BioTime Announces First Quarter 2010 Financial
Results and Recent Corporate Developments
159% Increase in Total Revenue for the Quarter
May 05, 2010 08:53 AM Eastern Daylight Time
ALAMEDA, Calif.--(EON: Enhanced Online News)--BioTime, Inc. (NYSE Amex: BTIM) today reported financial
results for the first quarter ended March 31, 2010 and provided an update on recent corporate developments.
For the three months ended March 31, 2010, total quarterly revenue (including royalty income, revenue recognition
of deferred license fees, and grant income) was $767,127, up 159% from $296,743 for the same period one year
ago. The increase in revenue is attributable to our receipt of a $395,096 quarterly installment of our $4.7 million
research grant from the California Institute of Regenerative Medicine, and an increase in our royalty revenue. The net
loss for the quarter ended March 31, 2010 was $1.3 million, or ($0.04) per share, compared to a net loss of $1.5
million or ($0.06) per share for the quarter ended March 31, 2009, reflecting increases in research and development
as we expanded our stem cell research program, and increases in other operating expenses.
Cash and cash equivalents totaled $11.2 million as of March 31, 2010, compared with $12.2 million as of
December 31, 2009. During the quarter ended March 31, 2010, BioTime received $456,288 in net cash from
financing activities, including $118,400 received in connection with the exercises of 75,000 options and $337,888
received in connection with the exercises of 168,944 warrants.
During the first quarter, BioTime recognized $297,000 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
$222,667 during the three months ended March 31, 2009. This 33% increase in royalties is primarily attributable to