FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-12830
BioTime, Inc.
(Exact name of registrant as specified in its charter)
California 94-3127919
(State or other jurisdiction of incorporation (IRS Employer
or organization) Identification No.)
935 Pardee Street
Berkeley, California 94710
(Address of principal executive offices)
(510) 845-9535
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No APPLICABLE ONLY TO CORPORATE
ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date. 2,792,071 common shares, no
par value, as of November 8, 1996.
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PART 1--FINANCIAL INFORMATION
Item 1. Financial Statements
BIOTIME, INC,
(A Development Stage Company)
CONDENSED BALANCE SHEETS
(Unaudited)
<CAPTION>
September 30, June 30,
ASSETS 1996 1996
-------------- ---------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 2,019,144 $ 2,443,121
Research & development supplies on hand 200,000 200,000
Prepaid expenses and other current assets (Note 2) 159,344 214,094
-------------- ---------------
Total current assets 2,378,488 2,857,21
EQUIPMENT, Net of accumulated depreciation of $108,343 and $98,219 91,436 101,559
OTHER ASSETS (Note 2) 69,422 9,700
-------------- ---------------
TOTAL ASSETS $ 2,539,346 $ 2,968,474
============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES--Accounts payable $ 173,591 $ 129,229
-------------- ---------------
COMMITMENTS
SHAREHOLDERS' EQUITY:
Preferred Shares, no par value, undesignated as to Series,
authorized 1,000,000 shares; none outstanding
Common Shares, no par value, authorized 5,000,000 shares; issued
and outstanding 2,782,071 and 2,756,521 11,079,441 10,834,575
Contributed Capital 93,972 93,972
Deficit accumulated during development stage (8,807,658) (8,089,302)
-------------- ---------------
Total shareholders' equity 2,365,755 2,839,245
-------------- ---------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,539,346 $ 2,968,474
============== ===============
<FN>
See notes to condensed financial statements.
</FN>
</TABLE>
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<TABLE>
BIOTIME, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
Three Months Ended Period from Inception
September 30, (November 30, 1990)
1996 1995 to September 30, 1996
------------------------------ ---------------------
<S> <C> <C> <C>
EXPENSES:
Research and development $ (432,166) $ (248,212) $ (5,205,194)
General and administrative (306,353) (133,373) (4,327,128)
------------- ------------ ---------------
Total expenses (738,519) (381,585) (9,532,322)
------------- ------------ ---------------
INCOME:
Interest 19,843 42,798 698,541
Other 320 1,380 50,954
------------- ------------ ---------------
Total income 20,163 44,178 749,495
------------- ------------ ---------------
NET LOSS $ (718,356) $ (337,407) $ (8,782,827)
============= ============ ===============
NET LOSS PER SHARE $ ( .26) $ ( .13) $ ( 4.43)
============= ============ ===============
NUMBER OF SHARES USED FOR
CALCULATION OF NET LOSS
PER SHARE 2,774,836 2,592,710 1,983,151
============= ============ ===============
<FN>
See notes to condensed financial statements.
</FN>
</TABLE>
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<TABLE>
BIOTIME, INC.
(A Development Stage Company)
STATEMENTS OF SHAREHOLDERS' EQUITY
<CAPTION>
Series A Convertible Deficit
Preferred Shares Common Shares Accumulated
--------------------- ---------------------- During
Number of Contributed Development
Shares Amount Amount Capital Stage
--------- --------- --------- ---------- ----------- --------------
<S> <C> <C> <C> <C> <C> <C>
BALANCE, November 30, 1990
(date of inception)
NOVEMBER 1990
Common shares issued for cash 437,587 $ 263
DECEMBER 1990:
Common shares issued for
stock of a separate entity at fair
value 350,070 137,400
Contributed equipment at appraised
value $ 16,425
Contributed cash 77,547
MAY 1991:
Common shares issued for cash
less offering costs 33,725 54,463
Common shares issued for stock
of a separate entity at fair value 33,340 60,000
JULY 1991:
Common shares issued for
services performed 10,000 18,000
AUGUST-DECEMBER 1991
Preferred shares issued for
cash less offering costs of
$125,700 120,000 474,300
MARCH 1992:
Common shares issued for
cash less offering costs of
$1,015,873 724,500 4,780,127
Preferred shares converted
into common shares (120,000) (474,300) 120,000 474,300
Dividends declared and paid
on preferred shares (24,831)
MARCH 1994:
Common shares issued for cash less
offering costs of $865,826 935,200 3,927,074
NET LOSS SINCE INCEPTION (3,721,389)
--------- --------- --------- ---------- --------- -----------
BALANCE AT JUNE 30, 1994 $ -- 2,644,422 $ 9,451,627 $ 93,972 $(3,746,220)
<FN>
See notes to financial statements. (Continued)
</FN>
</TABLE>
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<TABLE>
BIOTIME, INC.
