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BioTime Announces Fourth Quarter and Fiscal Year 2010 Financial Results

BioTime, Inc., a biotechnology company based in Alameda on Bay Farm Island, reported today financial results for the quarter and year ended December 31, 2010. The company reported a 91% increase in total revenue year-over-year for the fiscal year.

For the fourth quarter ended December 31, 2010, total revenue for BioTime was $1.4 million, up 89% from the same period the previous year. For the full fiscal year 2010, total revenue was $3.7 million, up 91% from 2009. BioTime attributes the revenue increase primarily to receipt of $1.6 million of a $4.7 million research grant from CIRM, the California Institute for Regenerative Medicine.

In a prepared statement announcing the results, Michael D. West, Ph.D., BioTime’s President and CEO, said, “2010 was a year of revenue growth for BioTime, but more importantly, the year we began to implement our strategic business plans in therapeutic product development. We received grant income from CIRM and QTDP recognizing our efforts in the stem cell and regenerative medicine industry. In addition, as of the end of the year we had launched many of our stem cell products for the research markets. We expect to continue growing revenues for our stem cell products in 2011 as we launch new marketing efforts and additional research products.”

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