|BioTime Reports Third Quarter Results and Recent Corporate Accomplishments|
“BioTime achieved several significant milestones during the third
quarter, both in its clinical programs and in the execution of its
corporate strategy,” said
“BioTime successfully secured over
Vision Restoration Program
AST-OPC1 (oligodendrocyte progenitor cells)
AST-VAC2 (patient specific cancer vaccine)
Liquid Biopsy (lung cancer confirmatory blood test)
Simplification and Unlocking Value
Third Quarter Financial Results
Value of Holdings in Public Affiliates: At September 30,
2017, BioTime held common stock in publicly-traded affiliates valued
at $184.7 million. This amount was the market value of BioTime’s 21.7
million shares in
Revenues: BioTime’s revenue is generated primarily from research grants, licensing fees and royalties, and subscription and advertising from the marketing of online database products. Total revenue was $1.7 million for the third quarter of 2017, compared to $1.5 million in the third quarter of 2016.
Operating Expenses: Operating expenses for the third quarter of
Our operating expenses for the nine months ended
The reconciliation between GAAP and non-GAAP operating expenses by entity, is provided in the financial tables included with this earnings release.
R&D Expenses: Research and development expenses were $6.6 million for the third quarter of 2017, compared to $6.4 million for the comparable period in 2016, a decrease of $0.2 million.
G&A Expenses: General and administrative expenses were $4.6 million for the third quarter of 2017 compared to $4.6 million for the comparable period in 2016.
Net Income or loss attributable to BioTime: Net income
attributable to BioTime was $14.3 million, or $0.12 per basic and
diluted common share for the three months ended September 30, 2017,
compared to net income of $31.2 million, or $0.30 per basic and diluted
common share for the three months ended
Conference Call and Webcast Details
BioTime is hosting a conference call and webcast today, Thursday,
November 9, at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time to
discuss the results and recent corporate developments. The conference
call dial-in number in the U.S./Canada is 1-877-407-0784. For
international participants outside the U.S./
A replay of the conference call will be available for seven business
days beginning about two hours after the conclusion of the live call, by
calling toll-free from U.S./
Renevia® is an investigational medical device that is being developed as an alternative for whole adipose tissue transfer (fat grafting) procedures. Renevia’s® hydrogel polymer network provides the requisite amino acid sequences for adipose stromal vascular cell attachment and may support proliferation, localization and adipogenic differentiation. Renevia® is part of the Hystem® hydrogel family of proprietary injectable matrices, which are designed to facilitate the survival and growth of transplanted cells.
OpRegen®, which is being studied for the treatment of the dry form of AMD, consists of a suspension of Retinal Pigment Epithelial (RPE) cells that are delivered subretinally during a simple intraocular injection. RPE cells are essential components of the back lining of the retina, and function to help nourish the retina including photoreceptors. A proprietary process that drives the differentiation of human pluripotent stem cells is used to generate high purity OpRegen® RPE cells. OpRegen® RPE cells are also “xeno-free," meaning that no animal products are used at any point in the derivation and production process. The avoidance of the use of animal products eliminates some potential safety concerns. Preclinical studies in rats have shown that following a single subretinal injection of OpRegen®, the cells can rapidly organize into its natural monolayer structure in the subretinal space and survive throughout the lifetime of the animal. OpRegen® is designed to be an “off-the-shelf” allogeneic (non-patient specific) product. Unlike treatments that require multiple, frequent injections into the eye, it is expected that OpRegen® would be administered in a single procedure. OpRegen® was granted Fast Track designation from the FDA, which allows more frequent interactions with the agency, and eligibility for accelerated approval and priority review. OpRegen® is a registered trademark of Cell Cure Neurosciences Ltd., a majority-owned subsidiary of BioTime, Inc.
Premvia™ is indicated for the management of wounds including: partial-thickness, full-thickness, tunneling wounds, pressure ulcers, venous ulcers, diabetic ulcers, chronic vascular ulcers, donor skin graft sites, post-Moh’s surgery, post-laser surgery, podiatric wounds, wound dehiscence, abrasions, lacerations, second degree burns, skin tears, and draining wounds.
Important Safety Information
BioTime common stock is traded on the NYSE American and TASE under the
symbol BTX. For more information, please visit www.biotime.com or
connect with the company on Twitter, LinkedIn,
To receive ongoing
Certain statements contained in this release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements pertaining to product technology,
clinical development, regulatory approval timelines, the success of
potential cosmetic applications and potential opportunities for
Non-GAAP Financial Measures
This earnings release includes operating expenses prepared in accordance
with accounting principles generally accepted in
Furthermore, management uses these non-GAAP financial measures in the aggregate and on an entity basis to establish budgets and operational goals, to manage BioTime’s business and to evaluate its performance and its programs in clinical development.