Asterias Biotherapeutics, Inc., a subsidiary of BioTime, Inc. (NYSE MKT: BTX), announced today that Asterias has filed a registration statement with the Securities and Exchange Commission for an underwritten public offering of up to $15,000,000 of units with each unit consisting of one share of Series B common stock and one redemption right. The shares of Series B common stock and redemption rights will immediately be freely tradable as separate securities. The number of units to be sold and the price range for the proposed offering have not yet been determined. The offering will be made through Burrill Securities LLC. Asterias plans to use the net proceeds of the offering to fund its product development programs and for working capital. Asterias intends to apply to list the Series B common stock on the NYSE MKT under the symbol “AST”. Each redemption right will entitle the holder to sell a share of common stock to Asterias during a redemption period that will commence 30 days prior to the third anniversary of the closing of the offering and that will end on that third anniversary date. If a share is redeemed through the exercise of a redemption right, Asterias will pay the shareholder either an amount of cash, or common shares, no par value, of its parent company BioTime, Inc. (“BioTime”) with a value equal to the initial public offering price of the units, or a combination of cash and BioTime common shares. The decision whether to pay the redemption price in cash or BioTime shares or a combination of cash and shares will be made by Asterias in its discretion. The redemption rights will expire on the earlier of (a) the third anniversary of the closing of the offering, and (b) the earliest date, if any, on which the closing price of the Asterias common stock as reported on a national securities exchange, or the OTC Bulletin Board, has been at least 150% of the redemption price for 10 consecutive trading days.