SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of
earliest event reported): March
30, 2009
BioTime,
Inc.
(Exact
name of registrant as specified in its charter)
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California
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1-12830
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94-3127919
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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1301
Harbor Bay Parkway
Alameda,
California 94502
(Address
of principal executive offices)
(510) 521-3390
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Statements
made in this Report that are not historical facts may constitute forward-looking
statements that are subject to risks and uncertainties that could cause actual
results to differ materially from those discussed. Such risks and
uncertainties include but are not limited to those discussed in this report and
in BioTime's Annual Report on Form 10-KSB filed with the Securities and Exchange
Commission. Words such as “expects,” “may,” “will,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” and similar expressions identify
forward-looking statements.
Section
2 - Financial Information
Item
2.02 - Results of Operations and Financial Condition
On March
30, 2009 BioTime, Inc. issued a press release announcing its financial
results for the year ended December 31, 2008. A copy of the press
release is attached as Exhibit 99.1, which, in its entirety, is incorporated
herein by reference.
Section
9 - Financial Statements and Exhibits
Item
9.01 - Financial Statements and Exhibits
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Exhibit
Number
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Description
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|
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99.1
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Press
Release dated March 30, 2009
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2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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BIOTIME,
INC.
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Date: March
30, 2009
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By /s/
Steven A. Seinberg
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Chief
Financial Officer
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3
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Exhibit
Number
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Description
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|
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99.1
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Press
Release dated March 30, 2009
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4
Exhibit
99.1
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BioTime,
Inc.
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1301
Harbor Bay Parkway
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|
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Alameda,
CA 94502
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||
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Tel:
510-521-3390
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Fax:
510-521-3389
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www.biotimeinc.com
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www.embryome.com
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BIOTIME
ANNOUNCES 2008 YEAR-END RESULTS
ALAMEDA,
CA, March 30, 2009 – On March 23, 2009 BioTime, Inc. (OTCBB: BTIM)
reported financial results for the fiscal year ended December 31,
2008.
Total
revenue for the year ended December 31, 2008 was $1,503,792 compared to
$1,046,121 for the year ended December 31, 2007. BioTime received
$1,203,453 in royalties from Hextend® sales by
Hospira, Inc. for the year ended December 31, 2008, compared to $776,679 in
2007. This 55% increase in royalties is attributable to an increase
in Hextend sales, which was largely due to an increase in both sales to the
military and sales to hospitals, which were augmented by an increase in the
average unit sales price to hospitals.
In
January 2009, BioTime received royalties in the amount of $201,134 from Hospira
based on sales of Hextend made by Hospira in the fourth quarter of
2008. This revenue will be reflected in BioTime’s financial
statements for the first quarter of 2009, in keeping with BioTime’s practice of
recognizing revenues in the fiscal quarter during which royalty payments are
received rather than in the quarter in which the sales
occurred. Similarly, the royalties from Hextend sales during the
first quarter of 2009 will be reflected in BioTime’s revenues for the second
quarter.
We
recognized $277,999 and $255,549 of license fees during 2008 and 2007,
respectively. Most of this increase consists of license fees received
during prior accounting periods from CJ CheilJedang Corp. and Summit
Pharmaceuticals International Corporation, and are reflected as deferred revenue
on BioTime’s balance sheet. BioTime amortizes those license fees and
recognizes them as current revenues over the expected life of the patents
related to the applicable licenses in Korea and Japan. Royalties of
$74,796 and $46,952 from Hextend sales by CJ were included in license fees
during 2008 and 2007, respectively.
BioTime
reported a net loss of $3,780,895, or $0.16 per basic and diluted share, for the
year ended December 31, 2008, compared to a net loss of $1,438,226, or $0.06 per
basic and diluted share, for the year ended December 31, 2007.
Total
shareholders’ deficit was $4,346,814 at December 31, 2008, compared with total
shareholders’ deficit of $3,046,389 at December 31, 2007.
Cash and
cash equivalents totaled $12,279 at December 31, 2008, compared with $9,501 at
December 31, 2007. However, since the end of 2007, our line of credit
from certain private lenders was increased from $1,000,000 to
$3,500,000.
As of
December 31, 2008, the Company had lines of credit for $3,560,300. At
that date, $2,056,700 had been drawn.
BioTime,
Inc.
March
30 , 2009
Page
2 of 4
About
BioTime, Inc.
BioTime,
headquartered in Alameda, California, develops blood plasma volume expanders and
technology for use in surgery, emergency trauma treatment and other
applications. BioTime's lead product Hextend is manufactured and
distributed in the U.S. by Hospira, Inc. and in South Korea by CJ CheilJedang
Corp. under exclusive licensing agreements.
BioTime
operates in the field of regenerative medicine through its wholly owned
subsidiary Embryome
Sciences, Inc. which is developing new medical and research
products using embryonic stem cell technology. Additional information
about BioTime can be found on the web at www.biotimeinc.com.
