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): June 19, 2006.
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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
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
June
19, 2006 BioTime, Inc. issued a press release announcing royalty revenues that
will be recognized during its second quarter of the fiscal year. 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
99.1 Press
release dated June 19, 2006
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.
| COMPANY NAME CORPORATION | ||
| |
|
|
| Date: June 19, 2006 | By: | /s/ Steven Seinberg |
|
Steven Seinberg,
Chief
Financial Officer
|
||
2
Exhibit
Number
Description
99.1 Press
release dated June 19, 2006
3
BioTime,
Inc.
6121
Hollis Street
Emeryville,
CA 94608
Tel:
510-350-2940
Fax:
510-350-2948
For
Further Information:
Judith
Segall (510) 350-2940
FOR
IMMEDIATE RELEASE
June
19, 2006
BIOTIME
ANNOUNCES SECOND QUARTER HEXTEND REVENUE
EMERYVILLE,
CA, June 19, 2006 - BioTime,
Inc. (OTCBB:BTIM)
today
announced royalty revenue to be recognized in the second quarter ended June
30,
2006. BioTime received $99,957 in royalties from Hospira based on Hextend sales
during the three months ended March 31, 2006. BioTime recognizes royalty
revenues during the fiscal quarter in which the payments are received rather
than when the sales that generated the royalties occurred. Accordingly, this
revenue will be recognized in our financial statements for the second quarter
ending June 30, 2006.
Royalty
revenues on sales during the three months ended March 31, 2006 decreased 33%
from $148,727 in royalties received during the same period last year. The
decrease is due to a decline in sales volume during the first quarter. Sales
of
Hextend during this period of 2006 may reflect purchasing practices of certain
wholesale distributors who increased their purchases of inventory during the
last quarter of the year, with a corresponding reduction in purchases during
the
first quarter of the following year. Preliminary reports indicated an increase
of 40% in the number of units of Hextend sold to hospitals in the first two
months of the second quarter compared to the same period in 2005. The actual
amount of royalties that will be payable to BioTime for sales made during the
second quarter cannot yet be determined and will depend upon the dollar amount
of sales for the full period, adjusted for any returns and discounts
allowed.
Sales
to
the U.S. Armed forces also declined during the period. The Armed Forces
purchased smaller quantities of Hextend during January and February 2006 than
during the same period last year, but began purchasing larger amounts again
during March and April 2006. This purchasing pattern reflects the fact that
the
Armed Forces purchase Hextend through intermittent, large volume
orders.
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. and Canada 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 risk factors are discussed
in
BioTime’s Annual Report on Form 10-K filed with the Securities and Exchange
Commission.