BioTime Announces Second Quarter 2010 Financial Results And Recent Corporate Developments
BioTime, Inc. (NYSE Amex:BTIM) today reported financial results for the quarter ended June 30, 2010 and provided an update on recent corporate developments.
For the three months ended June 30, 2010, total revenue (including royalty income, revenue recognition of deferred license fees, and grant income) was $680,278, up 57% from $432,090 for the same period one year ago. For the six months ended June 30, 2010, total revenue (including royalty income, revenue recognition of deferred license fees, and grant income) was $1,447,406, up 99% from $728,833 for the same period one year ago. These increases in revenue are primarily attributable to our receipt of a $395,096 quarterly installment of our $4.7 million research grant from the California Institute of Regenerative Medicine in each of the first two quarters of 2010. The net loss for the three months ended June 30, 2010 was $2.3 million, or ($0.06) per share, compared to a net loss of $1.5 million or ($0.05) per share for the three months ended June 30, 2009. Net loss for the six months ended June 30, 2010 was approximately $3.5 million, compared to a net loss of approximately $3.0 million for the six months ended June 30, 2009. Increases in net loss in 2010 reflect increases in research and development as we continued to expand our stem cell research program, and also reflect increases in other operating expenses.
Cash and cash equivalents totaled $18.1 million as of June 30, 2010, compared with $12.2 million as of December 31, 2009. During the six months ended June 30, 2010, BioTime received $9,041,403 in net cash from financing activities, including $150,422 received in connection with the exercises of 90,702 options and $8,890,981 received in connection with the exercises of 4,838,942 warrants.
For the three and six months ended June 30, 2010, BioTime recognized, respectively, $215,293 and $512,294 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 $351,724 and $574,391 during the three and six month periods, respectively, ended June 30, 2009. The decrease in royalties is primarily attributable to a decrease in sales to the United States Armed Forces by Hospira.“Our goals for 2010 include increasing revenue from the sale of our stem cell research products; ramping up our first programs for the development of stem cell therapeutic products through our subsidiaries OncoCyte Corporation and OrthoCyte Corporation, and pursuing development and marketing opportunities through ES Cell International Pte Ltd, a Singapore stem cell company that we acquired during our second quarter,” said Michael West, Ph.D., our President and CEO. We are now offering 36 novel stem cell lines through our subsidiary Embryome Sciences, Inc. and we plan to introduce 62 additional cell lines and associated media, matrices, and conditioned media for a total of 299 research products marketed during the second half of the year. Our therapeutic product development efforts at OncoCyte are focused on creating genetically modified stem cells designed to target and destroy malignant tumors, while the initial focus of our work at OrthoCyte is the development of stem cells that have the capability to regenerate cartilage and other connective tissues. Arnold I. Caplan, Ph.D., Professor of Biology and General Medical Sciences and director of the Skeletal Research Center at Case Western Reserve University, has joined OrthoCyte on a part-time basis as its Chief Scientific Officer while maintaining his faculty position. Dr. Caplan is an internationally renowned scholar in the field of musculoskeletal research.
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