(A Development Stage Company)
STATEMENTS OF SHAREHOLDERS' EQUITY
<CAPTION>
Deficit
Preferred Shares Common Shares Accumulated
-------------------- ------------------------ During
Number of Number of Contributed Development
Shares Amount Shares Amount Capital Stage
--------- --------- ------------ ---------- ---------- ---------------
<S> <C> <C> <C> <C> <C> <C>
AUGUST 1994 - JUNE 1995
Common shares repurchased
with cash (84,600) (190,029)
NET LOSS (2,377,747)
--------- --------- --------- ---------- -------- ------------
BALANCE AT JUNE 30, 1995 -- $ -- 2,559,822 $9,261,598 $ 93,972 $ (6,123,967)
JULY - SEPTEMBER 1995
Common shares repurchased
with cash (6,200) (12,693)
Common shares warrants and options
granted for services 356,000
APRIL - JUNE 1996
Common shares issued for
cash (exercise of options and warrants) 165,507 1,162,370
Common shares issued for cash
(lapse of recission) 37,392 67,300
NET LOSS (1,965,335)
--------- --------- --------- ---------- --------- ------------
BALANCE AT JUNE 30, 1996 -- $ -- 2,756,521 $10,834,575 $ 93,972 $(8,089,302)
JULY - SEPTEMBER 1996
Common shares issued for cash
(exercise of options and warrants) 25,550 159,866
Common shares warrants and options
granted for service (Note 2) 85,000
NET LOSS (718,356)
--------- --------- --------- ----------- -------- ------------
BALANCE AT SEPTEMBER 30, 1996 -- $ -- 2,782,071 $11,079,441 $ 93,972 $(8,807,658)
========= ========= ========= =========== ======== ============
<FN>
See notes to financial statements. (Concluded)
</FN>
</TABLE>
5
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<TABLE>
BIOTIME, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Three Months Ended Period from Inception
September 30, (November 30, 1990)
1996 1995 to September 30, 1996
--------------------------------- ---------------------
<S> <C> <C> <C>
OPERATING ACTIVITIES:
Net loss $ (718,356) $ (337,407) $ (8,782,827)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 10,124 8,943 124,742
Cost of Services - options and warrants 70,413 256,346
Changes in operating assets and
liabilities:
Research and development supplies on hand (200,000)
Prepaid expenses and other current
assets 9,615 11,906 (16,411)
Deposits (9,700)
Organizational costs (4,196)
Accounts payable 44,362 (248,560) 173,588
----------- ---------- ------------
Net cash used in operating activities (583,842) (565,118) (8,458,459)
----------- ---------- ------------
INVESTING ACTIVITIES:
Sale of investments 197,400
Purchase of short-term investments (9,946,203)
Redemption of short-term investments 9,934,000
Purchase of equipment and furniture (652) (183,353)
----------- ---------- -----------
Net cash used in investing activities -- (652) 1,844
----------- ---------- -----------
FINANCING ACTIVITIES:
Issuance of preferred shares for cash 600,000
Preferred shares placement costs (125,700)
Issuance of common shares for cash 10,710,926
Net proceeds from exercise of common share options
and warrants 159,865 1,322,235
Common shares placement costs (1,881,699)
Contributed capital - cash 77,547
Dividends paid on preferred shares (24,831)
Repurchase Common Shares (14,420) (202,719)
----------- ---------- -----------
Net cash provided by (used in) financing activities 159,865 (14,420) 10,475,759
----------- ---------- -----------
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (423,977) (580,190) 2,019,144
CASH: AND CASH EQUIVALENTS:
At beginning of period 2,443,121 3,440,896 --
----------- ---------- -----------
At end of period $ 2,019,144 $ 2,860,706 $ 2,019,144
=========== ========== ===========
<FN>
See notes to condensed financial statements. (Continued)
</FN>
</TABLE>
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<TABLE>
BIOTIME, INC.
