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Fourth Quarter and Recent Highlighted Corporate Accomplishments
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BioTime’s subsidiary
Asterias Biotherapeutics, Inc. completed the acquisition of stem cell assets fromGeron Corporation , including patents and other intellectual property, biological materials, reagents and equipment for the development of new therapeutic products for regenerative medicine. -
BioTime conducted a clinical safety study of Renevia™, a biocompatible, implantable hyaluronan and collagen-based matrix for cell delivery in human clinical applications, at The Stem Center inPalma de Mallorca ,Spain . Examinations of the subjects after they received Renevia™ injections showed that Renevia™ was well tolerated by all subjects with no serious adverse events or subject withdrawals. -
BioTime commenced the development of two new products based on our HyStem® technology platform. The new products are unique formulations utilizing some of the same cGMP components used in Renevia™. The first of these new products is ReGlyde™, a cross-linked thiol-modified hyaluronan hydrogel for the management and protection of tendon injuries following surgical repair of the digital flexor or extensor tendons of the hand. The second new product, Premvia™, is a HyStem® hydrogel formulation of cross-linked thiol-modified hyaluronan and thiol-modified gelatin for the management of wounds including partial and full-thickness wounds, ulcers, tunneled/undermined wounds, surgical wounds, and burns. -
BioTime’s subsidiary
OncoCyte Corporation entered into a Sponsored Research Agreement and a Material Transfer Agreement withThe Wistar Institute to collaboratively develop lung cancer diagnostic products. OncoCyte scientists will analyze blood samples obtained from patients in a Wistar clinical study to determine levels of tumor-associated proteins found in the blood samples. The data obtained from the samples received from Wistar's ongoing multi-center study may allow OncoCyte to more rapidly develop a diagnostic test for lung cancer to be marketed in the U.S. and other countries. -
BioTime consolidated its research products business into a new ESI BIO division and a new ESI BIO branding program. The ESI BIO brand and US-based operating division will now be BioTime’s primary developer, manufacturer and distributor of a growing portfolio of stem cell based research products.
Financial Results
Revenue
For the quarter ended
For the full year 2013, total revenue, on a consolidated basis, was
Expenses
Operating expenses for the three months ended
Operating expenses for the full year ended
Net Loss
Net loss attributable to
Balance Sheet and Subsequent Financing Events
Cash and cash equivalents, on a consolidated basis, totaled
Since
About
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Asterias Biotherapeutics, Inc. is a new subsidiary which has acquired the stem cell assets ofGeron Corporation , including patents and other intellectual property, biological materials, reagents and equipment for the development of new therapeutic products for regenerative medicine. -
OncoCyte Corporation is developing products and technologies to diagnose and treat cancer. -
Cell Cure Neurosciences Ltd. (“Cell Cure Neurosciences”) is anIsrael -based biotechnology company focused on developing stem cell-based therapies for retinal and neurological disorders, including the development of retinal pigment epithelial cells for the treatment of macular degeneration, and treatments for multiple sclerosis. -
LifeMap Sciences, Inc. (“LifeMap Sciences”) markets, sells and distributes GeneCards®, the leading human gene database, as part of an integrated database suite that also includes the LifeMap Discovery® database of embryonic development, stem cell research and regenerative medicine, and MalaCards, the human disease database. -
ES Cell International Pte Ltd. , aSingapore private limited company, developed clinical and research grade hES cell lines and plans to market those cell lines and otherBioTime research products in over-seas markets as part of BioTime’s ESI BIO Division. -
BioTime Asia, Limited , aHong Kong company, may offer and sell products for research use for BioTime’s ESI BIO Division. -
OrthoCyte Corporation is developing therapies to treat orthopedic disorders, diseases and injuries. -
ReCyte Therapeutics, Inc. is developing therapies to treat a variety of cardiovascular and related ischemic disorders, as well as products for research using cell reprogramming technology.
Additional information about
FORWARD-LOOKING STATEMENTS
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for
To receive ongoing
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BIOTIME, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
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December 31, 2013 |
December 31, 2012 |
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| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 5,495,478 | $ | 4,349,967 | ||||
| Inventory | 178,694 | 55,316 | ||||||
| Prepaid expenses and other current assets | 2,275,798 | 2,774,196 | ||||||
| Total current assets | 7,949,970 | 7,179,479 | ||||||
| Equipment, net | 2,997,733 | 1,348,554 | ||||||
| Deferred license and consulting fees | 444,833 | 669,326 | ||||||
| Deposits | 129,129 | 64,442 | ||||||
| Intangible assets, net | 46,208,085 | 20,486,792 | ||||||
| TOTAL ASSETS | $ | 57,729,750 | $ | 29,748,593 | ||||
| LIABILITIES AND EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable and accrued liabilities | $ | 6,722,624 | $ | 3,989,962 | ||||
