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BioTime and Subsidiary Cell Cure Neurosciences Ltd. Announce Financing

  BioTime and Subsidiary Cell Cure Neurosciences Ltd. Announce Financing

Business Wire

ALAMEDA, Calif. & JERUSALEM -- November 07, 2012

BioTime, Inc. (NYSE MKT: BTX) and its subsidiary Cell Cure Neurosciences Ltd.
(Cell Cure) today announced that they have entered into a share purchase
agreement through which BioTime agreed to purchase 87,456 Cell Cure ordinary
shares in exchange for 906,735 BioTime common shares. As a result of the share
purchase, BioTime will own, directly and through its wholly owned subsidiary
ES Cell International Pte. Ltd., approximately 62.6% of the outstanding
ordinary shares of Cell Cure.

The number of BioTime common shares that will be issued to acquire the Cell
Cure shares was based upon an average market price of $3.86 per BioTime common
share determined on the basis of the ten actual trading days prior to November
1, 2012. Under the Share Purchase Agreement, BioTime may be required to issue
additional common shares to Cell Cure, or Cell Cure may be required to issue
additional Cell Cure ordinary shares to BioTime, depending upon whether the
market value of BioTime common shares increases or decreases by more than 15%,
based upon the average closing price for the ten trading days commencing on
May 1, 2013. If the market value of BioTime common shares declines by more
than 15%, then BioTime will issue an additional number of shares required to
make the value of the total number of common shares issued equal to $3.5
million, less the initial $3.86 market price multiplied by any BioTime common
shares sold by Cell Cure prior to that date, and subject to a maximum 33%
increase in the number of BioTime shares issued. Conversely, if the value of
BioTime shares increases by more than 15% as of such date, Cell Cure will be
required to issue to BioTime a number of additional Cell Cure ordinary shares
sufficient to bring the value of the Cell Cure shares issued to BioTime under
the Share Purchase Agreement to the value of the BioTime common shares issued,
also determined on the basis of a ten-day trading period commencing on May 1,
2013, but subject to a 33% maximum increase in the number of Cell Cure shares
issued.

Cell Cure is engaged in the research and development of human cell-based
therapies for the treatment of retinal and neural degenerative diseases. It is
currently focusing its efforts on developing cells for the treatment of
macular degeneration as well as working on other neural degenerative diseases.
Cell Cure’s lead product under development is OpRegen^®, a proprietary
formulation of retinal cells designed to provide a long-term therapy for dry
age-related macular degeneration, the leading cause of blindness in the aging
population. Plans for the development of OpRegen^® include filing an
application to commence human clinical trials in 2013.

A shelf registration statement of the BioTime common shares to be issued to
Cell Cure has been filed with the Securities and Exchange Commission (SEC) and
has been declared effective. A prospectus supplement relating to the offering
will be filed with the SEC. A written prospectus, including the prospectus
supplement, when filed, meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, may be obtained upon request from BioTime
by contacting Peter Garcia, Chief Financial Officer, at 510-521-3390 ext. 367
or pgarcia@biotimemail.com.

This announcement is neither an offer to sell nor a solicitation of an offer
to buy any BioTime common shares. No offer, solicitation, or sale will be made
in any jurisdiction in which such offer, solicitation, or sale is unlawful.

About BioTime, Inc.

BioTime, headquartered in Alameda, California, is a biotechnology company
focused on regenerative medicine and blood plasma volume expanders. Its broad
platform of stem cell technologies is enhanced through subsidiaries focused on
specific fields of application. BioTime develops and markets research products
in the field of stem cells and regenerative medicine, including a wide array
of proprietary ACTCellerate™ cell lines, HyStem^® hydrogels, culture media,
and differentiation kits. BioTime is developing Renevia™ (formerly known as
HyStem^®-Rx), a biocompatible, implantable hyaluronan and collagen-based
matrix for cell delivery in human clinical applications. BioTime's therapeutic
product development strategy is pursued through subsidiaries that focus on
specific organ systems and related diseases for which there is a high unmet
medical need. BioTime's majority-owned subsidiary Cell Cure Neurosciences Ltd.
is developing therapeutic products derived from stem cells for the treatment
of retinal and neural degenerative diseases. BioTime's subsidiary OrthoCyte
Corporation is developing therapeutic applications of stem cells to treat
orthopedic diseases and injuries. Another subsidiary, OncoCyte Corporation,
focuses on the diagnostic and therapeutic applications of stem cell technology
in cancer, including the diagnostic product PanC-Dx™ currently being developed
for the detection of cancer in blood samples. ReCyte Therapeutics, Inc. is
developing applications of BioTime's proprietary induced pluripotent stem cell
technology to reverse the developmental aging of human cells to treat
cardiovascular and blood cell diseases. BioTime's subsidiary LifeMap Sciences,
Inc. markets GeneCards^®, the leading human gene database, and is developing
an integrated database suite to complement GeneCards^® that will also include
the LifeMap™ database of embryonic development, stem cell research, and
regenerative medicine, and MalaCards, the human disease database. LifeMap will
also market BioTime research products. BioTime's lead product, Hextend^®, is a
blood plasma volume expander manufactured and distributed in the U.S. by
Hospira, Inc. and in South Korea by CJ CheilJedang Corporation under exclusive
licensing agreements. Additional information about BioTime can be found on the
web at www.biotimeinc.com.

Forward-Looking Statements

Statements pertaining to future financial and/or operating results, future
growth in research, technology, clinical development, and potential
opportunities for BioTime and its subsidiaries, along with other statements
about the future expectations, beliefs, goals, plans, or prospects expressed
by management constitute forward-looking statements. Any statements that are
not historical fact (including, but not limited to statements that contain
words such as “will”, “believes”, “plans”, “anticipates”, “expects”,
“estimates”) should also be considered to be forward-looking statements.
Forward-looking statements involve risks and uncertainties, including, without
limitation, risks inherent in the development and/or commercialization of
potential products, uncertainty in the results of clinical trials or
regulatory approvals, need and ability to obtain future capital, and
maintenance of intellectual property rights. Actual results may differ
materially from the results anticipated in these forward-looking statements
and as such should be evaluated together with the many uncertainties that
affect the business of BioTime and its subsidiaries, particularly those
mentioned in the cautionary statements found in BioTime's Securities and
Exchange Commission filings. BioTime disclaims any intent or obligation to
update these forward-looking statements.

To receive ongoing BioTime corporate communications, please click on the
following link to join our email alert list:
http://phx.corporate-ir.net/phoenix.zhtml?c=83805&p=irol-alerts

Contact:

BioTime, Inc.
Peter Garcia, 510-521-3390 ext. 367
Chief Financial Officer
pgarcia@biotimemail.com
or
Judith Segall, 510-521-3390 ext. 301
jsegall@biotimemail.com
or
Cell Cure Neurosciences Ltd.
Charles Irving, PhD, +972-2-572-2001
Chief Executive Officer
charles@cellcure.co.il
 
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