BioTime Raises Over $2 Million in a Private Placement as Quarterly Revenues Grow.Business Editors & Health/Medical Writers BIOWIRE2K BERKELEY, Calif.--(BW HealthWire)--Aug. 13, 2002 BioTime, Inc. (AMEX AMEX See: American Stock Exchange :BTX (Balanced Technology EXtended) A motherboard design from Intel introduced in 2004 that supersedes the ATX. Unlike the ATX, the placement of all chip sockets in the BTX is defined in order to provide sufficient air flow over the processor and display adapter. ) announced today that it has raised $2,075,119 in a private placement of 1,852,785 common shares through Ladenburg Thalmann Ladenburg Thalmann is a small New York City investment bank and broker founded in 1876. The firm became a member of the New York Stock Exchange in 1879 and was a major Wall Street player into the 1950s. & Co. Inc. Ladenburg Thalmann, established in 1876, is one of the oldest members of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . BioTime also announced rising royalty revenues. For the three months ended June 30, 2002, BioTime recognized $60,812 in royalty revenues, a 103% increase from the same period last year. Royalty revenues for the three months ended June 30, 2002 consists of royalties on account of sales ACCOUNT OF SALES. comm. law. An account delivered by one merchant or tradesman to another, or by a factor to his principal, of the disposal, charges, commissions and net proceeds of certain merchandise consigned to such merchant, tradesman or factor, to be sold. of Hextend(R) during the three months ended March 31, 2002. Hextend is BioTime's proprietary 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 expander used in hundreds of leading hospitals in the U.S. for the treatment of low blood volume. BioTime recognizes royalty revenues in the quarter in which the royalties are received, rather than the quarter in which the sales took place. BioTime received royalty revenues of $85,843 on sales during the three months ended June 30, 2002. These royalties will be recognized as revenue during the third quarter of 2002. This represents a 41.2% increase from second quarter revenues, and a 135.7% increase from revenues recognized during the third quarter of 2001. "We are delighted to announce the successful results of our private placement and the growth in revenue from Hextend sales," said Dr. Paul Segall, BioTime's chairman and chief executive officer. "These important events will allow BioTime to advance its product development program." About BioTime, Inc. BioTime, headquartered in Berkeley, California develops blood plasma 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. Information about BioTime can be found on the web at www.biotimeinc.com. 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; BioTime's ability to obtain FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and foreign regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime's products; BioTime's ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; the availability of ingredients used in BioTime products; and the availability of reimbursement for the cost of BioTime products (and related treatment) from government health administration authorities, private health coverage insurers and other organizations. These and other risk factors are discussed in BioTime's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. |
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