Geron Corp.: Geron Completes Divestiture of Stem Cell Assets

         Geron Corp.: Geron Completes Divestiture of Stem Cell Assets

Menlo Park, CA,October 1, 2013 - Geron Corporation (Nasdaq: GERN) today
announced the closing of the transaction to divest the company's stem cell
assets. On January 4, 2013, Geron entered into an Asset Contribution Agreement
(the "Agreement") with BioTime, Inc. (NYSE: BTX) and Asterias Biotherapeutics,
Inc. (formerly known as BioTime Acquisition Corporation). The closing of the
transaction was subject to certain approvals by BioTime's shareholders, the
effectiveness of certain registration statements filed by BioTime and Asterias
with the Securities and Exchange Commission (the "SEC") with respect to the
securities as contemplated by the Agreement, and other negotiated closing
conditions. The closing of the transaction occurred on October 1, 2013.

Under the terms of the Agreement, upon closing of the transaction, Geron
contributed to Asterias intellectual property and tangible assets related to
its discontinued human embryonic stem cell programs, including cell lines and
a Phase I clinical trial in patients with acute spinal cord injury;
intellectual property related to its autologous cellular immunotherapy
program, including a Phase I/II clinical trial of autologous immunotherapy in
patients with acute myelogenous leukemia; and non-therapeutic applications of
pluripotent stem cells, such as cellular assay products for use in drug
development and toxicity screening. As consideration for Geron's
contributions, Geron received approximately 6.5 million shares of Asterias
Series A common stock. Asterias will also pay royalties to Geron on the sale
of products that are commercialized, if any, in reliance upon Geron patents
acquired by Asterias. BioTime contributed to Asterias approximately 8.9
million shares of BioTime common stock to be held by Asterias, five-year
warrants to purchase eight million additional shares of BioTime common stock
at an exercise price of $5.00 per share (the "BioTime Warrants"), rights to
use certain human embryonic stem cell lines, and minority stakes in two of
BioTime's subsidiaries. In addition, BioTime had previously loaned $5 million
to Asterias and the principal amount of this debt has been cancelled as part
of the closing. As consideration for BioTime's contributions, BioTime received
approximately 21.8 million shares of Asterias Series B common stock and
three-year warrants to purchase 3.15 million additional shares of Asterias
Series B common stock at an exercise price of $5.00 per share (the "Asterias
Warrants").

Under the terms of the Agreement and subject to applicable law, Geron will
distribute the Asterias Series A common stock received from Asterias to
Geron's stockholders on a pro rata basis (the "Series A Distribution"), other
than with respect to fractional shares and stockholders in certain
to-be-determined excluded jurisdictions, who will instead receive cash on a
pro rata basis. To initiate the Series A Distribution, Geron will set a record
date, following notice from BioTime and Asterias that certain securities
registration or qualification requirements have been met. Only Geron
stockholders as of that record date will be eligible to participate in the
Series A Distribution. Following the Series A Distribution to Geron's
stockholders, Asterias will then distribute the BioTime Warrants on a pro rata
basis to the holders of Asterias Series A common stock. Further information
about the Series A Distribution and the BioTime Warrants distribution will be
available upon the record date, which is expected to occur within the next
sixty days. A public announcement regarding the record date is expected to
occur at least ten days prior to the record date.

A registration statement on Form S-1 relating to the Series A Distribution was
previously filed by Asterias with the SEC and is effective. The registration
statement is available on the SEC's website located at http://www.sec.gov.
Copies of the final prospectus relating to the Series A Distribution, when
available, may be obtained from Robert Peabody, Chief Financial Officer,
Asterias Biotherapeutics, Inc., 230 Constitution Drive, Menlo Park, CA 94025.
As described in the registration statement, Asterias is a newly organized,
development stage company in the start-up phase, and has not yet commenced its
primary product development programs. Although Asterias plans to arrange for
the trading of the Asterias Series A common stock on the OTC Bulletin Board
upon the completion of the Series A Distribution, there is no existing public
market for the Asterias Series A common stock, nor may one ever develop. Geron
stockholders are cautioned that any value that Geron stockholders may ascribe
to the Asterias Series A common stock or the related BioTime Warrants is
highly speculative.

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

About Geron

Geron is a clinical stage biopharmaceutical company developing a
first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid
malignancies. For more information about Geron, visit www.geron.com.

Use of Forward-Looking Statements

Except for the historical information contained herein, this press release
contains forward-looking statements made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that statements in this press release regarding: (a) the value
to Geron stockholders of the Asterias Series A common stock and the BioTime
Warrants; (b) Geron's plans or expectations for or of the Series A
Distribution and the BioTime Warrants to be distributed as contemplated by the
Agreement, and statements related thereto, including Geron's expectation for
the timing of the record date and the announcement of the record date for the
Series A Distribution; (c) Geron receiving royalties on the sale of products
that are commercialized, if any; (d) Geron's payment of cash in lieu of
fractional and other shares; and (e) Asterias' plans to arrange for the
trading of the Asterias Series A common stock on the OTC Bulletin Board,
constitute forward-looking statements. These statements involve risks and
uncertainties that can cause actual results to differ materially from those in
such forward-looking statements. These risks and uncertainties, include,
without limitation: (i) the possibility that Geron stockholders may realize
little or no value from the Asterias Series A common stock and/or the BioTime
Warrants; (ii) the potential inability of Geron to complete the Series A
Distribution or of Asterias to distribute the BioTime Warrants, as well as the
payment of cash in lieu of fractional and other shares, in a timely manner or
at all, including as a result of the failure of BioTime and/or Asterias to
obtain or maintain required federal and state registrations and qualifications
necessary to enable the Series A Distribution, the BioTime Warrants
distribution, and related transactions; (iii) the possibility of litigation
that could arise as a result of or in connection with the Series A
Distribution, the BioTime Warrants distribution and related transactions, as
well as the asset contribution transaction itself, including litigation
arising from the possibility that Geron stockholders may realize little or no
value from the Asterias Series A common stock and/or the BioTime Warrants; and
(iv) that there is no existing public market for either the Asterias Series A
common stock or the BioTime Warrants, nor may a public market for such
securities ever develop. Additional information and factors that could cause
actual results to differ materially from those in the forward-looking
statements are contained in Geron's periodic reports filed with the SEC under
the heading "Risk Factors," including Geron's quarterly report on Form 10-Q
for the quarter ended June 30, 2013. Undue reliance should not be placed on
forward-looking statements, which speak only as of the date they are made, and
the facts and assumptions underlying the forward-looking statements may
change. Except as required by law, Geron disclaims any obligation to update
these forward-looking statements to reflect future information, events or
circumstances.

CONTACT:

Anna Krassowska, Ph.D.
Investor and Media Relations
650-473-7765
investor@geron.com
media@geron.com

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Source: Geron Corp. via Thomson Reuters ONE
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