UNITED STATES
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
12, 2014
BioTime,
Inc.
(Exact name of registrant as specified in its charter)
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 other reports
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.
This Report and any accompanying exhibits shall be deemed “furnished”
and not “filed” under the Securities Exchange Act of 1934, as amended.
Section 2 - Financial Information
Item 2.02 - Results of Operations and Financial Condition
On August 12, 2014 BioTime, Inc. issued a press release announcing its
financial results for the three and six months ended June 30, 2014 and
recent business developments. 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
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Description
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99.1
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Press release dated August 12, 2014
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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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Date:
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August
12, 2014
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By
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/s/ Robert W. Peabody
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Senior Vice President, Chief Operating Officer, and Chief
Financial Officer
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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 12, 2014
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Exhibit 99.1
BioTime
Announces Second Quarter 2014 Results and Recent Developments
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Three
cancer diagnostic products in clinical development
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IND
amendment pending for expanded clinical trials of AST-OPC1
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Asterias
obtains over $12 million in financing and awarded a $14 million grant
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FDA
provides 510(k) premarket clearance for Premvia™
ALAMEDA, Calif.--(BUSINESS WIRE)--August 12, 2014--BioTime, Inc. (NYSE
MKT: BTX) today reported financial results for the first quarter ended
June 30, 2014 and highlighted recent corporate accomplishments.
“We are pleased with our success to date in building toward our goal of
developing both near-term commercial applications of our technologies
and maintaining our focus on the power of pluripotent stem cells to
create innovative human therapeutics,” said Dr. Michael D. West,
BioTime’s Chief Executive Officer. “Near-term product development
underway includes our subsidiary OncoCyte Corporation’s three cancer
diagnostic products undergoing clinical studies, mobile health product
development in our subsidiary LifeMap Solutions, Inc., our Renevia™
pivotal clinical trial in Europe, steps to prepare for the marketing of
our recently FDA-cleared wound healing product Premvia™,
and growing research product sales by our ESI BIO division.”
“BioTime’s longer-term major therapeutic product opportunities are based
on the broad range of cell-based regenerative therapies planned for
development from its pluripotent stem cell technology platform. This
platform is protected by over 600 patents and patent applications
worldwide within the BioTime family of companies. Our subsidiary
Asterias Biotherapeutics, Inc. has submitted an amended IND to the FDA
for a Phase 1/2a clinical trial of AST-OPC1 for the treatment of
cervical spinal cord injury and is currently awaiting clearance from the
FDA for that trial. Asterias is also currently undertaking process
development of AST-VAC2, a cancer immunotherapy targeting the
important antigen called telomerase, for a potential clinical trial in
lung cancer. This progress, along with the appointment of Pedro
Lichtinger as Asterias’ CEO and the award of a $14 million grant from
the California Institute for Regenerative Medicine, should fuel the
development of these first-in-class therapeutic products. Recently,
Asterias’ shares began to trade publicly under the symbol ASTYV, the
first of our subsidiaries to have its shares trade publicly. Lastly, we
expect that BioTime’s subsidiary Cell Cure Neurosciences Ltd. will soon
file its IND to begin a clinical trial of OpRegen®
for the treatment of age-related macular degeneration. Additional
important cell-based product development is underway in our
disease-focused subsidiaries OrthoCyte Corporation and ReCyte
Therapeutics.”
“As we saw in the first quarter of this year, our expenses have risen
compared to recent quarters, but our progress during the second quarter
in streamlining our workforce through shared core resources among our
subsidiaries should reduce our cash burn rate in the third quarter. We
would like to thank those who share our goal of better health in the
coming era of regenerative medicine. Their continued support and the
diligent efforts of our collaborators at leading academic medical
institutions is critical in advancing our products from the lab bench to
the clinic, where they are desperately needed.”
