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): April 15, 2008.
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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6121
Hollis Street
Emeryville,
California 94608
(Address
of principal executive offices)
(510)
350-2940
(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 April
15, 2008 BioTime, Inc. issued a press release announcing its financial results
for the year ended December 31, 2007. 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 April 15, 2008
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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: April
16, 2008
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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 April 15, 2008
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|
4
Exhibit 99.1
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BioTime,
Inc.
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6121
Hollis Street
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Emeryville,
CA 94608
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||
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Tel:
510-350-2940
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||
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Fax:
510-350-2948
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||
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www.biotimeinc.com
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For
Further Information:
Judith
Segall (510) 350-2940
BIOTIME
ANNOUNCES 2007 YEAR-END RESULTS
EMERYVILLE, CA, April 15, 2008 – BioTime, Inc. (OTCBB:
BTIM) today announced financial results for the fiscal year ended December 31,
2007.
Total
revenue for the year ended December 31, 2007 was $1,046,121 compared to
$1,162,015 for the year ended December 31, 2006, as BioTime received $776,679 in
royalties from Hextend® sales by
Hospira, Inc. for the year ended December 31, 2007, compared to $933,478 in
2006. Royalty revenues were greater during 2006 due to greater sales
of Hextend to the U.S. Armed Forces during the second half of the
year. The U.S. Armed Forces purchases Hextend through intermittent
large volume orders.
Hextend
sales rebounded during the fourth quarter of 2007 and continued to grow during
the first quarter of 2008. We received $308,900 in royalties on sales
made by Hospira during the fourth quarter of 2007, and we expect to receive
$341,153 from Hospira on sales made during the first quarter of
2008. These amounts represent increases of 55% and 108%,
respectively, over the royalty revenues of $199,264 and $163,676 received during
the same periods in 2007.
The
royalties from Hextend sales during the fourth quarter of 2007 are not reflected
in the 2007 fiscal year results, and instead will be included in BioTime’s
financial results for the first quarter of 2008, 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 2008 will be reflected in BioTime’s revenues for the second
quarter. The increase in royalties is due to an increase in sales to
both the Armed Forces and hospitals, and was augmented by an increase in
the unit average sales price in the hospital market.
License
revenue increased 48% to $255,549 for the year ended December 31, 2007, from
$172,371 for 2006. License revenue reflects deferred recognition of
license fees received during previous periods under our license agreements with
CJ Corp. and Summit Pharmaceuticals International Corporation.
For the
year ended December 31, 2007, BioTime reported a net loss of $(1,438,226), or
$(0.06) per basic and diluted share, compared to a net loss of $(1,864, 621), or
$(0.08) per basic and diluted share, for the year ended December 31,
2006. Losses for 2006 reflect spending on our phase II clinical
trials for PentaLyte®, which
were completed in 2006.
Total
shareholders’ deficit was $3,046,389 at December 31, 2007, compared with total
shareholders’ deficit of $1,865,221 at December 31, 2006.
BioTime,
Inc.
April
15, 2008
Page
of 4
Cash and
cash equivalents totaled $9,501 at December 31, 2007, compared with $561,017 at
December 31, 2006. However, since the end of 2007, our line of credit
from certain private lenders was increased from $1,000,000 to
$2,500,000.
About
BioTime, Inc.
BioTime,
headquartered in Emeryville, California, develops blood plasma volume expanders,
blood replacement solutions for hypothermic (low temperature) surgery, organ
preservation solutions, 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 Corp.
under exclusive licensing agreements. BioTime has recently entered the field of
regenerative medicine through its wholly owned subsidiary Embryome Sciences,
Inc., through which it plans to develop 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
EScalateTM 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 BioTime's Securities and
Exchange Commission filings. BioTime disclaims any intent or
obligation to update these forward-looking statements.
-Financial
Tables Follow-
BioTime,
Inc.
April
15, 2008
Page
of 4
BIOTIME,
INC.
CONSOLIDATED BALANCE SHEET
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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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$ | 9,501 | ||
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Prepaid
expenses and other current assets
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132,145 | |||
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Total
current assets
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141,646 | |||
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EQUIPMENT,
net of accumulated depreciation of $585,765
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12,480 | |||
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DEPOSITS
AND OTHER ASSETS
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20,976 | |||
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TOTAL
ASSETS
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$ | 175,102 | ||
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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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$ | 480,374 | ||
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Line
of Credit Payable
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716,537 | |||
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Deferred
license revenue, current portion
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261,091 | |||
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Total
current liabilities
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1,458,002 | |||
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Stock
appreciation rights compensation liability
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13,151 | |||
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Deferred
license revenue, net of current portion
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1,740,702 | |||
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Deferred
rent, net of current portion
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9,636 | |||
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Total
long-term liabilities
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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
23,034,374 shares
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40,704,136 | |||
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Contributed
capital
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93,972 | |||
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Accumulated
deficit
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(43,844,497 | ) | ||
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Total
shareholders' deficit
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(3,046,389 | ) | ||
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TOTAL
LIABILITIES AND SHAREHOLDERS' DEFICIT
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$ | 175,102 | ||
BioTime,
Inc.
April
15, 2008
Page
of 4
BIOTIME,
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
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Year
Ended
December
31,
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||||||||
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2007
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2006
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REVENUE:
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||||||||
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License
fees
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$ | 255,549 | $ | 172,371 | ||||
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Royalty
from product sales
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776,679 | 933,478 | ||||||
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Grant
income
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13,893 | 56,166 | ||||||
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Total
revenue
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1,046,121 | 1,162,015 | ||||||
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EXPENSES:
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||||||||
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Research
and development
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(967,864 | ) | (1,422,257 | ) | ||||
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General
and administrative
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(1,300,630 | ) | (1,491,622 | ) | ||||
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Total
expenses
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(2,268,494 | ) | (2,913,879 | ) | ||||
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Loss
from operations
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(1,222,373 | ) | (1,751,864 | ) | ||||
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INTEREST
EXPENSE AND OTHER INCOME:
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||||||||
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Interest
and other expense
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(232,779 | ) | (157,114 | ) | ||||
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Other
income
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16,926 | 44,357 | ||||||
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Total
interest expense and other income
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(215,853 | ) | (112,757 | ) | ||||
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NET
LOSS
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$ | (1,438,226 | ) | $ | (1,864,621 | ) | ||
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BASIC
AND DILUTED LOSS PER COMMON SHARE
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$ | (0.06 | ) | $ | (0.08 | ) | ||
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WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC
AND DILUTED
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22,853,278 | 22,538,003 | ||||||