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BioTime of Alameda Reports Financial Results

BioTime, a biotech company based in Alameda announced second quarter financial results yesterday. For the quarter ended June 30, 2012, the company realized a net loss of $5.5 million or $0.11 per share. For the first six months of this year, the company reported a loss of $10.4 million, worse than the $7.6 million loss for the same period of 2011.

For the first six months of the year, revenue was $1.7 million, and total operating expenses were $13.6 million. BioTime has been increasing spending on hiring, patent-related legal fees and development programs.

The company used $9.7 million in net cash for the first six months of the year, and reports $12.7 million in cash and equivalents on the balance sheet as of June 30th.

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