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BioTime Announces Third Quarter 2012 Financial Results And Recent Corporate Accomplishments

BioTime, Inc. (NYSE MKT: BTX), a biotechnology company that develops and markets products in the field of regenerative medicine, today reported financial results for the third quarter and year-to-date period ended September 30, 2012 and highlighted recent corporate accomplishments.

Financial Results

Net Loss

Net loss attributable to BioTime for the third quarter of 2012 was $5.0 million or $0.10 per share, compared to a net loss of $3.7 million or $0.08 per share for the same period of 2011. For the nine months ended September 30, 2012, net loss attributable to BioTime was $15.4 million, or $0.31 per share, compared to $11.2 million, or $0.23 per share for the same period of 2011.

Revenue

Total revenue, on a consolidated basis, was approximately $1.0 million and $2.7 million for the third quarter and year-to-date period ended September 30, 2012, respectively, compared to $1.2 million and $2.8 million for the same periods of 2011. Total revenue was effectively the same as prior periods, but license revenue increased based upon our subsidiary LifeMap Sciences’ subscription and advertising revenue for GeneCards ® , which was offset by lower grant revenue recognized due to the completion of the California Institute of Regenerative Medicine (CIRM) grant in August 2012.

Expenses

Total operating expenses for the third quarter of 2012 were $6.8 million, compared to $5.4 million for the comparable period in 2011. Research and development expenses for the second quarter of 2012 were $4.6 million, compared to $3.5 million for the comparable 2011 period. General and administrative expenses for the third quarter of 2012 were $2.2 million, compared to $1.9 million for the comparable 2011 period.

Total operating expenses for the first nine months of 2012 were $20.4 million, compared to $15.9 million for the comparable period in 2011. Research and development expenses for the first nine months of 2012 were $13.3 million, compared to $9.8 million for the comparable 2011 period. General and administrative expenses for the first nine months of 2012 were $7.0 million, compared to $6.2 million for the comparable 2011 period.

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