BioTime Announces Second 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 second quarter ended June 30, 2013 and highlighted recent corporate accomplishments.

Second Quarter and Recent Corporate Accomplishments

We are continuing to make progress towards our goal to become the leader in the field of regenerative medicine. We have the right team in place to capitalize on the opportunities in the field, and we will be one step closer to having the premier asset portfolio in regenerative medicine when our subsidiary Asterias Biotherapeutics, Inc. completes the acquisition of Gerons stem cell assets by the end of the third quarter this year, said Dr. Michael West, BioTimes Chief Executive Officer. We are also making continuing progress in developing our current revenues from Internet services and research product sales as well as in moving our near term diagnostic and therapeutic product opportunities toward clinical trials that are expected to begin later this year. In addition, we continued to raise capital to fund our efforts to provide adequate capital so that we can continue our work in this critical field of medicine.

Financial Results

Net Loss

Net loss attributable to BioTime for the second quarter of 2013 was $7.5 million or $0.14 per share, compared to a net loss of $5.5 million or $0.11 per share for the same period of 2012. For the six months ended June 30, 2013, net loss attributable to BioTime was $15.3 million, or $0.29 per share, compared to $10.4 million, or $0.21 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 its new subsidiary Asterias Biotherapeutics, Inc. (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, and 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 $1.0 million and $1.5 million, respectively, for the three and six months ended June 30, 2013, compared to $0.9 million and $1.6 million, respectively, for the same periods in 2012. The increase in revenues during the three months is primarily attributable to the increase in subscription and advertising revenues at LifeMap Sciences. The decrease in revenue year-over-year during the six months is primarily attributable to lower grant revenue due to the completion of BioTimes research grant from the California Institute for Regenerative Medicine 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 Second Quarter 2013 Financial Results and Recent Corporate Accomplishments