Second Quarter and Recent Highlighted Corporate Accomplishments
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The California Institute for Regenerative Medicine (“CIRM”) approved a
$14.3 million Strategic Partnership III grant to BioTime’s subsidiary
Asterias Biotherapeutics, Inc. (“Asterias”). The grant, entitled “A
Phase 1/2a Dose Escalation Study of AST-OPC1 in Patients with Cervical
Sensorimotor Complete Cervical Spinal Cord Injury,” will provide
funding for Asterias to reinitiate clinical development of AST-OPC1 in
subjects with spinal cord injury, to expand clinical testing of
escalating doses in the target population intended for future pivotal
trials, and for product development efforts to refine and scale
manufacturing methods to support eventual commercialization. Asterias
is preparing to initiate the dose escalation Phase 1/2a clinical trial
of AST-OPC1 in patients with cervical injuries in six to nine months
subject to clearance from the United States Food and Drug
Administration (“FDA”). AST-OPC1 is a population of cells derived from
human embryonic stem cells (hESCs) that contains oligodendrocyte
progenitor cells (OPCs). OPCs and their mature derivatives called
oligodendrocytes provide critical functional support for nerve cells
in the spinal cord and brain. The CIRM funding will be conditional on
approval of the trial by the FDA, execution of a definitive agreement
between Asterias and CIRM, and Asterias’ continued progress to achieve
certain pre-defined project milestones.
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LifeMap Solutions, Inc. (“LifeMap Solutions”), a newly formed
subsidiary of BioTime’s subsidiary LifeMap Sciences, Inc., entered
into a Co-Development and Option Agreement with the Icahn School of
Medicine at Mount Sinai to cooperatively develop internet, web-based,
mobile user or consumer software products to provide users with
information that may potentially aid them in improving lifestyle and
healthcare decisions and outcomes. The planned products are envisioned
to provide information based on interpretations of one or more
components of: clinical, genetic, wearable device, and other data
relating to human disease, health or wellness.
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BioTime successfully received ISO 13485:2003 certification from BSI
(British Standards Institution) for design, development, manufacture,
and distribution of BioTime HyStem® hydrogels
for cell delivery applications. BSI is currently one of the world’s
largest independent certification bodies for quality management
systems and ISO 13485:2003 is the world’s most recognized standard for
quality management systems for medical devices, and is the most
commonly chosen path for companies to meet the quality system
requirements in Europe, Canada, Japan, Australia, and certain other
countries. This certification is an important milestone also in
BioTime’s development program for Renevia™, a cell
delivery matrix scheduled to begin pivotal human clinical trials in
2014 at the Stem Center in Palma de Mallorca, Spain. In this first
clinical application, Renevia™ will be used as a delivery
matrix for autologous adipose cells to treat the facial lipoatrophy
associated with HIV. Restoration of normal skin contour is an
important quality-of-life issue with this chronic condition and
BioTime believes that this cell-based therapy will offer fewer
complications and a more natural like appearance compared to products
currently available. It has been estimated that worldwide over 40% of
individuals receiving long-term antiretroviral therapies suffer from
this disfiguring condition. According to www.avert.org in 2011
there were approximately 800,000 persons living with HIV/AIDS in
Western Europe. Globally the number exceeds 30 million.
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BioTime and its subsidiary OncoCyte Corporation (“OncoCyte”) entered
into a License Agreement with Cornell University through which Weill
Cornell Medical College will provide blood samples derived from
healthy people and lung cancer patients for comparative analysis using PanC-Dx™,
its cancer diagnostic product. OncoCyte scientists will determine
levels of tumor-associated gene expression in these samples, including
assessing levels of its proprietary PanC-Dx™ cancer markers.
The results of these analyses, along with the results of the nearly
complete clinical study currently being conducted by OncoCyte’s
collaborators at The Wistar Institute, will be combined to produce a
data set from over 700 patients. This data will be used by OncoCyte to
assess the performance of potential cancer markers for the purpose of
developing a multi-marker test for the detection of lung cancer. As
part of the license, OncoCyte retains all rights to develop and market
its proprietary lung cancer diagnostic products.
