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): May
16, 2007.
BioTime,
Inc.
(Exact
name of registrant as specified in its charter)
|
California
|
1-12830
|
94-3127919
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
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-K 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
May
16, 2007 BioTime, Inc. issued a press release announcing its financial results
for the quarter ended March 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.
|
Exhibit
Number
|
Description
|
|
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99.1
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Press
release dated May 16, 2007
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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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|
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Date: May
16, 2007
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By
/s/
Steven A. Seinberg
|
|
Chief
Financial Officer
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|
2
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Exhibit
Number
|
Description
|
|
|
99.1
|
Press
release dated May 16, 2007
|
3
Exhibit
99.1
BioTime,
Inc.
6121
Hollis Street
Emeryville,
CA 94608
Tel:
510-350-2940
Fax:
510-350-2948
www.biotimeinc.com
For
Further Information:
Judith
Segall (510) 350-2940
FOR
IMMEDIATE RELEASE
May
16,
2007
BIOTIME
ANNOUNCES RESULTS FOR FIRST QUARTER 2007
EMERYVILLE,
CA, May 16, 2007 - BioTime,
Inc. (OTCBB: BTIM) today
announced financial results for the first quarter ended March 31, 2007.
Royalty
revenues from Hextend®
sales
remained relatively unchanged at $199,264 for the first quarter of 2007,
compared with $205,940 during the same period last year. BioTime recognizes
royalty revenues in the quarter in which sales reports are received, rather
than
the quarter in which the sales took place. Therefore, revenues for the three
months ended March 31, 2007 included royalties on sales made by Hospira during
the three months ended December 31, 2006.
During
May 2007, BioTime expects to receive $163,676 in royalties on Hextend sales
by
Hospira, Inc. that occurred during the period January 1 through March 31, 2007.
This revenue will be reflected in BioTime’s financial statements for the second
quarter of 2007. Royalties earned during that period increased by 64% from
$99,957 earned during the same period of 2006. This increase is primarily due
to
an increase in sales to the U.S. government. While hospital sales continue
to
increase, government sales are spreading beyond sales to the U.S. Armed Forces,
where Hextend is part of the Tactical Combat Casualty Protocol.
License
revenue increased to $46,434 for the first quarter of 2007, from $35,802 during
the same period last year. Most of the increase in revenue for the quarter
consists of license fees received from CJ Corp. and Summit Pharmaceuticals
International Corporation during prior accounting periods that were reflected
as
deferred revenues 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 license.
BioTime's
total quarterly revenue, including both royalty income and revenue recognition
of deferred license fees, increased to $245,698 for the first quarter of 2007,
from $241,742 for the same period last year.
BioTime
reported a net loss of $(553,862), or $(0.02) per basic and diluted share,
for
the three months ended March 31, 2007, compared to a net loss of $(478,187),
or
$(0.02) per basic and diluted share, for the three months ended March 31, 2006.
Cash
and
cash equivalents totaled $277,280 at March 31, 2007, compared with $1,089,146
at
March 31, 2006. Total shareholders' deficit was $(2,372,548) at March 31, 2007,
compared with total shareholders' deficit of $(624,414) at March 31, 2006.
At
March 31, 2007, we had lines of credit for $573,600, from which $100,000 had
been drawn at March 31, 2007. We drew an additional $200,000 on one of our
lines
of credit during April 2007. BioTime will need to obtain additional equity
capital or licensing fees, which may include reimbursement of the cost of
developing PentaLyte®,
during
2007 to finance its current operations because its current lines of credit
and
royalty revenues are not sufficient to fund anticipated operating expenses
beyond September 30, 2007.
BioTime
has completed a clinical study report on the results of its Phase II clinical
trial of PentaLyte in which PentaLyte was used as a plasma volume expander
in
cardiac surgery. BioTime plans to use this report in seeking licensing
arrangements for PentaLyte with pharmaceutical companies in the United States
and abroad.
BioTime,
Inc.
Page 2
of
4
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. Information about BioTime can be found
on
the web at www.biotimeinc.com.
