AgeX, a biotech anti-aging product, may not have much time left as funding runs out
AgeX Therapeutics may be forced to shut down. The preclinical biotech, which aims to reverse the clock of aging, announced \”substantial doubts\” about its future as debts and money run out.
According to financial results published August 12, the California biotech generated $12,000 in revenue in the second quarter, and $1.6 million operating expenses in the same period.
The biotech company borrowed the last half-million of credit that was available in a 2020 deal with Juvenescence, a separate antiaging biotech. They also entered into a new agreement in which Juvenescence would provide $13.2 million credit over a period of one year. AgeX used $8.2m of its line of credit to borrow the first half million and $7.2m of it was used to refinance principal and loan origination charges under a loan agreement signed with Juvenescence in 2019.
Source:
https://www.fiercebiotech.com/biotech/anti-aging-biotech-agex-may-have-run-out-time-funds-run-dry