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More recently, OncoCyte initiated a multi-site clinical trial of its
urine-based bladder cancer diagnostic test that will involve up to
1,200 patient samples from at least four large urology clinics in the
U.S. The goal of the current clinical trial is to compare the
performance of OncoCyte’s proprietary PanC-Dx™ bladder
cancer markers to the performance of cystoscopy. Investigators in the
trial are collecting urine samples from patients undergoing cystoscopy
for the diagnosis of either primary or recurrent bladder cancer.
Cystoscopy and biopsy results will be compared with the results of
OncoCyte’s proprietary diagnostic test panel in determining the
overall performance of the PanC-Dx™ markers.
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BioTime and certain subsidiaries were issued 14 new patents covering a
wide range of core technologies foundational to BioTime’s business.
The new patents add to the largest known patent estate under one
corporate umbrella in the field of pluripotent stem cell technology
known as “regenerative medicine” with over 600 existing patents and
patent applications owned or licensed to BioTime and its subsidiaries
worldwide. These patents include:
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United States patent 8,685,386 – This patent is based
on work performed at BioTime on the PureStem®
cell lines capable of becoming cell types useful in the repair of
cartilage and bone. The claims cover certain PureStem®
cell types as well as certain products made from them used in
patients. Titled “Methods and Compositions for In Vitro
and In Vivo Chondrogenesis,” this patent is one of numerous
patents useful to BioTime’s subsidiary OrthoCyte Corporation.
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United States patent 8,691,793 – Certain claims in this
patent relate to chemical modifications of glycosaminoglycans such
as hyaluronic acid (one of the components of at least two HyStem®-related
products in development by BioTime).
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Japan patent 2011-047716 – Oligodendrocytes derived from
human embryonic stem cells for remyelination and treatment of
spinal cord injury are described. The patent relates to methods of
making oligodendrocytes from human embryonic stem cells. The
patent is useful to Asterias Biotherapeutics, Inc. for its
AST-OPC1 product development.
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Australia patent 2012203810 – Methods and Compositions for
the Treatment and Diagnosis of Bladder Cancer. The patent relates
to methods of detecting bladder cancer by contacting a sample from
a subject with agents that bind certain proprietary markers
expressed in patients with bladder cancer. The patent is useful
for BioTime’s subsidiary OncoCyte Corporation for its cancer
diagnostic product development.
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Asterias appointed Pedro Lichtinger as its President and Chief
Executive Officer. Mr. Lichtinger, 60, served as President, Chief
Executive Officer, and a director of Optimer Pharmaceuticals, Inc.,
from May 2010 to February 2013. Mr. Lichtinger previously served as an
executive of Pfizer, Inc. from 1995 to 2009, including as President of
Pfizer's Global Primary Care Unit from 2008 to 2009, Area President,
Europe from 2006 to 2008, President, Global Animal Health from 1999 to
2006, and Regional President Europe Animal Health from 1995 to 1999.
Before joining Pfizer, Mr. Lichtinger was an executive of Smith Kline
Beecham, last serving as Senior Vice-President Europe Animal Health
from 1987 to 1995. Mr. Lichtinger serves as a director of BioTime and
previously served as a director of Optimer Pharmaceuticals, Inc. Mr.
Lichtinger holds an MBA degree from the Wharton School of Business and
an Engineering degree from the National University of Mexico.
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Asterias sold 5,000,000 BioTime common shares, with warrants to
purchase 5,000,000 shares of Asterias Series B common stock to two
private investors for $12,500,000 in cash. Asterias acquired the
BioTime common shares from BioTime on October 1, 2013 pursuant to the
Asset Contribution Agreement among BioTime, Asterias and Geron
Corporation through which Asterias acquired Geron’s stem cell assets
and certain stem cell and other assets from BioTime. The warrants are
governed by a Warrant Agreement. The warrants will expire on at 5:00
p.m. New York time on June 15, 2015 if not exercised by that date, and
have an exercise price of $2.34 per share.
