MELVILLE, N.Y., June 2, 2015 (GLOBE NEWSWIRE) -- BioRestorative Therapies, Inc. ("BRT or "the Company") (OTCQB:BRTX), a life sciences company focused on adult stem cell-based therapies for various personal medical applications, today announced the conversion of $5.15 million of debt into common shares and warrants.
As of March 31, 2015, BioRestorative had outstanding debt of $5,831,496 due through October 2015 with interest rates ranging between 8% and 15% per annum. The Company and certain debtholders agreed to the conversion of $5,151,050 of outstanding debt into 17,215,129 shares and 4,248,787 five-year warrants that are exercisable at a price of $0.75 per share of common stock.
Mark Weinreb, CEO of BioRestorative Therapies, said, "These debt conversions strengthen the Company's balance sheet and position us for our next stage of growth and development. We appreciate the continued support of our investors, and their confidence in BioRestorative's long-term success is further validation of the Company's promising technology."
About BioRestorative Therapies, Inc.
BioRestorative Therapies, Inc. (www.biorestorative.com) develops therapeutic products and medical therapies using cell and tissue protocols, primarily involving adult stem cells. Our two core programs, as described below, relate to the treatment of disc/spine disease and metabolic disorders:
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Disc/Spine Program: Our lead cell therapy candidate, brtxDISC™ (Disc Implanted Stem Cells), is a product formulated from autologous (or a person's own) cultured mesenchymal stem cells collected from the patient's bone marrow. We intend that the product will be used for the non-surgical treatment of protruding and bulging lumbar discs in patients suffering from chronic lumbar disc disease. The treatment involves collecting a patient's own stem cells, culturing and cryopreserving the cells, and then having a physician inject brtxDISC™ into the patient's damaged disc in an outpatient procedure. The treatment is intended for patients whose pain has not been alleviated by non-invasive procedures and who potentially face the prospect of surgery.
- Metabolic Program (ThermoStem®): We are developing an allogeneic cell-based therapy to target obesity and metabolic disorders using brown adipose (fat) derived stem cells to generate brown adipose tissue ("BAT"). BAT is intended to mimic naturally occurring brown adipose depots that regulate metabolic homeostasis in humans. Initial preclinical research indicates that increased amounts of brown fat in the body may be responsible for additional caloric burning as well as reduced glucose and lipid levels. Researchers have found that people with higher levels of brown fat may have a reduced risk for obesity and diabetes.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including those set forth in the Company's Form 10-K filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.