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Three Months Ended Period from Inception
September 30, (November 30, 1990
1996 1995 to September 30, 1996
-------------------------- ----------------------
<S> <C> <C> <C>
NONCASH FINANCING AND
INVESTING ACTIVITIES:
Receipt of contributed equipment $ 16,425
Issuance of common shares
in exchange for shares of
common stock of Cryomedical
Sciences, Inc. in a stock-for-stock
transaction $ 197,400
Accrued public offering costs $ 54,458
Granting of options and warrants for services $ 85,000 $ 441,00
<FN>
See notes to condensed financial statements. (Concluded)
</FN>
</TABLE>
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BIOTIME, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
1. GENERAL AND DEVELOPMENT STAGE ENTERPRISE
General - BioTime, Inc. (the Company) was organized November 30, 1990
as a California corporation. The Company is a biomedical organization,
currently in the development stage, which is engaged in research and
development of synthetic plasma expanders, blood substitute solutions,
and organ preservation solutions, for use in surgery, trauma care,
organ transplant procedures, and other areas of medicine.
The interim consolidated financial statements presented have been
prepared by BioTime, Inc. (the Company) without audit and, in the
opinion of management, reflect all adjustments necessary (consisting
only of normal recurring adjustments) to present fairly the financial
position, results of operations and cash flows at September 30, 1996
and for all periods presented. The results of operations for any
interim period are not necessarily indicative of results for a full
year.
The consolidated Balance Sheet as of June 30, 1996, has been derived
from the consolidated financial statements that have been audited by
the Company's independent public accountants. The consolidated
financial statments and notes are presented as permitted by the
Securities and Exchange Commission and do not contain certain
information included in the annual consolidated financial statements
and notes of the Company. It is suggested that the accompanying
condensed consolidated financial statements be read in conjunction with
the audited consolidated financial statements and the notes thereto
contained in the Company's Annual Report on Form 10-K for the fiscal
year ended June 30, 1996, filed with the Securities and Exchange
Commission.
The preparation of the Company's consolidated financial statements in
conformity with generally accepted accounting principles necessarily
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities in the consolidated balance sheet dates and the
reported amounts of income and expenses for the periods presented.
Development Stage Enterprise - Since inception, the Company has been
engaged in research and development activities in connection with the
development of synthetic plasma expanders, blood substitute solutions
and organ preservation products. The Company has not had any
significant operating revenues and has incurred operating losses of
$8,782,827 from inception to September 30, 1996. The successful
completion of the Company's product development program and,
ultimately, achieving profitable operations is dependent upon future
events including maintaining adequate capital to finance its future
development activities, obtaining
8
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regulatory approvals for products that may be ultimately developed and
achieving a level of sales adequate to support the Company's cost
structure.
While the Company successfully completed two public offerings of its
common shares and, at September 30, 1996, had remaining cash and cash
equivalents of over $2,000,000, management believes that additional
funds will be required for the successful completion of its product
development activities.
2. SHAREHOLDERS' EQUITY
The Board of Directors of the Company adopted the 1992 Stock Option
Plan (the "Plan") in September 1992, which was approved by the
shareholders at the 1992 Annual Meeting of Shareholders, on December 1,
1992. Under the Plan, as amended, the Company has reserved 400,000
Common Shares for issuance under options granted to eligible persons.
No options may be granted under the Plan more than ten years after the
date the Plan was adopted by the Board of Directors, and no options
granted under the Plan may be exercised after the expiration of ten
years from the date of grant.
