BioTime, Inc. (NYSE Amex: BTIM) today reported financial results for the first quarter ended March 31, 2010 and provided an update on recent corporate developments.
For the three months ended March 31, 2010, total quarterly revenue (including royalty income, revenue recognition of deferred license fees, and grant income) was $767,127, up 159% from $296,743 for the same period one year ago. The increase in revenue is attributable to our receipt of a $395,096 quarterly installment of our $4.7 million research grant from the California Institute of Regenerative Medicine, and an increase in our royalty revenue. The net loss for the quarter ended March 31, 2010 was $1.3 million, or ($0.04) per share, compared to a net loss of $1.5 million or ($0.06) per share for the quarter ended March 31, 2009, reflecting increases in research and development as we expanded our stem cell research program, and increases in other operating expenses.
Cash and cash equivalents totaled $11.2 million as of March 31, 2010, compared with $12.2 million as of December 31, 2009. During the quarter ended March 31, 2010, BioTime received $456,288 in net cash from financing activities, including $118,400 received in connection with the exercises of 75,000 options and $337,888 received in connection with the exercises of 168,944 warrants.
During the first quarter, BioTime recognized $297,000 in royalty revenue from the sale of Hextend®, BioTime’s proprietary physiologically balanced blood plasma volume expander for treating low blood volume, a condition often caused by blood loss during surgery or by trauma. This compares to royalty revenue from the sale of Hextend of $222,667 during the three months ended March 31, 2009. This 33% increase in royalties is primarily attributable to an increase in sales to the United States Armed Forces by Hospira. Purchases by the Armed Forces generally take the form of intermittent, large volume orders, and cannot be predicted with certainty.