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): August 15,
2007.
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:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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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
August
15, 2007 BioTime, Inc. issued a press release announcing its financial results
for the quarter ended June 30, 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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99.1
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Press
release dated August 15, 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: August
15, 2007
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By
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/s/
Steven A. Seinberg
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Chief
Financial Officer
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2
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Exhibit
Number
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Description
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Press
release dated August 15, 2007
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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
August
15, 2007
BIOTIME
ANNOUNCES RESULTS FOR SECOND QUARTER 2007
EMERYVILLE,
CA, August 15, 2007 – BioTime, Inc. (OTCBB: BTIM) today announced
financial results for the second quarter ended June 30,
2007. Revenues for the three months ended June 30, 2007 consist
primarily of royalties on sales of Hextend® made by
Hospira
during the period beginning January 1, 2007 and ending March 31,
2007. Royalty revenues recognized for that three-month period were
$163,676, a 64% increase from the $99,957 of royalty revenue during the same
period last year, reflecting an increase in sales to hospitals and to the United
States Armed Forces. BioTime recognizes royalty revenues in the
quarter in which sales reports are received, rather than the quarter in which
the sales took place.
BioTime
received royalties of $183,093 from Hospira during July 2007, based on
Hextend sales during the three months ended June 30, 2007. Royalties
decreased 27% from royalty revenues of $250,017 received during the same period
last year. The decrease is attributable to a decrease in sales of Hextend
to the United States Armed Forces, although this decrease was somewhat offset
by
an increase in sales to hospitals. This revenue will be reflected in our
condensed interim financial statements for the third quarter of
2007.
License
revenue increased 9% to $47,065 for the second quarter of 2007, from $43,238
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 $210,741 for the second quarter of 2007,
from $143,195 for the same period last year.
BioTime
reported a net loss of $(344,077), or $(0.02) per basic and diluted share,
for
the three months ended June 30, 2007, versus a net loss of $(667,844), or
$(0.03) per basic and diluted share, for the same period last year.
BioTime,
Inc.
Page
2 of 4
Cash
and
cash equivalents totaled $127,242 at June 30, 2007, compared with $561,017
at
December 31, 2006. Total shareholders' deficit was $(2,636,640) at June 30,
2007, compared with total shareholders' deficit of $(1,865,221) at December
31,
2006. At June 30, 2007, BioTime had lines of credit for $573,600, from which
$300,000 had been drawn as of that date. BioTime will need to obtain
additional equity capital or licensing fees 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 Phase II clinical study in cardiac
surgery for PentaLyte®, its
pentastarch-based plasma volume expander, and is seeking licensing arrangements
for PentaLyte in the United States and abroad.
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)
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ASSETS
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June
30, 2007
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CURRENT
ASSETS
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Cash
and cash equivalents
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$ |
127,242
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Accounts
receivable
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5,915
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Prepaid
expenses and other current assets
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37,131
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Total
current assets
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170,288
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EQUIPMENT,
net of accumulated depreciation of $584,165
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9,386
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DEPOSITS
AND OTHER ASSETS
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20,976
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TOTAL
ASSETS
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$ |
200,650
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LIABILITIES
AND SHAREHOLDERS' DEFICIT
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CURRENT
LIABILITIES
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Accounts
payable and accrued liabilities
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$ |
433,287
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Lines
of credit
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306,370
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Other
current liabilities
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324
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Current
portion of deferred license revenues
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189,507
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Total
current liabilities
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929,488
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DEFERRED
LICENSE REVENUES – less current portion
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1,181,135
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ROYALTY
OBLIGATION
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715,195
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OTHER
LONG TERM LIABILITIES
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11,472
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Total
long-term liabilities
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1,907,802
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COMMITMENTS
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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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─
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Common
shares, no par value, authorized 50,000,000 shares; issued and outstanding
22,834,374 shares
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40,573,598
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Contributed
capital
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93,972
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Accumulated
deficit
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(43,304,210 | ) | ||
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Total
shareholders' deficit
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(2,636,640 | ) | ||
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TOTAL
LIABILITIES AND SHAREHOLDERS' DEFICIT
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$ |
200,650
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BioTime,
Inc.
Page 4
of 4
BIOTIME,
INC.
CONDENSED
STATEMENTS OF OPERATIONS
(Unaudited)
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Three
Months Ended
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Six
Months Ended
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June
30, 2007
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June
30, 2006
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June
30, 2007
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June
30, 2006
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REVENUE:
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License
fees
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$ |
47,065
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$ |
43,238
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$ |
93,499
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$ |
79,040
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Royalties
from product sales
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163,676
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99,957
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362,940
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305,897
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Total
revenue
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210,741
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143,195
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456,439
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384,937
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OPERATING
EXPENSES:
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Research
and development
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(210,767 | ) | (381,996 | ) | (554,317 | ) | (649,807 | ) | ||||||||
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General
and administrative
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(293,772 | ) | (402,379 | ) | (711,552 | ) | (837,381 | ) | ||||||||
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Total
operating expenses
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(504,539 | ) | (784,375 | ) | (1,265,869 | ) | (1,487,188 | ) | ||||||||
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INTEREST
INCOME (EXPENSE) AND OTHER
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(50,279 | ) | (26,664 | ) | (88,509 | ) | (43,780 | ) | ||||||||
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NET
LOSS
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$ | (344,077 | ) | $ | (667,844 | ) | $ | (897,939 | ) | $ | (1,146,031 | ) | ||||
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LOSS
PER COMMON SHARE - BASIC AND DILUTED
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$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.05 | ) | ||||
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WEIGHTED
AVERAGE NUMBER OF COMMON SHARES AND COMMON SHARE EQUIVALENTS OUTSTANDING
-
BASIC AND DILUTED
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22,828,879
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22,561,915
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22,788,518
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22,501,030
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