Full Press Release Details
Announces Second Quarter 2012 Financial Results and Recent Corporate
ALAMEDA, Calif.--(BUSINESS WIRE)--August 9, 2012--BioTime, Inc. (NYSE
MKT: BTX), a biotechnology company that develops and markets products in
the field of regenerative medicine, today reported financial results for
the second quarter ended June 30, 2012 and highlighted recent corporate
Net loss attributable to BioTime, Inc. for the second quarter of 2012
was $5.5 million or $0.11 per share, compared to a net loss of $4.3
million or $0.09 per share for the same period of 2011. For the six
months ended June 30, 2012, net loss attributable to BioTime was $10.4
million, or $0.21 per share, compared to $7.6 million, or $0.16 per
share for the same period of 2011.
Total revenue, on a consolidated basis, was approximately $1.0 million
and $1.7 million for the second quarter and year-to-date period ended
June 30, 2012, respectively, compared to $0.8 million and $1.6 million
for the same periods of 2011. The increase in revenue year-over-year is
primarily attributable to grant income from Israel's Office of the Chief
Scientist for our subsidiary Cell Cure Neurosciences Ltd. and a partial
period of license revenue from subscription and advertising revenue for GeneCards
as a result of the acquisition of XenneX, Inc. by BioTime's subsidiary
LifeMap Sciences, Inc. in the second quarter of 2012.
Total operating expenses for the second quarter of 2012 were $7.0
million, compared to $5.7 million for the comparable period in 2011.
Research and development expenses for the second quarter of 2012 were
$4.6 million, compared to $3.3 million for the comparable 2011 period.
General and administrative expenses for the second quarter of 2012 were
$2.4 million, which were the same as the comparable 2011 period.
Total operating expenses for the first six months of 2012 were $13.6
million, compared to $10.6 million for the comparable period in 2011.
Research and development expenses for the first six months of 2012 were
$8.8 million, compared to $6.3 million for the comparable 2011 period.
General and administrative expenses for the first six months of 2012
were $4.8 million, compared to $4.3 million for the comparable 2011
The increase in research and development expenses for the three and six
month periods ending June 30, 2012, compared to the same periods in
2011, is primarily due to increased headcount-related expenses,
patent-related legal fees, and increased efforts in the ReneviaTM
clinical development program and PanC-DxTM diagnostic
development program. General and administrative expenses for the second
quarter of 2012 were flat compared to the same period in 2011. The
increase in general and administrative expenses for the six months ended
June 30, 2012, compared to the same period in 2011, is primarily due to
increased headcount-related expenses, including non-cash stock
compensation expense.
Net cash used in operating activities was $4.0 million for the three
months ended June 30, 2012 compared to $2.8 million for the three months
ended June 30, 2011, reflecting additional expenses related to increased
headcount and research and development programs in BioTime's
subsidiaries year over year. Net cash used in operating activities for
the six months ended June 30, 2012 was $9.7 million for the six months
ended June 30, 2012 compared to $6.2 million for the six months ended
The $4.0 million of net cash used in operating activities in the second
quarter of 2012 was $1.7 million less than the $5.7 million used in the
first quarter of 2012, which was due to a significant number of one-time
license fees, employee bonuses, and other expenses which occurred in the
first quarter of 2012.
Cash and cash equivalents, on a consolidated basis, totaled $12.7
million as of June 30, 2012, compared with $22.2 million as of December
A BioTime subsidiary, OncoCyte Corporation, currently holds 1,286,174 in
BioTime common shares. The common shares are accounted for as Treasury
Stock on a consolidated basis, but this investment account, currently
valued at approximately $5 million, is available to fund the operations
In July 2012, an investment of approximately $2 million was made in
BioTime's subsidiary LifeMap Sciences, Inc. through a share exchange
Second Quarter and Recent Corporate Accomplishments
Advanced Near-Term Product Development
Provided an update on the development of ReneviaTM
(formerly known as HyStem -Rx),
including the product development milestones for the launch of ReneviaTM
in Europe, the plan to obtain the CE Mark necessary for marketing in
European Union countries, and the global distribution network
marketing the HyStem line of research.
BioTime and its subsidiary OncoCyte Corporation provided an update on
the development of PanC-DxTM, a novel diagnostic
device to detect the presence of various human cancers, including
cancers of the breast, lung, bladder, uterus, stomach, and colon,
during routine check-ups. The update communicated the achievement of
several key advances, including 1) the evaluation of over 50 potential
cancer biomarkers discovered by OncoCyte and BioTime using
antibody-based technology to assess blood samples from a proprietary
sample bank derived from over 600 donors (i.e., patients with cancers
of the breast, colon, and pancreas, as well as healthy volunteers);
and 2) the selection of 7 such serum markers for monoclonal antibody
Expanded Revenue Opportunities
BioTime and its subsidiary LifeMap Sciences, Inc. announced the
completion of the acquisition of XenneX, Inc. through a merger of
XenneX into LifeMap Sciences. By acquiring XenneX, LifeMap Sciences
acquired the exclusive, worldwide licenses to market GeneCards
and PanDaTox. GeneCards is a
searchable, integrated database of human genes that provides concise
genomic, transcriptomic, genetic, proteomic, functional, and
disease-related information on all known and predicted human genes. GeneCards
generates revenue worldwide from customers in the biotechnology,
pharmaceutical, and other life science industries, as well as from
organizations dealing with biotechnology-related intellectual
property. PanDaTox is a recently developed searchable database
that can be used to identify genes and intergenic regions that are
unclonable in E. coli. PanDaTox is expected to
contribute to enhancements in the efficiency of metabolic engineering
and ultimately aid in the discovery of new antibiotics and
biotechnologically beneficial functional genes.