BioTime Announces First Quarter 2013 Financial Results and Recent Corporate Accomplishments

  BioTime Announces First Quarter 2013 Financial Results and Recent Corporate

Business Wire

ALAMEDA, Calif. -- May 10, 2013

BioTime, Inc. (NYSE MKT: BTX), a biotechnology company that develops and
markets products in the field of regenerative medicine, today reported
financial results for the first quarter ended March 31, 2013 and highlighted
recent corporate accomplishments.

First Quarter and Recent Corporate Accomplishments

  *Entered into an Asset Contribution Agreement with Geron Corporation
    (“Geron”) and our subsidiary Asterias Biotherapeutics, Inc. (“Asterias,”
    formerly known as BioTime Acquisition Corporation) to acquire from Geron
    certain assets related to Geron’s discontinued human embryonic stem
    (“hES”) cell programs, consisting primarily of patents and patent
    applications and other intellectual property, stem cell lines, and
    investigational new drug applications (“IND”) filed with the FDA for
    Geron’s Phase I safety study of oligodendrocyte progenitor cells in
    patients with complete, subacute spinal cord injury, as well as its Phase
    I/II clinical trial of its autologous cellular immunotherapy program in
    patients with acute myelogenous leukemia in complete remission. BioTime
    believes that the hES assets that BioTime and its subsidiaries have
    developed and acquired over the last several years, when coupled with the
    Geron assets that will be acquired by BioTime’s subsidiary Asterias, will
    assemble within the BioTime group of companies the world’s premier hES
    intellectual property, cell lines, development programs, and related

  *Completed a $5 million financing on April 10, 2013 with a private investor
    to provide capital to Asterias as part of the Asset Contribution
    Agreement. Asterias also entered into its own agreement with the same
    investor to obtain an additional $5 million of financing to be funded in
    connection with Asterias’ acquisition of the Geron assets under Asset
    Contribution Agreement.
  *Entered into a worldwide license agreement with the University of
    California, Los Angeles (“UCLA”) for novel technology related to the
    treatment of stroke. The licensed technology developed at UCLA uses one of
    BioTime’s HyStem^® hydrogels to deliver locally released growth factors to
    improve recovery from stroke. Concurrent with the execution of this
    exclusive license agreement, BioTime has entered into a Sponsored Research
    Agreement with UCLA to support on-going pre-clinical work to advance the
    understanding of this technology and develop data in support for the
    potential filing of an IND for human clinical trials.

  *BioTime subsidiary LifeMap Sciences, Inc. (“LifeMap Sciences”) released
    enhancements to its integrated database suite products LifeMap
    BioReagents™, LifeMap Discovery™, GeneCards^® and MalaCards and entered
    into a value-added reseller agreement with Appistry, Inc., a company that
    provides big-data computing that supports life-science and medical
    analytics at hospitals and medical research centers and organizations.
    Appistry will market reports that include LifeMap Sciences’ GeneCards^®
    and MalaCards genetic information to clinicians and researchers under a
    revenue share arrangement with LifeMap Sciences, based on sales of such
    reports. The market for similar data services is growing rapidly,
    according to industry reports.

  *LifeMap Sciences entered into a commercial relationship with ProSpec-Tany
    TechnoGene through which LifeMap Sciences has added 100 select recombinant
    proteins available for sale to researchers on its LifeMap BioReagents™
  *BioTime appointed Stephen C. Farrell to the BioTime Board of Directors and
    its Audit Committee. Mr. Farrell currently serves as Chief Executive
    Officer and Director of Convey Health Solutions (formerly known as
    NationsHealth, Inc.), a healthcare business process outsourcing company
    headquartered in Sunrise, Florida. Mr. Farrell brings to our Board
    significant experience in finance, financial reporting, accounting and
    auditing, and in management as a senior executive of a public healthcare
    company during a period of significant growth.
  *Submitted protocol to European regulatory authorities for initiation of
    human clinical trials of Renevia™ as a medical device for the delivery of
    adipose stem cells for reconstructive surgery. The initiation of human
    clinical studies is expected this year subject to approval of the
  *Raised cash proceeds of $16.4 million since January 2013 through the sale
    of common shares by BioTime and certain subsidiaries, including $13.4
    million in the first quarter of 2013 and $3 million on April 10, 2013.

Financial Results

Net Loss

Net loss attributable to BioTime, Inc. for the first quarter of 2013 was $7.7
million or $0.15 per share, compared to a net loss of $5.0 million or $0.10
per share for the same period of 2012.

