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BioTime, Inc. (NYSE Amex:BTX), a biotechnology company that develops and markets products in the field of stem cells and regenerative medicine and blood plasma volume expander solutions, today reported financial results for the quarter ended March 31, 2011 and provided an update on corporate developments.
For the quarter ended March 31, 2010, total revenue (including royalties from product sales and other revenue, revenue recognition of deferred license fees and grant income) was $825 thousand, up 7% from $768 thousand for the same period one year ago. The increase in revenue year-over-year in the first quarter 2010 is primarily attributable to license fees earned by BioTime's Singapore subsidiary ES Cell International, Pte. Ltd., additional grant income, and a significant increase in research product sales offset by a decrease in royalties from product sales.
Total expense for the three months ended March 31, 2011 was $4.9 million, compared to expense of $2.1 million for the first quarter in the prior year. In the first quarter 2011, R&D and G&A expense increased year-over-year due to increased investment in research and development related to our candidate stem cell therapeutic products and the growth of our business through our acquisitions of ES Cell International Pte. Ltd.; Cell Cure Neurosciences, Ltd.; Glycosan BioSystems, Inc.; and the assets of Cell Targeting, Inc.
Net loss attributable to BioTime, Inc. for the three months ended March 31, 2011 was $3.4 million or $0.07 per share, compared to a net loss of $1.3 million or $0.04 per share for the same period one year ago.
Net cash used in operating activities was $3.6 million for the three months ended March 31, 2011 compared to $1.2 million for the three months ended March 31, 2010.
Cash and cash equivalents totaled $30.1 million as of March 31, 2011, compared with $33.3 million as of December 31, 2010. During the quarter ended March 31, 2011, BioTime received $690 thousand in net cash from financing activities, including $90 thousand received in connection with the exercise of stock options and $386 thousand received in connection with the exercises of stock purchase warrants. BioTime also received $214 thousand from the issuance of shares of common stock by its subsidiary ReCyte Therapeutics, Inc.
Highlights in the growth of BioTime's business during the first quarter include:
"We began the year with some key acquisitions as part of a strategic plan to build our disease-focused subsidiaries," said Michael D. West, Ph.D., BioTime's President and CEO. "We plan for the remainder of 2011 to be a year marked by rapid development of our principle therapeutic programs and the generation of near-term revenues."
Tables to follow.
About BioTime, Inc.
BioTime, headquartered in Alameda, California, is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. Its broad platform of stem cell technologies is developed through subsidiaries focused on specific fields of applications. BioTime develops and markets research products in the field of stem cells and regenerative medicine, including a wide array of proprietary ACTCellerate™ cell lines, culture media, and differentiation kits. BioTime's wholly owned subsidiary ES Cell International Pte. Ltd. has produced clinical-grade human embryonic stem cell lines that were derived following principles of Good Manufacturing Practice and currently offers them for use in research. BioTime's therapeutic product development strategy is pursued through subsidiaries that focus on specific organ systems and related diseases for which there is a high unmet medical need. BioTime's majority owned subsidiary Cell Cure Neurosciences, Ltd. is developing therapeutic products derived from stem cells for the treatment of retinal and neural degenerative diseases. Cell Cure's minority shareholder Teva Pharmaceutical Industries has an option to clinically develop and commercialize Cell Cure's OpRegen™ retinal cell product for use in the treatment of age-related macular degeneration. BioTime's subsidiary OrthoCyte Corporation is developing therapeutic applications of stem cells to treat orthopedic diseases and injuries. OrthoCyte is also marketing the Glycosan HyStem®hydrogel products, and is developing HyStem®-Rx as a cell delivery medical device to improve outcomes in cell transplant procedures, including reconstructive and cosmetic surgery. Another subsidiary, OncoCyte Corporation, focuses on the therapeutic applications of stem cell technology in cancer, including using vascular progenitor cells engineered to destroy malignant tumors. ReCyte Therapeutics, Inc. is developing applications of BioTime's proprietary iPS cell technology to reverse the developmental aging of human cells to treat cardiovascular and blood cell diseases. BioTime's newest subsidiary, LifeMap Sciences, Inc., is developing an online database of the complex cell lineages arising from human embryonic stem cells and induced pluripotent stem cells to guide basic research and to market BioTime's research products. In addition to its stem cell products, BioTime develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, and technology for use in surgery, emergency trauma treatment and other applications. BioTime's lead product, Hextend®, is a blood plasma volume expander manufactured and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang Corp. under exclusive licensing agreements. Additional information about BioTime, ReCyte Therapeutics, Cell Cure, OrthoCyte, OncoCyte, BioTime Asia, and ESI can be found on the web at www.biotimeinc.com.
Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for the company and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the company's business, particularly those mentioned in the cautionary statements found in the company's Securities and Exchange Commission filings. The company disclaims any intent or obligation to update these forward-looking statements. Additional information about BioTime and our results of operations and financial condition can be found in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission.
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|May 05, 2011|