| Deferred license and subscription revenue, current portion | 235,276 | 400,870 | ||||||
| Total current liabilities | 6,957,900 | 4,390,832 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Deferred license revenue, net of current portion | - | 768,678 | ||||||
| Deferred rent, net of current portion | 35,997 | 57,214 | ||||||
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Deferred tax liability, net |
8,277,548 | - | ||||||
| Other long term liabilities | 195,984 | 237,496 | ||||||
| Total long-term liabilities | 8,509,529 | 1,063,388 | ||||||
| Commitments and contingencies | ||||||||
| EQUITY | ||||||||
| Preferred Shares, no par value, authorized 2,000,000 and 1,000,000 shares respectively, as of December 31, 2013 and 2012; none issued | - | - | ||||||
| Common shares, no par value, authorized 125,000,000 and 75,000,000 shares respectively as of December 31, 2013 and 2012; 67,412,139 issued and 56,714,424 outstanding as of December 31, 2013 and 51,183,318 issued and 49,383,209 outstanding at December 31, 2012 | 203,456,401 | 119,821,243 | ||||||
| Contributed capital | 93,972 | 93,972 | ||||||
| Accumulated other comprehensive income/(loss) | 62,899 | (59,570 | ) | |||||
| Accumulated deficit | (145,778,547 | ) | (101,895,712 | ) | ||||
| Treasury stock at cost: 10,697,715 and 1,800,109 shares at December 31, 2013 and 2012, respectively | (43,033,957 | ) | (8,375,397 | ) | ||||
| Total shareholders' equity | 14,800,768 | 9,584,536 | ||||||
| Noncontrolling interest | 27,461,553 | 14,709,837 | ||||||
| Total equity | 42,262,321 | 24,294,373 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 57,729,750 | 29,748,593 | |||||
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BIOTIME, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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| Three Months Ended (unaudited) | Year Ended | |||||||||||||||
| December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||
| REVENUES: | ||||||||||||||||
| License fees | $ | 1,123,331 | $ | 350,477 | $ | 2,218,174 | $ | 899,998 | ||||||||
| Royalties from product sales | 75,270 | 133,878 | 366,775 | 541,681 | ||||||||||||
| Grant income | 632,103 | 704,372 | 1,573,329 | 2,222,458 | ||||||||||||
| Sale of research products | 61,781 | 33,810 | 276,058 | 251,190 | ||||||||||||
| Total revenues | 1,892,485 | 1,222,537 | 4,434,336 | 3,915,327 | ||||||||||||
| Cost of sales | (222,422 | ) | (160,355 | ) | (792,659 | ) | (434,271 | ) | ||||||||
| Total revenues, net | 1,670,063 | 1,062,182 | 3,641,677 | 3,481,056 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Research and development | (9,220,014 | ) | (4,793,278 | ) | (26,609,423 | ) | (18,116,688 | ) | ||||||||
| Acquired in-process research and development | (17,458,766 | ) | - | (17,458,766 | ) | - | ||||||||||
| General and administrative | (4,284,726 | ) | (3,327,238 | ) | (15,558,674 | ) | (10,365,045 | ) | ||||||||
| Total expenses | (30,963,506 | ) | (8,120,516 | ) | (59,626,863 | ) | (28,481,733 | ) | ||||||||
| Loss from operations | (29,293,443 | ) | (7,058,334 | ) | (55,985,186 | ) | (25,000,677 | ) | ||||||||
| OTHER INCOME/(EXPENSES): | ||||||||||||||||
| Interest (expense)/income, net | (2,611 | ) | 2,062 | (578 | ) | 19,383 | ||||||||||
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Gain/(loss) on sale of fixed assets |
- | (93,811 | ) | 5,120 | (6,856 | ) | ||||||||||
| Other income/(expense), net | (39,665 | ) | (1,859 | ) | (209,177 | ) | (317,710 | ) | ||||||||
| Total other income/(expenses), net | (42,276 | ) | (93,608 | ) | (204,635 | ) | (305,183 | ) | ||||||||
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LOSS BEFORE INCOME TAX BENEFIT |
(29,335,719 | ) | (7,151,942 | ) | (56,189,821 | ) | (25,305,860 | ) | ||||||||
| Deferred income tax benefit | 3,280,695 | - | 3,280,695 | - | ||||||||||||
| NET LOSS | (26,055,024 | ) | (7,151,942 | ) | (52,909,126 | ) | (25,305,860 | ) | ||||||||
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Net loss attributable to the noncontrolling interest |
6,442,710 | 1,116,988 | 9,026,291 | 3,880,157 | ||||||||||||
| NET LOSS ATTRIBUTABLE TO BIOTIME, INC. (1) | $ | (19,612,314 | ) | $ | (6,034,954 | ) | $ | (43,882,835 | ) | $ | (21,425,703 | ) | ||||
| Foreign currency translation gain/(loss) | (64,841 | ) | 137,814 | 119,469 | 63,179 | |||||||||||
| Unrealized gain on available-for-sale securities, net | - | - | 3,000 | - | ||||||||||||
| COMPREHENSIVE NET LOSS (2) | $ | (19,677,155 | ) | $ | (5,897,140 | ) | $ | (43,760,366 | ) | $ | (21,362,524 | ) | ||||
| BASIC AND DILUTED LOSS PER COMMON SHARE (1) | $ | (0.35 | ) | $ | (0.12 | ) | $ | (0.81 | ) | $ | (0.44 | ) | ||||
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED | 56,245,189 | 49,263,968 | 54,226,219 | 49,213,687 | ||||||||||||
| (1) Basic and diluted loss per common share is calculated using "Net loss attributable to BioTime, Inc." | |
| (2) Comprehensive net loss includes foreign currency translation loss of $64,841 and gain of $119,469 for the three and twelve months ended December 31, 2013, respectively and translation gain of $137,814 and $63,179 for the same periods in the prior year, respectively arise entirely from the translation of foreign subsidiary financial information for consolidation purposes and therefore not used in the calculation of basic and diluted loss per common share. | |
Source:
BioTime, Inc.
Lesley Stolz, PhD, 510-521-3390, ext 367
Executive
Vice President, Corporate Development
lstolz@biotimemail.com
or
Judith
Segall, 510-521-3390, ext 301
jsegall@biotimemail.com