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On August 7, 2014, BioTime received notification from the U.S. Food
and Drug Administration of a premarket clearance of its 510(k)
application for Premvia™. Premvia™ is
a HyStem®-based product indicated for the
management of wounds including: partial-thickness, full-thickness,
tunneling wounds, pressure ulcers, venous ulcers, diabetic ulcers,
chronic vascular ulcers, donor skin graft sites, post-Moh’s surgery,
post-laser surgery, podiatric wounds, wound dehiscence, abrasions,
lacerations, second degree burns, skin tears, and draining wounds.
BioTime’s next step is to identify market segments and build its
marketing capability for Premvia™ which will take some time.
Financial Results
Revenue
For the six months ended June 30, 2014, on a consolidated basis, total
revenue was $2.2 million, up $0.3 million or 19% from $1.8 million for
the same period one year ago. The increase in revenue is primarily
attributable to a $0.4 million increase in grant income primarily from a
grant awarded to BioTime’s subsidiary Cell Cure Neurosciences Ltd.
(“Cell Cure Neurosciences”) from Israel’s Office of the Chief Scientist,
offset in part by the decline in license fees of $0.1M primarily due to
full recognition of the unamortized balance of the Summit license fees
received in advance during the fourth quarter of 2013 as a result of the
termination of our license agreements with Summit in 2013.
Expenses
Operating expenses for the six months ended June 30, 2014 were $26.0
million, compared to expenses of $18.0 million for the same period of
2013. The increase in operating expenses is primarily attributable to an
increase in staffing, and the expansion of research and development
efforts, including additional expenses in the Renevia™ clinical
safety trial program, the development of OpRegen®
by BioTime’s subsidiary Cell Cure Neurosciences for the treatment of dry
age related macular degeneration, and the increased staffing and
operations of Asterias in connection with the Geron stem cell asset
acquisition and by LifeMap Solutions. In addition, during the first six
months in 2014, operating expenses included $1.5 million of amortization
expense of intangible assets recorded in connection with the Geron stem
cell asset acquisition in October 2013.
Net Loss
Net loss attributable to BioTime common shareholders for the six months
ended June 30, 2014 was $17.6 million or $0.29 per share, compared to a
net loss of $15.3 million or $0.29 per share for the same period in
2013. The increase in net loss is primarily attributed to increased
research and development related activity primarily in Asterias, LifeMap
Solutions, and Cell Cure Neurosciences. This increase is to some extent
offset by the $2.9 million income tax benefit recorded as of June 30,
2014 compared with none in the same period in 2013. Net losses
attributable to BioTime include losses from BioTime majority owned
subsidiaries based upon BioTime’s percentage ownership of those
subsidiaries.
Balance Sheet and Subsequent Financing Events
Cash and cash equivalents, on a consolidated basis, totaled $15.7
million as of June 30, 2014, compared with $5.5 million as of December
31, 2013. The cash on hand at June 30, 2014 includes $12.9 million held
by Asterias. Subsequent to June 30, 2014, Asterias paid $5 million in
cash to BioTime as a reimbursement of Asterias’ operating expenses paid
or incurred by BioTime for Asterias’ account.
During the six months ended June 30, 2014, BioTime and certain of its
subsidiaries raised approximately $15.8 million of additional equity
capital through the sale of BioTime common shares in “at-the-market”
transactions, including approximately $6.4 million in equity financing
from long-term BioTime investors. In addition, BioTime raised $3.5
million of equity capital through the sale of 70,000 shares of a newly
authorized Series A Convertible Preferred Stock to private investors.
In addition, BioTime’s subsidiary Asterias received $12.5 million in
June 2014 through the sale of 5,000,000 BioTime common shares, with
warrants to purchase 5,000,000 shares of Asterias Series B common stock,
to two private investors who are long-term BioTime shareholders.
Asterias raised an additional $0.5 million from the sale of 200,000
shares of Asterias Series B common stock to its newly appointed
President and Chief Executive Officer.
