BioTime, Inc. to Raise $9 Million in Registered Direct Offering

  BioTime, Inc. to Raise $9 Million in Registered Direct Offering

Business Wire

ALAMEDA, Calif. -- June 3, 2013

BioTime, Inc. (NYSE MKT:BTX) today announced that it has agreed to sell up to
an aggregate of 2,180,016 common shares and 545,004 warrants to purchase
common shares, in “units” with each unit consisting of one common share and
one-quarter of a warrant, at an offering price of $4.155 per unit. BioTime
expects to receive gross proceeds of $9,057,966.48 from the sale of the common
shares and warrants. The price per unit was based upon the volume weighted
average closing price of BioTime common shares in the NYSE MKT for the ten
trading days ending May 24, 2013. The warrants will have an initial exercise
price of $5.00 per share and will be exercisable during the five year period
beginning on the date of issuance.

BioTime will pay OBEX Securities, LLC and certain other participating
broker-dealers a fee in the amount of 5% of the aggregate purchase price of
the units purchased by investors introduced to us by them.

BioTime intends to use the net proceeds from the offering for working capital
and other general corporate purposes, and may invest a portion of the proceeds
in one or more of its subsidiaries, including funding of the expansion of the
LifeMap Sciences, Inc. product development and research programs.

The common shares and warrants described above and the shares issuable upon
exercise of the warrants are being offered and sold pursuant to a prospectus
supplement dated as of June 3, 2013, which has been filed with the Securities
and Exchange Commission (“SEC”) in connection with a takedown from the
Company’s shelf registration statement on Form S-3 (File No. 333-183557),
which became effective on September 7, 2012, and the base prospectus dated
September 7, 2012. Copies of the prospectus supplement, together with the
accompanying prospectus, can be obtained at the SEC’s website at

The sale of the common shares and warrants is expected to close on June 6,
2013, subject to the satisfaction of customary closing conditions.

As a condition to the sale of the shares and warrants, BioTime is also
entering into an Option Agreement with each of the investors who have agreed
to purchase BioTime common shares and warrants in the offering described
above. Under the Option Agreement each investor will have the option, for a
period of up to three years, to purchase a number of shares of common stock
that BioTime holds in its subsidiary LifeMap Sciences, Inc., equal to the
number of warrants purchased by the investor under the Stock and Warrant
Purchase Agreement. The options to purchase shares of LifeMap Sciences common
stock may be exercised at a price of $4.00 per share in lieu of exercising the
warrants to purchase BioTime common shares.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described above, nor shall there be
any sale of any such securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such jurisdiction.

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 PureStem™ 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, as part of an
integrated database suite that also includes the LifeMap Discovery™ database
of embryonic development, stem cell research and regenerative medicine, and
MalaCards, the human disease database. LifeMap Sciences also markets BioTime
research products and PanDaTox, an innovative, recently developed, searchable
database that can aid in the discovery of new antibiotics and
biotechnologically beneficial products. Asterias Biotherapeutics, Inc. is a
new subsidiary being used to acquire the stem cell assets of Geron
Corporation, including patents and other intellectual property, biological
materials, reagents and equipment for the development of new therapeutic
products for regenerative medicine. 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

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:


BioTime, Inc.
Robert Peabody, 510-521-3390, ext 302
Sr. VP & CFO
Judith Segall, 510-521-3390, ext 301
Press spacebar to pause and continue. Press esc to stop.