At September 30, 1996, options for the purchase of 220,000 shares under
the Plan were held by employees, officers, directors, members of the
scientific advisory board and certain consultants. Such options are
exercisable at prices ranging from $1.99 to $18.00 beginning from one
to two years after the grant date and expire after five to ten years
from the grant date. Certain options require the achievement of
performance criteria. During the quarter ended September 30, 1996,
options to purchase a total of 16,500 common shares were issued to
consultants at an average option price of $18.00 per share. The
estimated fair value of the services totaled $25,000 and was recognized
in the period. At September 30, 1996, 161,666 options were exercisable
at prices ranging from $1.99 to $18.00. Options for 70,000 common
shares have been exercised as of September 30, 1996.
In September 1996, the Company entered into an agreement with an
individual to act as an advisor to the Company. In exchange for
services, as defined, to be rendered by the advisor through September
1999, the Company issued warrants, with five year terms, to purchase
40,000 common shares at a price of $18.75 per share. Warrants for
25,000 common shares vest and are exercisable and transferable
immediately; warrants for the remaining 15,000 common shares vest
ratably through September 1997 and become exercisable and transferable
as vesting occurs. The estimated value of the services to be performed
is $60,000 and that amount has been capitalized and is being amortized
over the term of the agreement.
During September 1995, the Company entered into an agreement with a
firm to act as its financial advisor. In exchange for financial
consulting services associated in part with a plan to secure additional
capital, the Company issued to the financial advisor warrants to
purchase 100,000 common shares at a price of $6 per share, and the
Company agreed to issue additional warrants to purchase up to an
additional 200,000 common shares at a price equal to the greater
9
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of (a) 150% of the average market price of the common shares during the
three months prior to grant or (b) $6 per share. The additional
warrants were to be issued in equal quarterly installments over a two
year period, beginning October 15, 1995. The Company may terminate the
financial advisory agreement on 30 days notice, in which case the next
warrant issuance would be accelerated to the date on which notice of
termination is given, but no additional warrants would be issued. As of
September 30, 1996, the total number of warrants to purchase Common
Shares issued was 200,000; 150,000 of which will be exercisable at a
price of $6 per share, 25,000 of which will be exercisable at a price
of $7.32 per share, and 25,000 of which will be exercisable at a price
of $30.04 per share. As of October 15, 1996, warrants to purchase an
additional 25,000 shares were issued, which will be exercisable at a
price of $29.33 per share.
During the quarter ended September 30, 1996, the Company recognized
$45,413 in amortization expense for capitalized service costs related
to consulting agreements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
Since its inception in November 1990, the Company has been engaged
primarily in research and development activities. The Company has not yet
generated significant operating revenues, and as of September 30, 1996 the
Company had incurred a cumulative net loss of $8,782,827.
Most of the Company's research and development efforts have been
devoted to the development of Hextend(R) and PentaLyte.TM The Company filed an
IND with the FDA and received permission to commence Phase III clinical trials
of Hextend(R) in human patients. These clinical trials began in October 1996 at
the Duke University Medical Center in Durham, North Carolina and are proceeding
in accordance with the Company's expectations. Additional studies are being
designed to assess the value of Hextend(R) in other surgical applications. The
costs of such clinical trials and other studies will be substantial, and it will
be necessary for the Company to obtain additional financing in order to complete
these studies.
In order to commence clinical trials of new products, it will be
necessary for the Company to prepare and file with the FDA an IND or an
amendement to the present IND for Hextend(R). The cost of preparing those IND
filings and conducting those clinical trials is not presently determinable. It
will
10
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be necessary for the Company to obtain additional financing in order to complete
any clinical trials that may begin for its new products.
The Company plans to continue to provide funding for its laboratory
testing programs at selected medical schools and hospitals for the purpose of
developing additional uses of Hextend,(R) PentaLyteTM and other new products,
but the amount of research that will be conducted at those institutions will
depend upon the extent to which the Company can raise sufficient capital for
research in addition to the funding required for the clinical testing of new
products. If funding for collaborative research at medical schools and hospitals
is curtailed, the Company will have to rely on in-house research, using small
laboratory animals.
