BioTime Announces 2007 Year-End Results.EMERYVILLE, Calif. -- BioTime, Inc. (OTCBB OTCBB See OTC Bulletin Board (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([R]) 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 intermittent /in·ter·mit·tent/ (-mit´ent) marked by alternating periods of activity and inactivity. in·ter·mit·tent adj. 1. Stopping and starting at intervals. 2. 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 di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. 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 Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II for PentaLyte([R]), 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. 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 Emeryville is a small city located in Alameda County, California , in the United States. It is located in a corridor between the cities of Berkeley and Oakland, extending to the shore of San Francisco Bay. , develops blood plasma blood plasma n. The yellow or gray-yellow, protein-containing fluid portion of blood in which the blood cells and platelets are normally suspended. volume expanders, blood replacement solutions for hypothermic hy·po·ther·mi·a n. Abnormally low body temperature. [hypo- + Greek therm (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 re·gen·er·a·tive adj. 1. Of, relating to, or marked by regeneration. 2. Tending to regenerate. re·gen medicine through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Embryome Sciences, Inc., through which it plans to develop new medical and research products using embryonic stem cell Embryonic stem cells (ES cells) are stem cells derived from the inner cell mass of an early stage embryo known as a blastocyst. Human embryos reach the blastocyst stage 4-5 days post fertilization, at which time they consist of 50-150 cells. ES cells are pluripotent. technology. Additional information about BioTime can be found on the web at www.biotimeinc.com. Hextend([R]), PentaLyte([R]), HetaCool([R]), Embryomics(TM), ESpy(TM), and EScalate es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. (TM) are trademarks of BioTime, Inc. Forward Looking Statements Statements pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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. Click here to join our email alert list. [TABLE OMITTED] [TABLE OMITTED] |
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