Contributing to the increased expenses year-over-year was approximately $1
million in organization, legal, and start up costs associated with Asterias.
The other subsidiaries combined for approximately $4 million of other
operating losses, with the balance of the operating loss of approximately $3
million residing in BioTime. Historically BioTime's subsidiaries have raised
capital, received grants, and generated revenues independently of BioTime to
help fund their operations; we expect the subsidiaries to continue to pursue
such financing strategies in the future.


Total net revenue, including license fees (which also include online database
subscription and advertising revenues), royalties from sales of Hextend^®,
research product sales, and grant income, on a consolidated basis, was $0.4
million in the first quarter of 2013, down $0.2 million from $0.6 million for
the same period of 2012. The decrease in revenue year-over-year in the first
quarter 2013 is primarily attributable to lower grant revenue related to the
completion of BioTime’s research grant from the California Institute for
Regenerative Medicine (“CIRM”) in August 2012, partially offset by
subscription and advertising revenues from LifeMap Science’s online database
GeneCards^® which LifeMap Sciences began marketing in May of 2012.


Total expense for the first quarter of 2013 was $8.8 million, compared to a
total expense of $6.5 million for the first quarter 2012. Operating expenses
increased $2.3 million year-over-year in the first quarter 2013 due to
increased expenses related to the amortization of patent technology from our
previous acquisitions, employee compensation and headcount-related costs,
audit and tax service fees, patent-related and general legal fees, licenses,
patent and trademark related fees, expenses related to our increased efforts
in the Renevia^TM (formerly HyStem^®-Rx) clinical development program,
PanC-Dx^TM diagnostic development program in preparation for clinical trials
of those products, and costs attributable to the establishment of the
operations of Asterias and other costs related to the acquisition of the Geron

Cash Flow

Net cash used in operating activities was $7.0 million for the three months
ended March 31, 2013 compared to $5.7 million for the three months ended March
31, 2012, reflecting the hiring of additional staff and increased
headcount-related expenses, the rental of a new research and development
facility effective January 2013 associated with the establishment of the
operations of Asterias, increased expense related to research and development
programs in BioTime subsidiaries in preparation for clinical trials, including
programs expanded through business acquisitions, and specific transaction
related legal and administrative expenses related in large measure to the
Asset Contribution Agreement among BioTime, Asterias, and Geron.

Balance Sheet

Cash and cash equivalents, on a consolidated basis, totaled $9.9 million as of
March 31, 2013, compared with $4.3 million as of December 31, 2012.

During the first quarter of 2013, BioTime and certain subsidiaries raised
gross proceeds of $11.3 million from the sale of 2,537,051 BioTime common
shares at a weighted average price of $4.45 per share in the open market.

In January 2013, BioTime entered into a Stock and Warrant Purchase Agreement
with Romulus Films Ltd. under which BioTime received $5 million for the sale
of 1,350,000 BioTime common shares and warrants to purchase 650,000 additional
BioTime common shares with an exercise price of $5.00 per share and a term
expiring in January 2016. The sale of the BioTime shares and warrants to
Romulus was completed through a $2 million tranche funded in January 2013 and
a $3 million tranche funded on April 10, 2013. This $5 million investment will
be used to fund BioTime’s $5 million cash contribution to Asterias under the
Asset Contribution Agreement.

About BioTime, Inc

BioTime, headquartered in Alameda, California, is a biotechnology company
focused on regenerative medicine and blood plasma volume expanders. Its broad
platform of stem cell technologies is enhanced through subsidiaries focused on
specific fields of application. BioTime develops and markets research products
in the fields of stem cells and regenerative medicine, including a wide array
of proprietary PureStem™ cell lines, HyStem^® hydrogels, culture media, and
differentiation kits. BioTime is developing Renevia™ (formerly known as
HyStem^®-Rx), a biocompatible, implantable hyaluronan and collagen-based
matrix for cell delivery in human clinical applications. BioTime's therapeutic
product development strategy is pursued through subsidiaries that focus on
specific organ systems and related diseases for which there is a high unmet
medical need. BioTime's majority owned subsidiary Cell Cure Neurosciences Ltd.
is developing therapeutic products derived from stem cells for the treatment
of retinal and neural degenerative diseases. BioTime's subsidiary OrthoCyte
Corporation is developing therapeutic applications of stem cells to treat
orthopedic diseases and injuries. Another subsidiary, OncoCyte Corporation,
focuses on the diagnostic and therapeutic applications of stem cell technology
in cancer, including the diagnostic product PanC-Dx™ currently being developed
for the detection of cancer in blood samples. ReCyte Therapeutics, Inc. is
developing applications of BioTime's proprietary induced pluripotent stem cell
technology to reverse the developmental aging of human cells to treat
cardiovascular and blood cell diseases. BioTime's subsidiary LifeMap Sciences,
Inc. markets 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. LifeMap Sciences also markets BioTime
research products and PanDaTox, an innovative, recently developed, searchable
database that can aid in the discovery of new antibiotics and
biotechnologically beneficial products. Asterias Biotherapeutics, Inc. is a
new subsidiary being used to acquire the stem cell assets of Geron
Corporation, including patents and other intellectual property, biological
materials, reagents and equipment for the development of new therapeutic
products for regenerative medicine. BioTime's lead product, Hextend^®, is a
blood plasma volume expander manufactured and distributed in the U.S. by
Hospira, Inc. and in South Korea by CJ CheilJedang Corporation under exclusive
licensing agreements. Additional information about BioTime can be found on the
web at