Share this news via Twitter:
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Click to Tweet: BioTime Announces Second Quarter 2014 Results
and Recent Developments $BTX http://ctt.ec/052Z6+
About BioTime
BioTime is a biotechnology company engaged in research and product
development in the field of regenerative medicine. Regenerative medicine
refers to therapies based on stem cell technology that are designed to
rebuild cell and tissue function lost due to degenerative disease or
injury. BioTime’s focus is on pluripotent stem cell technology based on
human embryonic stem (“hES”) cells and induced pluripotent stem (“iPS”)
cells. hES and iPS cells provide a means of manufacturing every cell
type in the human body and therefore show considerable promise for the
development of a number of new therapeutic products. BioTime’s
therapeutic and research products include a wide array of proprietary PureStem®
progenitors, HyStem® hydrogels, culture media,
and differentiation kits. BioTime is developing Renevia™ (a HyStem®
product) as a biocompatible, implantable hyaluronan and collagen-based
matrix for cell delivery in human clinical applications, and is planning
to initiate a pivotal clinical trial around Renevia™, in 2014. In
addition, BioTime has developed Hextend®, a blood
plasma volume expander for use in surgery, emergency trauma treatment
and other applications. Hextend® is manufactured
and distributed in the U.S. by Hospira, Inc. and in South Korea by CJ
HealthCare Corporation, under exclusive licensing agreements.
BioTime is also developing stem cell and other products for research,
therapeutic, and diagnostic use through its subsidiaries:
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Asterias Biotherapeutics, Inc. is developing pluripotent
stem-cell based therapies in neurology and oncology, including
AST-OPC1 oligodendrocyte progenitor cells in spinal cord injury,
multiple sclerosis and stroke, and AST-VAC2, an allogeneic dendritic
cell-based cancer vaccine. Asterias’ stock is traded using the ticker
ASTYV.
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BioTime Asia, Ltd., a Hong Kong company, may offer and sell
products for research use for BioTime’s ESI BIO Division.
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Cell Cure Neurosciences Ltd. is an Israel-based biotechnology
company focused on developing stem cell-based therapies for retinal
and neurological disorders, including the development of retinal
pigment epithelial cells for the treatment of macular degeneration,
and treatments for multiple sclerosis.
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ESI BIO is the research and product marketing division of
BioTime, providing stem cell researchers with products and
technologies to enable them to translate their work into the clinic,
including PureStem® progenitors and HyStem®
hydrogels.
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LifeMap Sciences, Inc. markets, sells, and distributes GeneCards®,
the leading human gene database, as part of an integrated database
suite that also includes the LifeMap Discovery®
database of embryonic development, stem cell research, and
regenerative medicine, and MalaCards, the human disease
database.
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LifeMap Solutions, Inc. is a subsidiary of LifeMap Sciences
focused on developing mobile health (mHealth) products.
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OncoCyte Corporation is developing products and technologies to
diagnose and treat cancer, including PanC-Dx™, with three
clinical trials currently underway.
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OrthoCyte Corporation is developing therapies to treat
orthopedic disorders, diseases and injuries.
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ReCyte Therapeutics, Inc. is developing therapies to treat a
variety of cardiovascular and related ischemic disorders, as well as
products for research using cell reprogramming technology.
BioTime stock is traded on the NYSE Market exchange, ticker BTX. For
more information, please visit www.biotimeinc.com or
connect with the company on Twitter, LinkedIn, Facebook, YouTube, and
Google+.
Forward-Looking Statements
Statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for BioTime and its subsidiaries, 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
business of BioTime and its subsidiaries, 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.
