research suggests the perception of loneliness is the greatest indicator of premature mortality, and isolation can increase this by up to 45 percent. As humans, we are hardwired to be with other humans and these social connections are one of the greatest indicators of health and happiness.

As humans, we are constantly exposed to threats in various forms. Yet somehow it seems as though we believe our health is something that will be gifted to us.

How often does an individual visit their doctor while they are actively working to stay healthy, as opposed to when a significant health-related crisis is occurring?

Arguably, COVID-19 has prompted more people to consider their own health and explore ways to improve their lifestyle. And for good reason, especially considering that many farmers take great satisfaction in having the ability to farm into their 90s.

Staying healthy is critical to our worlds food supplies and the sustainability of the family farm. Health is not merely the absence of illness, but a long-term strategy to building a more sustainable future. Healthy individuals manage profitable family farms and, as an industry, we need to support this.

Katelyn Duncan, PAg, BSA, is a Saskatchewan farmer and agrologist.

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COVID sheds light on importance of health on the farm - Western Producer

Just so you know, were not taking this Mount Rushmore project as simply a lark to fill some space until sports comes back. OK, maybe some of us were. But then it was the Falcons turn, and things got a little tense.

There was the series of phone calls to the writer of this story from an obviously troubled sports editor. He kept suggesting the authors preference of center Jeff Van Note over defensive end Claude Humphrey was unwise. Our dear leader had been chewing and chewing on that choice. Obsessively some might say. Captain Queeg-like others might add.

Then there was the report that the newspapers beat man for the Falcons, D. Orlando Ledbetter, was considering a strongly worded memo, perhaps even an angry Zoom web conference, if Humphrey didnt make the Final Falcons Four.

Suddenly, where before there were only blissful hypotheticals, now there was pressure. It was as if the scales of posterity would pop its springs if we didnt get this right. And the writer of story folded like an old road map.

MORE: Where is Steve Bartkowski?

In many ways, the Falcons presented quite the challenge in coming up with a foursome that represents the best of this franchise since its start in 1966. Its not like theres a championship upon which to moor a selection. And, face it, some of this teams more dynamic players from the past had some real cracks in their character.

One notable quarterback, a civic flashpoint since 2001, had to be excluded because of the clearly stated rules in the Imaginary Mount Rushmore Handbook against dogfighting. If only Michael Vick had just gambled on his own team or torched a homeless shelter, then maybe he would have been up for more serious consideration.

Another, the flashiest player ever to wear black, the one who claimed to have seized the Georgia Dome as his very own house, needed to hang around considerably longer than a fad. Deion Sanders was only five years a Falcon, but so consumed all oxygen in the locker room that it seemed longer. He won Super Bowls with San Francisco and Dallas. He won one first-round playoff game in Atlanta (Braves time excluded).

So mottled is the Falcons past that half their representation on the mythical Mount Rushmore here the two leading vote-getters among the readers as a matter of fact are still-active players. Their personnel file is not even complete, and yet they eclipse the weightiest of Falcons careers dating to the beginning. Were taking it on faith that Matt Ryan is not going to take up dogfighting between now and retirement.

Tommy Nobis already looked like he was cut from stone when he arrived as this franchises first-ever draft pick in 66, so hes a natural for the mountainside. Just look at some old picture of him, you could sharpen a knife on that chin.

A linebacker by trade and a human nail-gun at heart, Nobis was the first Falcon to be named to the Pro Bowl, after recording 294 combined tackles as a rookie. Either he was relentless or the same people who count attendance at Mercedes-Benz Stadium now where charting tackles back then.

For 11 seasons, Nobis was the most feared player with a franchise that too often inspired only indifference. He was martyred on the alter of expansion, enjoying just one winning season and no trips to the postseason. After his playing days, he was a point man for the franchise for decades. Wracked with cognitive and physical ailments later in life, he died in 2017.

