Biotime Inc., of Alameda, Calif., received about $6.4 million in equity financing raised from current long-term investors in the company. The funds will be used for product development, including this year's anticipated pivotal Renevia trial, as well as other general operating expenses. Renevia is described as an injectable matrix designed to facilitate the stable engraftment of transplanted cells.

Ruthigen Inc., of Santa Rosa, Calif., said underwriters of the company's recently completed initial public offering (IPO) have partially exercised their option to purchase additional shares of common stock. The underwriters bought 154,290 shares from Ruthigen pursuant to the option. In late March, the company closed the IPO of about 2.6 million units at a price of $7.25 per unit, with each consisting of one share of common stock and one series A warrant. The partial exercise of the underwriters' option brings the total gross proceeds to about $20.3 million, which has resulted in net proceeds to Ruthigen of about $16.5 million.