To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list: http://news.biotimeinc.com
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BIOTIME, INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED BALANCE SHEETS
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June 30, 2014
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December 31,
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(Unaudited)
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2013
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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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15,721,508
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$
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5,495,478
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Inventory
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257,929
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178,694
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Trade accounts and grants receivable, net
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1,190,723
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998,393
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Prepaid expenses and other current assets
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1,476,104
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1,277,405
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Total current assets
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18,646,264
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7,949,970
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Equipment, net
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2,982,973
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2,997,733
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Deferred license and consulting fees
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391,584
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444,833
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Deposits
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435,482
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129,129
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Other long-term assets
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57,048
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-
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Intangible assets, net
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43,472,089
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46,208,085
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TOTAL ASSETS
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$
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65,985,440
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$
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57,729,750
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LIABILITIES AND EQUITY
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CURRENT LIABILITIES
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Accounts payable and accrued liabilities
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$
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4,741,617
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$
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6,722,624
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Capital lease liability, current portion
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57,500
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-
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Deferred license and subscription revenue, current portion
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270,348
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235,276
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Total current liabilities
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5,069,465
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6,957,900
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LONG-TERM LIABILITIES
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Deferred rent, net of current portion
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20,112
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|
|
|
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|
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35,997
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Capital lease, net of current portion
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|
|
|
|
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57,500
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|
|
|
|
|
|
-
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Deferred tax liability, net
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|
|
|
|
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14,244,078
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|
|
|
|
|
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8,277,548
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Other long-term liabilities
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|
|
|
|
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9,860
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|
|
|
|
|
|
195,984
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Total long-term liabilities
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|