Hextend®,
PentaLyte®,
and
HetaCool®
are
registered trademarks of BioTime, Inc.
Forward
Looking Statements
The
matters discussed in this press release include forward-looking statements
which
are subject to various risks, uncertainties and other factors that could cause
actual results to differ materially from the results anticipated. Such risks
and
uncertainties include but are not limited to the results of clinical trials
of
BioTime products; the ability of BioTime and its licensees to obtain additional
FDA and foreign regulatory approval to market BioTime products; competition
from
products manufactured and sold or being developed by other companies; and the
price of and demand for BioTime products. Other factors that could affect
BioTime’s operations and financial condition are discussed in BioTime’s Annual
Report on Form 10-KSB filed with the Securities and Exchange
Commission.
-Financial
Tables Follow-
BioTime,
Inc.
Page
3 of
4
BIOTIME,
INC.
CONDENSED
BALANCE SHEET
(Unaudited)
|
|
March
31,
2007
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|||
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ASSETS
|
||||
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CURRENT
ASSETS
|
||||
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Cash
and cash equivalents
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$
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277,280
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||
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Accounts
receivable
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4,287
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|||
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Prepaid
expenses and other current assets
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53,246
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|||
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Total
current assets
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334,813
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|||
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EQUIPMENT,
net of accumulated depreciation of $582,690
|
10,861
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|||
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DEPOSITS
AND OTHER ASSETS
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20,976
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|||
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TOTAL
ASSETS
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$
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366,650
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||
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LIABILITIES
AND SHAREHOLDERS' DEFICIT
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||||
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CURRENT
LIABILITIES
|
||||
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Accounts
payable and accrued liabilities
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$
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553,358
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||
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Lines
of credit
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100,000
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|||
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Current
portion of deferred license revenues
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185,738
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|||
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Total
current liabilities
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839,096
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|||
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DEFERRED
LICENSE REVENUES - less current portion
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1,217,477
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|||
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ROYALTY
OBLIGATION
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671,506
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|||
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OTHER
LONG-TERM LIABILITIES
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11,119
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|||
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Total
long-term liabilities
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2,739,198
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|||
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COMMITMENT
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||||
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SHAREHOLDERS'
DEFICIT:
|
||||
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Preferred
shares, no par value, undesignated as to Series,
authorized
1,000,000 shares; none issued
|
-
|
|||
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Common
shares, no par value, authorized 50,000,000 shares; issued
and
outstanding 22,724,324
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40,493,615
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|||
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Contributed
capital
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93,972
|
|||
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Accumulated
deficit
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(42,960,135
|
)
|
||
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Total
shareholders' deficit
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(2,372,548
|
)
|
||
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TOTAL
LIABILITIES AND SHAREHOLDERS' DEFICIT
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$
|
366,650
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||
BioTime,
Inc.
Page
4 of
4
BIOTIME,
INC.
CONDENSED
STATEMENTS OF OPERATIONS
(Unaudited)
|
Three
Months Ended
|
|||||||
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March
31, 2007
|
March
31, 2006
|
||||||
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REVENUE:
|
|||||||
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License
fees
|
$
|
46,434
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$
|
35,802
|
|||
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Royalties
from product sales
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199,264
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205,940
|
|||||
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Total
revenue
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245,698
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241,742
|
|||||
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OPERATING
EXPENSES:
|
|||||||
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Research
and development
|
(343,550
|
)
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(265,932
|
)
|
|||
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General
and administrative
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(417,780
|
)
|
(436,881
|
)
|
|||
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Total
operating expenses
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(761,330
|
)
|
(702,813
|
)
|
|||
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INTEREST
INCOME (EXPENSE) AND OTHER:
|
(38,230
|
)
|
(17,116
|
)
|
|||
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NET
LOSS
|
$
|
(553,862
|
)
|
$
|
(478,187
|
)
|
|
|
LOSS
PER COMMON SHARE - BASIC AND DILUTED
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
|
|
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES AND COMMON SHARE EQUIVALENTS OUTSTANDING
-
BASIC AND DILUTED
|
22,722,707
|
22,439,469
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|||||