EX-99.1 2 ex99_1.htm EXHIBIT 99.1 ex99_1.htm
Exhibit 99.1

BIOTIME, INC.
6121 Hollis Street
Emeryville, CA 94608
Tel: 510-350-2940
Fax: 510-350-2948
www.biotimeinc.com
For Further Information:
Judith Segall (510) 350-2940

FOR IMMEDIATE RELEASE
August 15, 2007
 

BIOTIME ANNOUNCES RESULTS FOR SECOND QUARTER 2007
 
EMERYVILLE, CA, August 15, 2007 – BioTime, Inc. (OTCBB: BTIM) today announced financial results for the second quarter ended June 30, 2007.  Revenues for the three months ended June 30, 2007 consist primarily of royalties on sales of Hextend® made by Hospira during the period beginning January 1, 2007 and ending March 31, 2007.  Royalty revenues recognized for that three-month period were $163,676, a 64% increase from the $99,957 of royalty revenue during the same period last year, reflecting an increase in sales to hospitals and to the United States Armed Forces.  BioTime recognizes royalty revenues in the quarter in which sales reports are received, rather than the quarter in which the sales took place.

BioTime received royalties of $183,093 from Hospira during July 2007, based on Hextend sales during the three months ended June 30, 2007.  Royalties decreased 27% from royalty revenues of $250,017 received during the same period last year.  The decrease is attributable to a decrease in sales of Hextend to the United States Armed Forces, although this decrease was somewhat offset by an increase in sales to hospitals. This revenue will be reflected in our condensed interim financial statements for the third quarter of 2007.

License revenue increased 9% to $47,065 for the second quarter of 2007, from $43,238 during the same period last year.  Most of the increase in revenue for the quarter consists of license fees received from CJ Corp. and Summit Pharmaceuticals International Corporation during prior accounting periods that were reflected as deferred revenues on BioTime’s balance sheet.  BioTime amortizes those license fees and recognizes them as current revenues over the expected life of the patents related to the applicable license.

BioTime's total quarterly revenue, including both royalty income and revenue recognition of deferred license fees, increased to $210,741 for the second quarter of 2007, from $143,195 for the same period last year.

BioTime reported a net loss of $(344,077), or $(0.02) per basic and diluted share, for the three months ended June 30, 2007, versus a net loss of $(667,844), or $(0.03) per basic and diluted share, for the same period last year.
 
 
BioTime, Inc.
Page 2 of 4

 
Cash and cash equivalents totaled $127,242 at June 30, 2007, compared with $561,017 at December 31, 2006. Total shareholders' deficit was $(2,636,640) at June 30, 2007, compared with total shareholders' deficit of $(1,865,221) at December 31, 2006. At June 30, 2007, BioTime had lines of credit for $573,600, from which $300,000 had been drawn as of that date.  BioTime will need to obtain additional equity capital or licensing fees during 2007 to finance its current operations because its current lines of credit and royalty revenues are not sufficient to fund anticipated operating expenses beyond September 30, 2007.  BioTime has completed a Phase II clinical study in cardiac surgery for PentaLyte®, its pentastarch-based plasma volume expander, and is seeking licensing arrangements for PentaLyte in the United States and abroad.
 
About BioTime, Inc.
 
BioTime, headquartered in Emeryville, California, develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, organ preservation solutions, and technology for use in surgery, emergency trauma treatment and other applications. BioTime’s lead product Hextend is manufactured and distributed in the U.S.  by Hospira, Inc. and in South Korea by CJ Corp. under exclusive licensing agreements. Information about BioTime can be found on the web at www.biotimeinc.com.
 
Hextend®, PentaLyte®, and HetaCool® are registered trademarks of BioTime, Inc.
 
Forward Looking Statements
 
The matters discussed in this press release include forward-looking statements which are subject to various risks, uncertainties, and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to the results of clinical trials of BioTime products; the ability of BioTime and its licensees to obtain additional FDA and foreign regulatory approval to market BioTime products; competition from products manufactured and sold or being developed by other companies; and the price of and demand for BioTime products. Other factors that could affect BioTime’s operations and financial condition are discussed in BioTime’s Annual Report on Form 10-KSB filed with the Securities and Exchange Commission.
 

-Financial Tables Follow-

 
BioTime, Inc.
Page 3 of 4

BIOTIME, INC.

CONDENSED BALANCE SHEET
(Unaudited)

ASSETS
  
June 30, 2007
  
CURRENT ASSETS
      
Cash and cash equivalents
   $
127,242
  
Accounts receivable
    
5,915
  
Prepaid expenses and other current assets
    
37,131
  
Total current assets
    
170,288
  
         
EQUIPMENT, net of accumulated depreciation of $584,165
    
9,386
  
DEPOSITS AND OTHER ASSETS
    
20,976
  
TOTAL ASSETS
   $
  200,650
  
         
LIABILITIES AND SHAREHOLDERS' DEFICIT
        
CURRENT LIABILITIES
        
Accounts payable and accrued liabilities
   $
433,287
  
Lines of credit
    
306,370
  
Other current liabilities
    
324
  
Current portion of deferred license revenues
    
189,507
  
Total current liabilities
    
929,488
  
         
DEFERRED LICENSE REVENUES – less current portion
    
1,181,135
  
ROYALTY OBLIGATION
    
715,195
  
OTHER LONG TERM LIABILITIES
    
11,472
  
Total long-term liabilities
    
1,907,802
  
         
COMMITMENTS
        
         
SHAREHOLDERS' DEFICIT:
        
         
Preferred shares, no par value, undesignated as to Series, authorized 1,000,000 shares; none issued
  
─
  
Common shares, no par value, authorized 50,000,000 shares; issued and outstanding 22,834,374 shares
    
40,573,598
  
Contributed capital
    
93,972
  
Accumulated deficit
     (43,304,210 )
Total shareholders' deficit
     (2,636,640 )
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT
   $
200,650
  
 
 
BioTime, Inc.
Page 4 of 4
 
BIOTIME, INC.

CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)


   
Three Months Ended
    
Six Months Ended
  
   
June 30, 2007
    
June 30, 2006
    
June 30, 2007
    
June 30, 2006
  
                         
REVENUE:
                        
License fees
   $
47,065
     $
43,238
     $
93,499
     $
79,040
  
Royalties from product sales
    
163,676
      
99,957
      
362,940
      
305,897
  
Total revenue
    
210,741
      
143,195
      
456,439
      
384,937
  
                                 
OPERATING EXPENSES:
                                
Research and development
     (210,767 )     (381,996 )     (554,317 )     (649,807 )
General and administrative
     (293,772 )     (402,379 )     (711,552 )     (837,381 )
Total operating expenses
     (504,539 )     (784,375 )     (1,265,869 )     (1,487,188 )
                                 
INTEREST INCOME (EXPENSE) AND OTHER
     (50,279 )     (26,664 )     (88,509 )     (43,780 )
                                 
NET LOSS
   $ (344,077 )   $ (667,844 )   $ (897,939 )   $ (1,146,031 )
LOSS PER COMMON SHARE - BASIC AND DILUTED
   $ (0.02 )   $ (0.03 )   $ (0.04 )   $ (0.05 )
                                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES AND COMMON SHARE EQUIVALENTS OUTSTANDING - BASIC AND DILUTED
    
22,828,879
      
22,561,915
      
22,788,518
      
22,501,030
  
 
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