BioTime Reports 3Q 2009 Financial Results

In a release on November 24, the Company noted that for the three months ended September 30, its total quarterly revenue (including royalty income, revenue recognition of deferred license fees, and grant income) increased 5 percent to $446,993 from $426,931 for the same period last year.

BioTime reported a net loss of $3,574,755, or $0.11 per basic and diluted share, for the three months ended September 30, compared to a net loss of $1,077,194, or $0.05 per basic and diluted share, for the three months ended September 30, 2008. However, the net loss for the quarter ended September 30, includes $2,126,051 of non-cash charges primarily relating to stock appreciation rights ("SARs") granted by BioTime.

BioTime recognized $225,518 in royalty revenue from the sale of Hextend, compared to $341,391 during the three months ended September 30, 2008, a decrease of 34 percent. The decline in royalties is attributable to the decrease in sales of Hextend to the United States Armed Forces, which was offset somewhat by an increase in sales to hospitals. Purchases by the Armed Forces generally take the form of intermittent, large volume orders, and cannot be predicted with certainty. Hextend is BioTime's proprietary physiologically balanced blood plasma volume expander for treating low blood volume, a condition often caused from blood loss during surgery or trauma.

In October 2009, BioTime received royalties in the amount of $277,080 based on sales of Hextend during the three months ended September 30. This revenue will be reflected in BioTime's financial statements for the fourth quarter of 2009. For the same period last year, BioTime received royalties of $231,896 from the sale of Hextend.

Cash and cash equivalents totaled $7,942,577 as of September 30, compared with $52,082 as of September 30, 2008. Total shareholders' equity was $4,146,460 as of September 30, compared with total shareholders' deficit of $4,820,729 at September 30, 2008, representing an increase of $8,967,189 in shareholders' equity. In October 2009, the equity of the company was increased by $2,000,000 due to an investment by a non-controlling stockholder in OncoCyte Corp., one of BioTime's new subsidiaries.

During April 2009, the California Institute of Regenerative Medicine ("CIRM") awarded BioTime a $4,721,706 grant for a stem cell research project related to its ACTCellerate technology. The CIRM grant covers the period of September 1, through August 31, 2012, and BioTime received the first quarterly payment in the amount of $395,096 from CIRM on October 12, of which $131,699 was recognized as income during the three months ended September 30.

CIRM announced on October 19, that it has an agreement with the Chinese Ministry of Science and Technology (MOST) to collaborate on stem cell research. CIRM expects that this agreement will make it easier for researchers in both California and China to obtain joint funding to broaden the potential pool of expertise that can be applied toward research in a specific area. BioTime and BioTime Asia, Limited plan to compete for additional grants to support their basic research and development programs.

In October 2009, BioTime formed a new subsidiary, OncoCyte Corp., for the purpose of developing novel therapeutics for the treatment of cancer based on stem cell technology. BioTime will license certain technology to the new company restricted to the field of cell-based cancer therapies, including early patent filings on targeting stem cells to malignant tumors. BioTime plans to develop stem cell products for therapeutic use to treat cancer through both OncoCyte Corp. and BioTime Asia.

Trading of BioTime's common shares and warrants commenced on the NYSE Amex on Friday, October 30, under the ticker symbols "BTIM" for the common shares and "BTIM.WS" for the warrants.

BioTime is a biotechnology company focused on regenerative medicine and blood plasma volume expanders.

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