To address its anticipated need for manufacturing and marketing
resources, the Company is negotiating with pharmaceutical companies that, based
upon their current product lines and resources, will be able to manufacture and
market the Company's products if and when the necessary regulatory approvals are
obtained. The acquisition of the Company's own production facilities and the
development of the Company's own marketing organization is also being considered
in the event that production and marketing arrangements cannot be made with
established pharmaceutical companies on terms that the Company deems
advantageous. Additional capital will be required in order for the Company to
acquire its own production facilities and marketing organization.
Because the Company's research and development expenses, clinical trial
expenses, and production and marketing expenses will be charged against earnings
for financial reporting purposes, management expects that losses from operations
will continue to be incurred for the foreseeable future.
Results of Operations
Revenues
From inception (November 30, 1990) through September 30, 1996, the
Company generated $749,495 of revenues, comprised of $50,954 from the sale of
products and services, and $698,541 in interest. For the three months ended
September 30, 1996, the Company generated $20,163 of revenues, including $320
from the sale of microcannulas for research purposes, and $19,843 in interest.
For the three months ended September 30, 1995, the Company generated total
revenues of $44,178, comprised of $1,380 from the sale of microcannulas for
research purposes, and $42,798 in interest. The decrease in interest income is
attributable to the decrease in cash and cash equivalents from 1995 to 1996.
Limited test marketing of the Company's laboratory research equipment, through
advertisements in trade publications, has resulted in sales of a small number of
microcannulas. Although the Company may continue to test market its laboratory
research equipment, and to promote its ability to perform research services, the
Company's ability to generate substantial operating revenue depends upon its
success in developing and marketing its blood substitute and organ preservation
solutions and technology for medical use.
11
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Operating Expenses
From inception (November 30, 1990) through September 30, 1996, the
Company incurred $5,205,194 of research and development expenses, including
salaries, supplies and other expense items. Research and development expenses
increased to $432,166 for the three months ended September 30, 1996, from
$248,212 for the three months ended September 30, 1995. The increase in research
and development expenses is attributable to preparation and intiation of Phase
III human clinical trials of Hextend(R); and to an expense of $25,000 associated
with options to purchase the Company's common shares granted to consultants for
services performed (See Note 2 to the accompanying financial statements). It is
expected that research and development expenses will increase as the Company
continues clinical testing of Hextend(R) and commences clinical studies of other
products.
From inception (November 30, 1990) through September 30, 1996, the
Company incurred $4,327,128 of general and administrative expenses. General and
administrative expenses increased to $306,353 for the three months ended
September 30, 1996, from $133,373 for the three months ended September 30, 1995.
This increase is primarily attributable increased personnel costs and to an
amortization expense of $45,413 associated with agreements the Company entered
into with certain financial advisors and consultants in exchange for warrants to
purchase the Company's common shares (See Note 2 to the accompanying financial
statements).
The Company accounts for options and warrants granted to consultants in
conformity with Financial Accounting Standards No. 123. During the period ended
September 30, 1996, the Company recorded total expenses of $70,413 related to
warrant and option agreements with consultants. The Company believes that the
issuance of the options and warrants to consultants is beneficial as it allows
the Company to reduce or eliminate the cash compensation payable to its FDA
regulatory experts, medical experts, business and financial consultants.
Accordingly, the Company intends to continue this practice in the future.
Liquidity and Capital Resources
Because of the developmental nature of the Company's business, it is
unlikely that in the near future the Company will be able to generate internally
the funds necessary to carry on its planned operations. The Company expects that
its cash on hand will be sufficient to finance the Company's operations for the
next 9 months. Since inception, the Company has financed its operations through
the sale of equity securities. Presently, the Company intends to seek financing
through additional public or private offerings of equity or debt securities. In
addition, the Company is seeking financing from pharmaceutical and medical
device companies that may be interested in licensing or otherwise acquiring
marketing rights to Hextend(R) and other BioTime products
The future availability and terms of equity and debt financings and
collaborative arrangements with industry partners cannot be predicted. The
unavailability or inadequacy of financing to meet future capital needs could
force the Company to modify, curtail, delay or suspend some or all aspects of
its planned operations.
