BioTime Announces Fourth Quarter and Fiscal Year End 2012 Financial Results and Recent Corporate Accomplishments

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

BioTime, Inc. (NYSE MKT: BTX), today reported financial results for the fourth quarter and year ended December 31, 2012 and highlighted its fourth quarter and recent corporate accomplishments.

Fourth Quarter and Recent Highlighted Corporate Accomplishments

We have positioned 2013 to be a very pivotal year in the development of our product opportunities as BioTime begins human clinical trials for Renevia, OncoCyte initiates its PanC-Dx clinical study, LifeMap Sciences expands its revenue generating product offerings, and we move to close our transaction with BAC and Geron, said Michael D. West, Ph.D., BioTime's President and Chief Executive Officer. The proceeds from our recent equity financings will support the funding of our operations and cash commitment to BAC through this year.

Financial Results

Revenue

For the quarter ended December 31, 2012, on a consolidated basis, total revenue was $1.2 million, down $0.5 million from $1.7 million for the same period one year ago. The decrease in fourth quarter revenue is primarily attributable to lower grant revenue related to the completion of BioTimes research grant from the California Institute for Regenerative Medicine (CIRM), and a decrease in the sale of research products, partially offset by subscription and advertising revenues from LifeMap Sciences online database GeneCards, which LifeMap Sciences began marketing in May of 2012.

For the full year 2012, total revenue, on a consolidated basis, was $3.9 million, down $0.5 million from $4.4 million in 2011. The decrease in annual revenue is primarily due to the same factors that contributed to the decline in fourth quarter revenues. License revenue included subscription and advertising revenues from LifeMap Sciences online database GeneCards, and accounted for approximately $0.8 million in new revenue beginning at the end of the second quarter of 2012.

Expenses

Total expenses for the three months ended December 31, 2012 were $8.1 million, compared to expenses of $7.1 million for the same period of 2011. Fourth quarter operating expenses increased 14% from 2011 due to an increase in staffing, and the expansion of research and development efforts, including additional expenses in the Renevia clinical development program and PanC-Dx cancer diagnostic development program, and one-time transaction legal expenses related to Gerons stem cell assets contribution agreement.

Read the original post:
BioTime Announces Fourth Quarter and Fiscal Year End 2012 Financial Results and Recent Corporate Accomplishments