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:

                                           March 31, 2013     December 31,
                                           (Unaudited)        2012
Cash and cash equivalents                  $ 9,896,335        $ 4,349,967
Inventory                                    52,335             55,316
Prepaid expenses and other current          3,018,421        2,774,196    
Total current assets                         12,967,091         7,179,479
Equipment, net                               1,741,664          1,348,554
Deferred license and consulting fees         625,671            669,326
Deposits                                     118,748            64,442
Intangible assets, net                      19,844,219       20,486,792   
TOTAL ASSETS                               $ 35,297,393      $ 29,748,593   
Accounts payable and accrued liabilities   $ 3,901,027        $ 3,989,962
Deferred license revenue, current           394,343          400,870      
Total current liabilities                   4,295,370        4,390,832    
Deferred license revenue, net of current     732,210            768,678
Deferred rent, net of current portion        52,174             57,214
Other long term liabilities                 235,045          237,496      
Total long-term liabilities                 1,019,429        1,063,388    
Commitments and contingencies
Preferred Shares, no par value,              -                  -
authorized 1,000,000 shares; none issued
Common Shares, no par value, authorized
75,000,000 shares; issued and
outstanding shares; 54,912,781 issued,
and 52,551,813 outstanding as of March       135,594,729        119,821,243
31, 2013 and 51,183,318 issued, and
49,383,209 outstanding at December 31,
2012, respectively
Contributed capital                          93,972             93,972
Accumulated other comprehensive              88,867             (59,570      )
Accumulated deficit                          (109,614,976 )     (101,895,712 )
Treasury stock at cost: 2,360,968 and
1,800,109 shares at March 31, 2013 and      (10,317,681  )    (8,375,397   )
at December 31, 2012, respectively
Total shareholders' equity                   15,844,911         9,584,536
Noncontrolling interest                     14,137,683       14,709,837   
Total equity                                29,982,594       24,294,373   
TOTAL LIABILITIES AND EQUITY               $ 35,297,393       29,748,593   

                                             Three Months Ended
                                             March 31, 2013     March 31, 2012
License fees                                 $ 349,824          $ 36,468
Royalties from product sales                   107,599            147,402
Grant income                                   90,326             400,809
Sale of research products                     66,724           67,535     
Total revenues                                614,473          652,214    
Cost of Sales                                  (182,749   )       (20,268    )
Total net revenues                            431,724          631,946    
Research and development                       (5,395,488 )       (4,178,781 )
General and administrative                    (3,416,145 )      (2,368,705 )
Total expenses                                (8,811,633 )      (6,547,486 )
Loss from operations                          (8,379,909 )      (5,915,540 )
Interest income, net                           943                8,298
Other expense, net                            (29,579    )      (327,095   )
Total other expenses, net                      (28,636    )       (318,797   )
NET LOSS                                       (8,408,545 )       (6,234,337 )
Less: Net loss attributable to the            689,282          1,260,995  
noncontrolling interest
NET LOSS ATTRIBUTABLE TO BIOTIME, INC.       $ (7,719,263 )     $ (4,973,342 )
Foreign currency translation gain             148,437          124,089    
TOTAL COMPREHENSIVE LOSS ^(2)                $ (7,570,826 )     $ (4,849,253 )
BASIC AND DILUTED LOSS PER COMMON SHARE      $ (0.15      )     $ (0.10      )
WEIGHTED AVERAGE NUMBER OF COMMON SHARES      51,175,649       49,035,788 

(1) Basic and diluted loss per common share is calculated using "Net loss
attributable to BioTime, Inc."

(2) Comprehensive net loss includes foreign currency translation gain of
$148,437 and $124,089 for the three months ended March 31, 2013 and 2012,
respectively arising entirely from the translation of foreign subsidiary
financial information for consolidation purposes and therefore not used in the
calculation of basic and diluted loss per common share.


BioTime, Inc.
Judith Segall, 510-521-3390 ext. 301
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