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Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
Exhibit
Numbers Description
3 (a) Articles of Incorporation as Amended.+
(c) By-Laws, As Amended.#
4 (a) Specimen of Common Share Certificate.+
(c) Form of Underwriter's Warrant.#
(d) Form of Underwriter's Warrant.**
10 (a) Lease Agreement dated July 1, 1994 between the Registrant and Robert
and Norah Brower, relating to principal executive offices of the
Registrant.*
10 (b) Employment Agreement dated June 1, 1996 between the Company and
Paul Segall.++
10 (c) Employment Agreement dated June 1, 1996 between the Company and
Hal Sternberg.++
10 (d) Employment Agreement dated June 1, 1996 between the Company and
Harold Waitz.++
10 (e) Employment Agreement dated June 1, 1996 between the Company and
Judith Segall.++
10 (f) Employment Agreement dated June 1, 1996 between the Company and
Victoria Bellport.++
10 (g) Intellectual Property Agreement between the Company and Paul Segall.+
10 (h) Intellectual Property Agreement between the Company and Hal Sternberg.+
10 (i) Intellectual Property Agreement between the Company and Harold Waitz.+
10 (j) Intellectual Property Agreement between the Company and Judith Segall.+
10 (k) Intellectual Property Agreement between the Company and Victoria
Bellport.+
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10 (l) Agreement between CMSI and BioTime Officers Releasing Employment
Agreements, Selling Shares, and Transferring Non-Exclusive License.+
10 (m) Agreement for Trans Time, Inc. to Exchange CMSI Common Stock for
BioTime, Inc. Common Shares.+
10 (n) 1992 Stock Option Plan, as amended.^
10 (o) Employment Agreement dated April 1, 1994 between the Company and
Lawrence Cohen.*
10 (p) Intellectual Property Agreement between the Company and
Lawrence Cohen.^
10 (q) Severance Agreement, dated August 19, 1996 between the Company
and Lawrence Cohen.++
23 (a) Consent of Deloitte & Touche LLP++
+ Incorporated by reference to Registration Statement on Form S-1, File Number
33-44549 filed with the Securities and Exchange Commission on December 18, 1991,
and Amendment No. 1 and Amendment No. 2 thereto filed with the Securities and
Exchange Commission on February 6, 1992 and March 7, 1992, respectively.
# Incorporated by reference to Registration Statement on Form S-1, File Number
33-48717 and Post-Effective Amendment No. 1 thereto filed with the Securities
and Exchange Commission on June 22, 1992, and August 27, 1992, respectively.
^ Incorporated by reference to the Company's Form 10-K for the fiscal year ended
June 30, 1993.
** Incorporated by reference to Registration Statement on Form S-1, File Number
33-73256 filed with the Securities and Exchange Commission on December 22, 1993,
and Amendment No.1 thereto filed with the Securities and Exchange Commission on
February 24, 1994.
* Incorporated by reference to the Company's Form 10-K for the fiscal year ended
June 30, 1994.
++ Incorporated by reference to the Company's Form 10-K for the fiscal year
ended June 30, 1996.
(b) The Company did not file any Reports on Form 8-K during the quarter ended
September 30, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BIOTIME, INC.
Paul E. Segall
Date: November 12, 1996 ---------------------------------------
Paul E. Segall
Chief Executive Officer
Victoria Bellport
Date: November 12, 1996 --------------------------------------
Victoria Bellport
Chief Financial Officer
15
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 2,019,144
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,378,488
<PP&E> 91,436
<DEPRECIATION> 108,343
<TOTAL-ASSETS> 2,949,041
<CURRENT-LIABILITIES> 173,591
<BONDS> 0
0
0
<COMMON> 11,660,541
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,949,041
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> (909,924)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (889,761)
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<NET-INCOME> (889,761)
<EPS-PRIMARY> (0.32)
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</TABLE>
