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BioTime (NYSE MKT: BTX) Files To Sell 2.8 M Shares And 700 K Warrants

The closing price on 4/22/13 was $3.57

A filed <S-3>prospectus relates to 172,533 BTX common shares held by subsidiary LifeMap Sciences and 1,286,174 BTX common shares held by subsidiary OncoCyte Corporation. All of the net proceeds from the sale of the BTX common shares held by LifeMap Sciences will belong to LifeMap Sciences, and all of the net proceeds from the sale of the BioTime common shares held by OncoCyte will belong to OncoCyte.

BTX's comprehensive net losses for the fiscal years ended 12/31/12, 2011, and 2010 were $21,362,524, $17,535,587, and $10,287,280, respectively, and BTX had an accumulated deficit of $101,895,712, $80,470,009, and $63,954,509, as of 12/31/12 , 2011, and 2010. Since inception, BTX has primarily financed operations through the sale of equity securities, licensing fees, royalties on product sales by our licensees, and borrowings. More recently, BTX has financed a portion of operations with research grants and subscription fees for the database products marketed by subsidiary LifeMap Sciences.

The Bottom Line: An important factor to remember … research products can be marketed without regulatory or other governmental approval and thus … offer relatively near-term business opportunities, especially when compared to therapeutic products. The medical devices and diagnostics that BTX develops will require regulatory approval for marketing … but, the clinical trial and approval process for medical devices is often faster and less expensive than the process for the approval of new drugs and biological therapeutics. BTX's current and near-term product opportunities, combined with expected long-term revenues from the potentially large revenue that could be derived from cell-based therapeutic products under development at subsidiaries, … could provide BTX with a balanced commercial strategy. The value of this balance is apparent in the commercial field of regenerative medicine as competitors whose sole focus is on long-term therapeutic products have found it challenging to raise the requisite capital to fund clinical development. Ultimately, BTX's ability to generate sufficient operating revenue to earn a profit depends upon its success in developing, marketing or licensing products and technology.

BTX closed at $3.57 on 4/22/13, down from $3.79 on 4/19/13. Financings seem to always set a downward motion to the share pricing - expect a 5-10% <dilution> depreciation.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.