Net Loss

Net loss attributable to BioTime for the three months ended December 31, 2012 was $6.0 million or $0.12 per share, compared to a net loss of $5.4 million or $0.11 per share for the same period in 2011. Net loss attributable to BioTime for the full year ended December 31, 2012 was $21.4 million or $0.44 per share, compared to a net loss of $16.5 million or $0.35 per share for the full year ended December 31, 2011. Net losses attributable to BioTime include losses from BioTime majority owned subsidiaries based upon BioTime’s percentage ownership of those subsidiaries.

Cash Flow

Net cash used in operating activities in the fourth quarter of 2012 was $5.0 million compared to $3.8 million in the fourth quarter of 2011. For the full year ended December 31, 2012, net cash used in operating activities was $19.7 million, compared to $13.6 million for the same period in 2011. The increased use of cash in 2012 reflects the hiring of additional staff and the increased cost of research and development programs in BioTime subsidiaries, including programs expanded through business acquisitions, and specific transaction related legal and administrative expenses..

Balance Sheet and Subsequent Financing Events

Cash and cash equivalents, on a consolidated basis, totaled $4.3 million as of December 31, 2012, compared with $22.2 million as of December 31, 2011.

During the fourth quarter of 2012, BioTime raised gross proceeds of $1.1 million from the sale of 314,386 BioTime common shares at an average price of $3.60 per share, and thus far during 2013, BioTime has raised gross proceeds of $9.7 million from the sale of 2,191,175 BioTime common shares at a weighted average price of $4.43 per share, in at-the-market transactions. Additionally, certain BioTime majority-owned subsidiaries hold BioTime common shares which may be sold in at-the-market or similar transactions. During the fourth quarter of 2012, BioTime subsidiaries raised gross proceeds of $0.3 million, and since January 1, 2013, subsidiaries of BioTime have raised gross proceeds of $1.6 million from the sale of BioTime common shares in at-the-market transactions. Cantor Fitzgerald & Co. acted as sales agent for BioTime and BioTime’s subsidiaries in these transactions.

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