For reasons never clear, Nobis cant break through in Canton, to the everlasting discredit of the Hall of Fame. But he is affixed as a Falcons franchise favorite. Of the 2,037 reader votes, Nobis was on 60% of the ballots, third among the electorate, but tops with this one-man electoral college.

Safe to say Thomas Dimitroff is off the hook for trading a jumbo pack of draft picks in 2011 to move up 21 spots to select Alabama receiver Julio Jones. At the time, the hand-wringing was intense. But now it seems to really make it fair, the Falcons should still be sending Cleveland some latter-round compensation.

The top vote-getter in this poll, by a wide margin on 80% of the ballots Jones is recognized as the most gifted and dynamic of Falcons offensive types. He should have had the one single most lovely catch in team annals, the one to cinch a Super Bowl, but you know how that ended.

He is 31 years old, on the other side of prime. But Jones was made from a different batch than the rest of us and no predicting exactly how much more hell polish his resume before hes done. And what he has done to date is plenty: Franchise leader in receiving yards (12,125); receptions per game (6.3) and soon to catch Roddy White in career receptions (his 11 behind Whites 808) and receiving touchdowns (six back of Whites 63).

Now to the throwing part of the equation.

The Falcons have had one league MVP in their history. Even with that singular distinction, Ryan (the 2016 winner) seems to attract an unnatural amount of shrapnel from the fans. At least he came in second, at 68%, in this poll.

In the 192 regular-season games the Falcons have played since 2008, Ryan has started 189 of them. His record as a starter is 109-80. He is eighth all-time among quarterbacks in fourth-quarter comeback wins (30, according to Pro Football Reference.com).

Ryan does more incredible things with numbers than a mob accountant. Take the total of the next three on the list of Falcons career passing yardage leaders Steve Bartkowski, Chris Miller and Chris Chandler. Add them together. And that number still falls short of Ryans 51,186 yards.

Hes 34, a still-dependable high-mileage vehicle. Youll miss him when hes gone, whenever that might be.

Some may have held his exit from Atlanta against Humphrey. Fed up with losing four games into the 1978 season, his option year, Humphrey just left the building. And thus leveraged a trade to Philadelphia in 1979 in exchange for what turned out to be a couple of fourth-round draft picks.

Some may have placed a higher value on longevity, lobbying for Van Note, who led the team in most seasons (18) played, while going to the Pro Bowl six times.

But then some just caved to the argument that Humphrey, after all, is the Hall of Famer between the two, a distinction he mostly earned during nine-plus seasons as a Falcon (1968-78). Three years in Philly earned him a Super Bowl appearance that eventually appeased some Hall of Fame voters (although it took Humphrey 33 years after his retirement to get in).

We yielded as well to the fact that Humphrey just edged Van Note in the fan voting, 37% to 34%.

Humphrey was a 6-foot-4 rush end who terrorized quarterbacks in an age before the sack was an official stat. He, like Nobis, was a rookie of the year, making a great first impression on what was a two-win team. A five-time first team All-Pro, Humphrey was an anchor of the 1977 Grits Blitz defense that allowed a then NFL-record average of only 9.2 points per game.

As for the contentious good-bye, all has been forgiven: In 2008, the Falcons added Humphrey to the teams Ring of Honor. But when carving his likeness onto our Mount Rushmore, a suggestion: Leave it the slightest bit little incomplete perhaps taking just a bit off the end of the nose to mark the 10 games he sat out at the end here.

In the AJCs reader poll, 2,037 voters cast a total of 8,590 votes. Here are the results:Julio Jones, 1,629 votes, 80%Matt Ryan, 1,376 votes, 68%Tommy Nobis, 1,214 votes, 60%Deion Sanders, 1,055 votes, 52%Claude Humphrey, 761 votes, 37%Jeff Van Note, 682 votes, 34%Michael Vick, 548 votes, 27%William Andrews, 530 votes, 26%Mike Kenn, 439 votes, 22%Roddy White, 356 votes, 18%

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Falcons Mount Rushmore heavy on the now, yet mindful of who started it all - Atlanta Journal Constitution