Message #1 From:
NewsBot Date: August 16, 2005 03:17:00 AM
BTIM News BioTime Announces Results for Second Quarter 2005
EMERYVILLE, Calif.--(BUSINESS WIRE)--Aug. 16, 2005--BioTime, Inc. (OTCBB:BTIM):
-- 28% Increase in Total Revenue
-- 71% Increase in Recognized License Revenue
-- NIH Grant to Continue HetaCool(R) Development Awarded
BioTime, Inc. (OTCBB:BTIM) today announced financial results for the second quarter ended June 30, 2005.
BioTime's total quarterly revenue increased 28% to $249,274 for the second quarter of 2005, from $195,337 for the same period last year. BioTime's second quarter revenues for 2005 include $76,484 in funds as part of a $299,990 grant from the National Heart, Lung, and Blood Institute division of the National Institutes of Health ("NIH") for use in the development of HetaCool(R). The NIH grant was renewed in April 2005 following the submission of a satisfactory progress report on the project. BioTime did not recognize any grant revenue in the same period last year.
Royalty revenues from Hextend(R) product sales in the United States and Canada by Hospira decreased 18% to $148,727 for the first quarter of 2005, from $181,274 during the same period last year due to a decline in sales to the United States Armed Forces. The Company recognizes royalty revenues in the quarter in which the sales report is received, rather than the quarter in which the sales took place. Therefore, revenues for the three months ended June 30, 2005, included royalties on sales made by Hospira during the three months ended March 31, 2005.
License revenue increased 71% to $24,063 for the second quarter of 2005, from $14,063 during the same period last year. License revenue reflects recognition of revenue under our license agreement with CJ Corp. Under this agreement we have received to date $586,000, net of foreign taxes and finders' fees, which is being recognized over multiple periods.
BioTime received $128,737 in royalties from Hospira based on Hextend sales during the three months ended June 30, 2005, representing an 11% decrease from royalty revenues of $145,208 received during the same period last year. The decrease is primarily due to a decline in sales to the U.S. Armed Forces partially offset by an increase in hospital sales. This revenue will be recognized in the Company's financial statements for the third quarter ending September 30, 2005.
BioTime's reported net loss of $(442,734), or $(0.02) per basic and diluted share, for the three months ended June 30, 2005, was substantially unchanged from a net loss of $(442,268), or $(0.02) per basic and diluted share, for the same period last year.
Cash and cash equivalents totaled $588,540 at June 30, 2005, compared with $1,370,762 at December 31, 2004. Total shareholders' deficit was $(740,354) at June 30, 2005, compared with total shareholders' equity of $344,770 at December 31, 2004.
About BioTime, Inc.
BioTime, headquartered in Emeryville, California, develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, organ preservation solutions and technology for use in surgery, emergency trauma treatment and other applications. BioTime's lead product Hextend is manufactured and distributed in the U.S. and Canada by Hospira, Inc. and in South Korea by CJ Corp. under exclusive licensing agreements. Information about BioTime can be found on the web at www.biotimeinc.com.
Hextend(R), PentaLyte(R), and HetaCool(R) are registered trademarks of BioTime, Inc.
Forward Looking Statements
The matters discussed in this press release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to the results of clinical trials of BioTime products; the ability of BioTime and its licensees to obtain additional FDA and foreign regulatory approval to market BioTime products; competition from products manufactured and sold or being developed by other companies; and the price of and demand for BioTime products. Other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
BIOTIME, INC.
CONDENSED BALANCE SHEETS
June 30,
2005 December 31,
(unaudited) 2004
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 588,540 $ 1,370,762
Prepaid expenses and other current assets 111,664 122,225
------------- -------------
Total current assets 700,204 1,492,987
EQUIPMENT, net of accumulated depreciation
of $572,982 and $568,557, respectively 8,127 12,552
DEPOSITS AND OTHER ASSETS 20,976 16,050
------------- -------------
TOTAL ASSETS $ 729,307 $ 1,521,589
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 266,578 $ 275,256
DEFERRED LICENSE REVENUE 553,438 601,563
ROYALTY OBLIGATION 648,997 300,000
OTHER LONG TERM LIABILITIES 648 -
COMMITMENTS
SHAREHOLDERS' EQUITY (DEFICIT):
Preferred shares, no par value,
undesignated as to Series, authorized
1,000,000 shares; none outstanding - -
Common Shares, no par value, authorized
40,000,000 shares; issued and outstanding
shares; 17,871,450 and 17,811,450,
respectively 38,802,397 38,718,197
Contributed Capital 93,972 93,972
Accumulated deficit (39,636,723) (38,467,399)
------------- -------------
Total shareholders' equity (deficit) (740,354) 344,770
------------- -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIT) $ 729,307 $ 1,521,589
============= =============
BIOTIME, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
------------ ------------ ------------ ------------
REVENUE:
License fees $ 24,063 $ 14,063 $ 49,825 $ 28,876
Royalty from
product sales 148,727 181,274 314,048 297,161
Grant income 76,484 - 76,484 -
------------ ------------ ----------- ------------
Total revenue 249,274 195,337 440,357 326,037
------------ ------------ ------------ ------------
EXPENSES:
Research and
development (341,510) (276,947) (804,118) (504,753)
General and
administrative (334,938) (366,334) (788,939) (774,726)
------------ ------------ ------------ ------------
Total expenses (676,448) (643,281) (1,593,057) (1,279,479)
------------ ------------ ------------ ------------
INTEREST EXPENSE
AND OTHER INCOME: (15,560) 5,676 (16,624) (1,131,768)
------------ ------------ ------------ ------------
NET LOSS $ (442,734) $ (442,268) $(1,169,324) $(2,085,210)
============ ============ ============ ============
BASIC AND DILUTED
LOSS PER SHARE $ (0.02) $ (0.02) $ (0.07) $ (0.12)
============ ============ ============ ============
COMMON AND
EQUIVALENT SHARES
USED IN COMPUTING
BASIC AND DILUTED 17,871,450 17,801,082 17,861,063 17,069,105
