Q1/10 Results, Biotime (NYSE Amex: BTIM)
Q1/10 revenue was $767,127. The net loss for Q1/10 was $1.3 M, or ($0.04) per share.
The increase ($470,384) in revenue (including royalty income, revenue recognition of deferred license fees, and grant income) is attributable to receipt of a $395,096 quarterly installment of $4.7 M research grant from the California Institute of Regenerative Medicine and an increase in royalty revenue. The net loss for Q1/10 ($0.04) per share, compared to a net loss ($0.06) per share for Q1/09 reflecting increases as R&D expanded the stem cell research program as well as increases in other operating expenses.
BTIM in Q1/10 recognized $297,000 in royalty revenue from the sale of Hextend®, BioTime’s proprietary physiologically balanced blood plasma volume expander for treating low blood volume, a condition often caused by blood loss during surgery or by trauma. This 33% ($74,333) increase in royalties is primarily attributable to an increase in sales to the US Armed Forces by Hospira. Purchases by the Armed Forces generally take the form of intermittent, large volume orders, and cannot be predicted with certainty.
Cash and cash equivalents totaled $11.2 M. During Q1/10, BTIM received $456,288 in net cash from financing activities, including $118.4 K received in connection with the exercises of 75,000 options and $337,888 received in connection with the exercises of 168,944 warrants.
