Full Press Release Details
Announces Third Quarter 2012 Financial Results and Recent Corporate
ALAMEDA, Calif.--(BUSINESS WIRE)--November 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 third quarter and year-to-date period ended September 30, 2012 and
highlighted recent corporate accomplishments.
Net loss attributable to BioTime for the third quarter of 2012 was $5.0
million or $0.10 per share, compared to a net loss of $3.7 million or
$0.08 per share for the same period of 2011. For the nine months ended
September 30, 2012, net loss attributable to BioTime was $15.4 million,
or $0.31 per share, compared to $11.2 million, or $0.23 per share for
the same period of 2011.
Total revenue, on a consolidated basis, was approximately $1.0 million
and $2.7 million for the third quarter and year-to-date period ended
September 30, 2012, respectively, compared to $1.2 million and $2.8
million for the same periods of 2011. Total revenue was effectively the
same as prior periods, but license revenue increased based upon our
subsidiary LifeMap Sciences' subscription and advertising revenue for GeneCards ,
which was offset by lower grant revenue recognized due to the completion
of the California Institute of Regenerative Medicine (CIRM) grant in
Total operating expenses for the third quarter of 2012 were $6.8
million, compared to $5.4 million for the comparable period in 2011.
Research and development expenses for the second quarter of 2012 were
$4.6 million, compared to $3.5 million for the comparable 2011 period.
General and administrative expenses for the third quarter of 2012 were
$2.2 million, compared to $1.9 million for the comparable 2011 period.
Total operating expenses for the first nine months of 2012 were $20.4
million, compared to $15.9 million for the comparable period in 2011.
Research and development expenses for the first nine months of 2012 were
$13.3 million, compared to $9.8 million for the comparable 2011 period.
General and administrative expenses for the first nine months of 2012
were $7.0 million, compared to $6.2 million for the comparable 2011
The increase in research and development expenses for the three and nine
month periods ending September 30, 2012, compared to the same periods in
2011, continue to be 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. The increases in general and administrative
expenses for the third quarter of 2012 and the nine months ended
September 30, 2012, compared to the same periods in 2011, are primarily
due to increased headcount-related expenses, including non-cash stock
compensation expense.
Net cash used in operating activities was $5.0 million for the three
months ended September 30, 2012 compared to $3.6 million for the three
months ended September 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 nine months ended September 30, 2012 was $14.7
million for the nine months ended September 30, 2012 compared to $9.7
million for the nine months ended September 30, 2011.
Cash and cash equivalents, on a consolidated basis, totaled $7.8 million
as of September 30, 2012, compared with $22.2 million as of December 31,
As of September 30, 2012, BioTime subsidiaries, OncoCyte and LifeMap
Sciences, held 1,286,174 and 420,000 BioTime common shares,
respectively. The common shares are accounted for as Treasury Stock on a
consolidated basis, but the investment accounts held by each subsidiary
with a current combined value of approximately $6 million, are available
to fund the operations of OncoCyte and LifeMap. The BioTime shares held
by LifeMap were contributed as part of an investment of approximately $2
million in LifeMap through a share exchange agreement with an investor
On August 24, 2012, BioTime entered into a sales agreement with Cantor
Fitzgerald & Co., under which BioTime may, at its discretion, from time
to time sell up to a maximum of $25 million of its common shares through
an "at-the-market" equity offering program known as a Controlled Equity
Offering ("CEO"). Cantor Fitzgerald & Co. will act as sales agent for
any sales made under the CEO. The common shares will be sold at market
prices prevailing at the time of a sale (if any) of the common shares or
at prices negotiated with Cantor Fitzgerald & Co., and, as a result,
prices may vary during the period of the offering. BioTime is not
required to sell any of the reserved shares at any time during the term
of the CEO and there are no stand-by fees for having established the
arrangement. The sales agreement does not prohibit BioTime from
conducting additional financings.
Third Quarter and Recent Corporate Accomplishments
Potential of Expanded Operations and New Subsidiaries
Announced the formation of a new wholly owned subsidiary, BioTime
Acquisition Corporation, or BAC, to pursue opportunities and acquire
assets and businesses in the fields of stem cells and regenerative
Entered Into Strategic Financings
Subsidiary LifeMap Sciences, Inc. announced that it entered into a
share exchange with an investor where the investor agreed to
contribute to LifeMap, in the aggregate, BioTime common shares having
an aggregate value of not less than $2 million and not more than $3
million. LifeMap may sell, from time to time, some or all of the
BioTime shares it receives and will use proceeds from the sale of the
shares to expand the development and marketing of its database
products, its research products, and its therapeutic discovery
Subsidiary Cell Cure Neurosciences Ltd. announced a share purchase
agreement through which BioTime agreed to purchase 87,456 Cell Cure
ordinary shares in exchange for 906,735 BioTime common shares, with an
approximate investment of $3.5 million. As a result of the share
purchase, once the transaction is completed, BioTime will own
approximately 62.6% of the outstanding ordinary shares of Cell Cure.
Advanced Near-Term Product Development
LifeMap Sciences announced progress on key development initiatives. In
October, LifeMap launched its database product MalaCards, a new
database of human diseases that is based on their leading GeneCards
platform. MalaCards (www.malacards.org) contains
computerized "cards" classifying information relating to a wide array
of human diseases. This novel research tool will aid researchers in