BIOTIME RAISES OVER $2 MILLION IN A PRIVATE PLACEMENT AS QUARTERLY REVENUES GROW
BERKELEY, Calif.--Aug. 13, 2002--BioTime, Inc. (AMEX:BTX) announced today that it has raised $2,075,119 in a private placement of 1,852,785 common shares through Ladenburg Thalmann & Co. Inc. Ladenburg Thalmann, established in 1876, is one of the oldest members of the New York Stock Exchange.
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 of Hextend(R) during the three months ended March 31, 2002. Hextend is BioTime's proprietary blood plasma 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 (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 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 filed with the Securities and Exchange Commission.
CONTACT: BioTime, Inc.
Judith Segall, 510/845-9535
or
Padilla Speer Beardsley
Karen Blass, 212/752-8338
KBlass@psbpr.com