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BioTime And BioTime Acquisition Corporation Announce Combined $10 Million Financing

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 for a $10 million investment from a private investor to provide financing for the recently announced proposed acquisition of Geron Corp.’s stem cell assets by BAC.

Under the terms outlined in the letter of intent, the investor will invest $5 million in BioTime by purchasing 1.35 million BioTime common shares at a purchase price of approximately $3.70 per share, and warrants to purchase 650,000 additional BioTime common shares with an exercise price of $5 per share and a three year term.

In addition, the investor will contribute $5 million in cash to BAC in exchange for shares of BAC common stock that, upon issuance, will represent approximately 7% of the BAC common stock then issued and outstanding, plus warrants to purchase approximately 350,000 additional shares of BAC common stock at an exercise price of $5 per share, with a three year term.

“This investment will provide BAC with financing to restart development of new products and technologies from the soon to be acquired stem cell assets,” stated Michael West, PhD, Chief Executive Officer of BioTime, Inc.

“We are very pleased to receive such financial support from an investor who shares our vision of the emerging field of regenerative medicine,” said Thomas Okarma, PhD, MD, BAC’s Chief Executive Officer. “We look forward to the opportunity to restart research and development and to continue the effort to bring cell replacement therapies to the many patients who need them.”

The letter of intent is not a binding agreement to complete the transactions. Consummation of the transactions is subject to the investor entering into definitive stock purchase agreements with BioTime and BAC, which agreements will contain additional terms and conditions.

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