BioTime Announces First Quarter 2013 Financial Results and Recent Corporate Accomplishments

ALAMEDA, Calif.--(BUSINESS WIRE)--

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 first quarter ended March 31, 2013 and highlighted recent corporate accomplishments.

First Quarter and Recent Corporate Accomplishments

Financial Results

Net Loss

Net loss attributable to BioTime, Inc. for the first quarter of 2013 was $7.7 million or $0.15 per share, compared to a net loss of $5.0 million or $0.10 per share for the same period of 2012.

Contributing to the increased expenses year-over-year was approximately $1 million in organization, legal, and start up costs associated with Asterias. The other subsidiaries combined for approximately $4 million of other operating losses, with the balance of the operating loss of approximately $3 million residing in BioTime. Historically BioTime's subsidiaries have raised capital, received grants, and generated revenues independently of BioTime to help fund their operations; we expect the subsidiaries to continue to pursue such financing strategies in the future.

Revenue

Total net revenue, including license fees (which also include online database subscription and advertising revenues), royalties from sales of Hextend, research product sales, and grant income, on a consolidated basis, was $0.4 million in the first quarter of 2013, down $0.2 million from $0.6 million for the same period of 2012. The decrease in revenue year-over-year in the first quarter 2013 is primarily attributable to lower grant revenue related to the completion of BioTimes research grant from the California Institute for Regenerative Medicine (CIRM) in August 2012, partially offset by subscription and advertising revenues from LifeMap Sciences online database GeneCards which LifeMap Sciences began marketing in May of 2012.

Expenses

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BioTime Announces First Quarter 2013 Financial Results and Recent Corporate Accomplishments