At the start of 2017, BioTime, Inc. (NYSEMKT:BTX) announced that it was targeting a late second quarter release for data from a phase III study of its lead cosmetic-type development asset, Renevia. At the start of this week, management put out this press release, highlighting Wednesday morning as the release period and announcing the company’s plans to hold a conference call at market close on the same day to accompany the release.That the company has pre-announced the release and is holding a call with markets (a call that features Dr. Ramom Llull, who served as the primary investigator of the trial in question) suggests to us that the data is strong. If it wasn’t strong, we’d expect Friday afternoon release and no call – especially not one in which the primary investigator participates.If our expectations prove valid, and the company reports strong news, it’s going to run.With this in mind, then, and ahead of the report, here’s what we’re looking for.So, the product is called Renevia, as mentioned, and it’s targeting an indication of what’s called HIV-related Facial Lipoatrophy, of HIV FL. FL is the degradation of fat cells in the face. It occurs in patients with HIV as a side effect of the antivirals used to manage infection and it leads to advanced appearance of aging and a thinning of the skin, which allows musculature and vasculature to be easily seen, resulting in what is commonly known as the “face of AIDS”.The company’s technology is a stem cell based treatment that acts as a sort of double featured therapy – it involves the insertion of a gel like substance under the skin (similar to a dermal filler) but also allows for the mixing of stem cells in with the gel. This means the patient gets a short term impact from the filler substance and then gets a long term impact as the stem cells take effect and contribute to the regeneration of fat cells in the face.The trial in question is a European study and we actually got some early stage indication of the drug’s progress back in November 2016, when numbers from the run-in phase of the study hit press. They pointed towards clinical benefit, boosting the company’s chances ahead of this topline report.What are we looking for from the upcoming release as indicative of efficacy and – in turn – a successful approval registration application?The primary endpoint of the study is skin thickness and it’s being measured using 3D imaging of the patient six months post-treatment. It’s a delayed treatment control study, meaning patients were split into two groups, one treatment, and one control. The treatment group received therapy while the control group waited six months and were then offered treatment after evaluation (and comparison to control).What we’re looking for, then, is a statistically significant improvement in the active arm as compared to the control arm of the investigation. As we’ve said, it’s all about skin thickness, so we want to see the active arm having developed thicker skin, as measured from a baseline evaluation, across the study period, and the control arm to have either maintained skin thickness or for their condition to have worsened.Keep in mind that this isn’t the company’s only development asset and – as a result – the impact of positive data will be slightly tapered by the proportionate value to the company of the asset in question. Also, keep in mind that this isn’t a massive patient population and that’s going to limit revenues potential a bit. With that said, however, there’s a good chance that an approval in this indication will serve to underpin the green lighting of INDs for alternative formulations of the same sort of regenerative science, so impact on valuation isn’t limited to the HIV target in question.Data will hot press before the open on Wednesday, June 14. The conference call is scheduled for market close EST.We will be updating our subscribers as soon as we know more. For the latest updates on BTX, sign up below!Disclosure: We have no position in BTX and have not been compensated for this article.