Hextend®,
PentaLyte®,
HetaCool®,
EmbryomicsTM,
ESpyTM, and
ESpanTM, are
trademarks of BioTime, Inc.
Forward-Looking
Statements
Statements
pertaining to future financial and/or operating results, future growth in
research, technology, clinical development and potential opportunities for the
company and its subsidiary, along with other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by management
constitute forward-looking statements. Any statements that are not historical
fact (including, but not limited to statements that contain words such as
“will,” “believes,” “plans,” “anticipates,” “expects,” “estimates,”) should also
be considered to be forward-looking statements. Forward-looking statements
involve risks and uncertainties, including, without limitation, risks inherent
in the development and/or commercialization of potential products, uncertainty
in the results of clinical trials or regulatory approvals, need and ability to
obtain future capital, and maintenance of intellectual property rights. Actual
results may differ materially from the results anticipated in these
forward-looking statements and as such should be evaluated together with the
many uncertainties that affect the company's business, particularly those
mentioned in the cautionary statements found in the company's Securities and
Exchange Commission filings. The company disclaims any intent or obligation to
update these forward-looking statements.
Contact:
BioTime,
Inc.
Judith
Segall
jsegall@biotimemail.com
510-521-3390,
ext 301
To receive ongoing BioTime
corporate communications, please click on the following link to join our email
alert list: http://www.b2i.us/irpass.asp?BzID=1152&to=ea&s=0
-Financial
Tables Follow-
BioTime,
Inc.
March
30 , 2009
Page
3 of 4
BIOTIME,
INC.
CONSOLIDATED
BALANCE SHEETS
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December
31, 2008
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December
31, 2007
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||||||
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ASSETS
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|||||||
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CURRENT
ASSETS
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|||||||
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Cash
and cash equivalents
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$
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12,279
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$
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9,501
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|||
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Prepaid
expenses and other current assets
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96,595
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67,125
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|||||
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Total
current assets
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108,874
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76,626
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|||||
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Equipment,
net of accumulated depreciation of $602,510 and $585,765 in 2008 and 2007,
respectively
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105,607
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12,480
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Deferred
license fees
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750,000
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Deposits
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70,976
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20,976
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|||||
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TOTAL
ASSETS
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$
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1,035,457
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$
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110,082
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LIABILITIES
AND SHAREHOLDERS' DEFICIT
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|||||||
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CURRENT
LIABILITIES
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|||||||
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Accounts
payable and accrued liabilities
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$
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1,179,914
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$
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480,374
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|||
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Lines
of credit payable, net
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1,885,699
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651,517
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|||||
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Deferred
license revenue, current portion
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312,904
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261,091
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Total
current liabilities
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3,378,517
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1,392,982
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Stock
appreciation rights compensation liability
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483,688
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13,151
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Deferred
rent, net of current portion
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3,339
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9,636
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Deferred
license revenue, net of current portion
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1,516,727
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1,740,702
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Total
long-term liabilities
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2,003,754
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1,763,489
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COMMITMENTS
AND CONTINGENCIES
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|||||||
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SHAREHOLDERS'
DEFICIT:
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|||||||
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Common
Shares, no par value, authorized 50,000,000 shares; issued and outstanding
shares; 25,076,798 and 23,034,374 in 2008 and 2007,
respectively
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43,184,606
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40,704,136
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|||||
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Contributed
capital
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93,972
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93,972
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|||||
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Accumulated
deficit
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(47,625,392)
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(43,844,497
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)
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||||
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Total
shareholders' deficit
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(4,346,814)
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(3,046,389
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)
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||||
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TOTAL
LIABILITIES AND SHAREHOLDERS' DEFICIT
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$
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1,035,457
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$
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110,082
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|||
BioTime,
Inc.
March
30 , 2009
Page
4 of 4
BIOTIME,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
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Year
Ended
December
31,
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||||||||
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2008
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2007
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|||||||
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REVENUE:
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||||||||
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License
fees
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$
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277,999
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$
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255,549
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||||
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Royalty
from product sales
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1,203,453
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776,679
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||||||
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Grant
income
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22,340
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13,893
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Total
revenue
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1,503,792
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1,046,121
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EXPENSES:
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||||||||
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Research
and development
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(1,706,214
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)
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(967,864
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)
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General
and administrative
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(2,620,210
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)
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(1,300,630
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)
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Total
expenses
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(4,326,424
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)
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(2,268,494
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)
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Loss
from operations
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(2,822,632
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)
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(1,222,373
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)
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OTHER
INCOME (EXPENSES):
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||||||||
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Interest
expense
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(965,781
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)
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(232,779
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)
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||||
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Other
income
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7,518
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16,926
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||||||
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Total
net other income (expenses)
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(958,263
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)
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(215,853
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)
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||||
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NET
LOSS
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$
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(3,780,895
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)
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$
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(1,438,226
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)
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BASIC
AND DILUTED LOSS PER COMMON SHARE
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$
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(0.16
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)
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$
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(0.06
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)
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||
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WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC
AND DILUTED
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23,749,933
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22,853,278
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||||||