Message #9 From:
NewsBot Date: November 15, 2006 11:10:00 AM
BTIM News BioTime Announces Results for Third Quarter 2006
EMERYVILLE, Calif.--(BUSINESS WIRE)--BioTime, Inc. (OTCBB:BTIM) today announced financial results for the
third quarter ended September 30, 2006. Revenues for the three months
ended September 30, 2006 consist primarily of royalties on sales of
Hextend® made by
Hospira, Inc. during the period beginning April 1, 2006 and ending June
30, 2006. Royalty revenues recognized for that three-month period were
$250,017, an increase of 94% from royalty revenues of $128,829 received
during the same period last year. The increase in royalties reflects a
growth in sales to both hospitals and the United States Armed Forces.
We expect to receive royalties of $377,564 from Hospira during November
2006, based on Hextend sales during the three months ended September 30,
2006, an increase of 109% from royalty revenues of $180,983 received
during the same period last year. This royalty payment will be the
largest since Hextend sales began. The increase in royalties primarily
reflects a growth in sales to the United States Armed Forces, while
hospital sales also increased. Sales to the Armed Forces generally take
the form of intermittent, large volume orders, and cannot be predicted
with certainty. This revenue will be reflected in our financial
statements for the fourth quarter of 2006.
License revenue increased 95% to $46,979 for the third quarter of 2006,
from $24,062 during the same period last year. License revenue reflects
recognition of revenue under our license agreement with CJ Corp. and our
agreement with Summit Pharmaceuticals International Corporation. We
received $500,000 from Summit in May 2006 as the initial consideration
for its China and Taiwan licenses; however, we recognize license fee
revenue on an amortized basis based upon the expected lives of the
patents we license. Accordingly, most of the license fee received from
Summit during May is recorded on our balance sheet as deferred revenue,
and a portion of that amount was recognized as license fee revenue
during the quarter ended September 30, 2006.
BioTime reported a net loss of $(340,035), or $(0.02) per basic and
diluted share, for the three months ended September 30, 2006, versus a
net loss of $(415,058), or $(0.02) per basic and diluted share, for the
same period last year.
Cash and cash equivalents totaled $755,553 at September 30, 2006,
compared with $1,833,774 at December 31, 2005. Total shareholders'
deficit was $(1,556,923) at September 30, 2006, compared with total
shareholders' deficit of $(196,581) at December 31, 2005.
BioTime has recently completed the patient enrollment and treatment
portion of a Phase II clinical trial of PentaLyte, and has begun
processing and compiling the trial data. During the trial, PentaLyte was
used to treat hypovolemia in cardiac surgery.
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®, PentaLyte®,
and HetaCool® 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
ASSETS
September 30,
2006 (unaudited)
CURRENT ASSETS
Cash and cash equivalents
$
755,553
Accounts receivable
7,916
Prepaid expenses and other current assets
49,449
Total current assets
812,918
EQUIPMENT, net of accumulated depreciation of $580,314
