BioTime Announces Non-Binding Letter of Intent with Geron Regarding Stem Cell Assets

  BioTime Announces Non-Binding Letter of Intent with Geron Regarding Stem
  Cell Assets

Business Wire

ALAMEDA, Calif. -- November 15, 2012

BioTime, Inc. (NYSE MKT: BTX) and its recently formed subsidiary BioTime
Acquisition Corporation (BAC) jointly announced today that they have entered
into a non-binding letter of intent (LOI) with Geron Corporation. The LOI
contains broad terms of a potential transaction through which Geron would
contribute to BAC its intellectual property and other assets related to
Geron’s discontinued human embryonic stem cell programs. BioTime would
contribute to BAC $5 million in cash, $30 million of BioTime common shares,
warrants to purchase eight (8) million common shares of BioTime at a
pre-specified price, rights to use certain human embryonic stem cell lines,
and minority stakes in two of BioTime’s subsidiaries. In addition, a private
investor would invest $5 million in cash in BAC.

Following consummation of the potential transaction, Geron stockholders would
receive shares representing 21.4% of the common stock of BAC as well as
warrants to purchase 8 million shares of BioTime common stock at a
pre-specified price. BioTime would own approximately 71.6%, and a private
investor would own approximately 7.0% of the outstanding BAC common stock for
their $5 million investment. BioTime would also receive warrants that would
enable it to increase its ownership in BAC by approximately 2%, which would
reduce the Geron stockholders’ ownership in BAC to 19.2%. BAC would also be
committed to pay to Geron royalties on the sale of products that are
commercialized in reliance upon Geron patents acquired by BAC.

The LOI is not a binding agreement to complete the transaction. Consummation
of the transaction is necessarily subject to entering into a definitive
agreement between the parties containing terms and conditions yet to be
negotiated.

Kaye Scholer LLP and Thompson, Welch, Soroko & Gilbert LLP are acting as legal
counsel to BioTime in connection with the acquisition of Geron’s stem cell
assets.

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 fields 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.

About BioTime Acquisition Corporation

BioTime Acquisition Corporation is a newly formed wholly owned subsidiary of
BioTime, Inc., through which BioTime plans to pursue opportunities and acquire
assets and businesses in the fields of stem cells and regenerative medicine.

This communication is not an offer to sell any securities or a solicitation of
any vote or approval and BioTime and BAC are not offering to sell, or
soliciting an offer to buy, any securities in any state where the offer or
sale is not permitted.

This communication is for informational purposes only and does not constitute
an offer to sell any shares of BAC common stock or warrants or any BioTime
common stock or warrants or a solicitation of any vote or approval, nor is it
a substitute for a prospectus/proxy statement that may be included in a
registration statement that may be filed with the Securities and Exchange
Commission (the “SEC”) under the Securities Act with respect to the proposed
transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ ANY
PROSPECTUS/PROXY STATEMENT FOR THE TRANSACTION AND ALL OTHER RELEVANT
DOCUMENTS THAT BIOTIME OR BAC MAY FILE WITH THE SEC, IF AND WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. All documents
referred to above, if filed by BioTime or BAC, will be available free of
charge at the SEC’s website (www.sec.gov) or by directing a request to
BioTime’s Chief Financial Officer at 1301 Harbor Bay Parkway, Alameda,
California 94502 or pgarcia@biotimemail.com.

BioTime Forward-Looking Statements

Statements pertaining to future financial and/or operating results, future
growth in research, technology, clinical development, and potential
opportunities for BioTime or BAC, 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 or BAC, particularly those mentioned in cautionary statements that are
found in public filings with the Securities and Exchange Commission, and other
filings that BioTime or BAC may make with the Securities and Exchange
Commission. BioTime and BAC each disclaims any intent or obligation to update
these forward-looking statements.

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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