|
|
|
|
14,331,550
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|
|
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8,509,529
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|
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Commitments and contingencies
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
Preferred shares, no par value, authorized 2,000,000 shares as of
June 30, 2014 and December 31, 2013; 70,000 and nil issued and
outstanding as of June 30, 2014 and December 31, 2013, respectively
|
|
|
|
3,500,000
|
|
|
|
|
|
|
-
|
|
Common shares, no par value, authorized 125,000,000 shares as of
June 30, 2014 and December 31, 2013; 72,268,526 issued and
66,869,984 outstanding as of June 30, 2014 and 67,412,139 issued and
56,714,424 outstanding at December 31, 2013
|
|
|
|
199,944,402
|
|
|
|
|
|
|
203,456,401
|
|
Contributed capital
|
|
|
|
|
|
59,934
|
|
|
|
|
|
|
93,972
|
|
Accumulated other comprehensive (loss)/income
|
|
|
|
|
|
(85,134
|
)
|
|
|
|
|
|
62,899
|
|
Accumulated deficit
|
|
|
|
|
|
(163,387,382
|
)
|
|
|
|
|
|
(145,778,547
|
)
|
Treasury stock at cost: 5,398,542 and 10,697,715 shares at June 30,
2014 and at December 31, 2013, respectively
|
|
|
|
(22,119,467
|
)
|
|
|
|
|
|
(43,033,957
|
)
|
BioTime stockholders' equity
|
|
|
|
|
|
17,912,353
|
|
|
|
|
|
|
14,800,768
|
|
Noncontrolling interest
|
|
|
|
|
|
28,672,072
|
|
|
|
|
|
|
27,461,553
|
|
Total stockholders' equity
|
|
|
|
|
|
46,584,425
|
|
|
|
|
|
|
42,262,321
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
$
|
65,985,440
|
|
|
|
|
|
$
|
57,729,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BIOTIME, INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License fees
|
|
|
$
|
300,079
|
|
|
|
$
|
362,249
|
|
|
|
|
|
$
|
594,582
|
|
|
|
$
|
712,078
|
|
Royalties from product sales
|
|
|
|
76,109
|
|
|
|
|
103,315
|
|
|
|
|
|
|
173,996
|
|
|
|
|
210,914
|
|
Grant income
|
|
|
|
640,034
|
|
|
|
|
693,480
|
|
|
|
|
|
|
1,215,614
|
|
|
|
|
777,293
|
|
Sale of research products
|
|
|
|
90,478
|
|
|
|
|
57,281
|
|
|
|
|
|
|
189,068
|
|
|
|
|
124,005
|
|
Total revenues
|
|
|
|
1,106,700
|
|
|
|
|
1,216,325
|
|
|
|
|
|
|
2,173,260
|
|
|
|
|
1,824,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
(251,265
|
)
|
|
|
|
(180,811
|
)
|
|
|
|
|
|
(383,179
|
)
|
|
|
|
(363,560
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
855,435
|
|
|
|
|
1,035,514
|
|
|
|
|
|
|
1,790,081
|
|
|
|
|
1,460,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
(9,081,137
|
)
|
|
|
|
(5,530,395
|
)
|
|
|
|
|
|
(17,469,570
|
)
|
|
|
|
(10,975,825
|
)
|
General and administrative
|
|
|
|
(4,835,972
|
)
|
|
|
|
(3,621,570
|
)
|
|
|
|
|
|
(8,503,259
|
)
|
|
|
|
(7,005,091
|
)
|
Total operating expenses
|
|
|
|
(13,917,109
|
)
|
|
|
|
(9,151,965
|
)
|
|
|
|
|
|
(25,972,829
|
)
|
|
|
|
(17,980,916
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
(13,061,674
|
)
|
|
|
|
(8,116,451
|
)
|
|
|
|
|
|
(24,182,748
|
)
|
|
|
|
(16,520,186
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME/(EXPENSES):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense)/income, net
|
|
|
|
(10,024
|
)
|
|
|
|
579
|
|
|
|
|
|
|
(18,398
|
)
|
|
|
|
1,522
|
|
Gain/(loss) on sale or write off of fixed assets
|
|
|
|
-
|
|
|
|
|
800
|
|
|
|
|
|
|
(8,576
|
)
|
|
|
|
(710
|
)
|
Other income/(expense), net
|
|
|
|
164,732
|
|
|
|
|
(80,541
|
)
|
|
|
|
|
|
242,868
|
|
|
|
|
(109,520
|
)
|
Total other expenses, net
|
|
|
|
154,708
|
|
|
|
|
(79,162
|
)
|
|
|
|
|
|
215,894
|
|
|
|
|
(108,708
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE INCOME TAX BENEFIT
|
|
|
|
(12,906,966
|
)
|
|
|
|
(8,195,613
|
)
|
|
|
|
|
|
(23,966,854
|
)
|
|
|
|
(16,628,894
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax benefit
|
|
|
|
1,513,258
|
|
|
|
|
-
|
|
|
|
|
|
|
2,862,284
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
|
|
|
|
(11,393,708
|
)
|
|
|
|
(8,195,613
|
)
|
|
|
|
|
|
(21,104,570
|
)
|
|
|
|
(16,628,894
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interest
|
|
|
|
1,873,518
|
|
|
|
|
645,848
|
|
|
|
|
|
|
3,495,735
|
|
|
|
|
1,346,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO BIOTIME, INC.
|
|
|
|
(9,520,190
|
)
|
|
|
|
(7,549,765
|
)
|
|
|
|
|
|
(17,608,835
|
)
|
|
|
|
(15,282,391
|
)
|
Dividends on preferred shares
|
|
|
|
(34,038
|
)
|
|
|
|
|
|
|
|
|
|
(34,038
|
)
|
|
|
|
|
Net loss attributable to common shareholders
|
|
|
|
(9,554,228
|
)
|
|
|
|
(7,549,765
|
)
|
|
|
|
|
|
(17,642,873
|
)
|
|
|
|
(15,282,391
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain/(loss) on available-for-sale assets
|
|
|
1,120
|
|
|
|
|
-
|
|
|
|
|
|
|
(1,530
|
)
|
|
|
|
-
|
|
Foreign currency translation (loss)/gain
|
|
|
|
(74,831
|
)
|
|
|
|
28,857
|
|
|
|
|
|
|
(182,071
|
)
|
|
|
|
177,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE NET LOSS
|
|
|
$
|
(9,593,901
|
)
|
|
|
$
|
(7,520,908
|
)
|
|
|
|
|
$
|
(17,792,436
|
)
|
|
|
$
|
(15,105,097
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED LOSS PER COMMON SHARE
|
|
|
$
|
(0.16
|
)
|
|
|
$
|
(0.14
|
)
|
|
|
|
|
$
|
(0.29
|
)
|
|
|
$
|
(0.29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND
DILUTED
|
|
|
61,498,164
|
|
|
|
|
53,791,434
|
|
|
|
|
|
|
59,886,748
|
|
|
|
|
52,490,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
BioTime, Inc.
Judith Segall, 510-521-3390, ext 301
jsegall@biotimemail.com
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