BioTime, Inc. Reports Third Quarter Results and Recent Clinical Progress Initial data from OpRegen trial suggest cells able to engraft and survive at least 12 months Initial 3-D Imaging data from Renevia trial run-in pat

Inc. Reports Third Quarter Results and Recent Clinical Progress

trial suggest cells able to engraft and survive at least 12 months

3-D Imaging data from Renevia trial run-in patients suggest

volumetric improvements are sustained at least 12 months

ALAMEDA, Calif.--(BUSINESS WIRE)--November 3, 2016--BioTime, Inc. (NYSE

MKT and TASE: BTX), a clinical stage biotechnology company with a focus

on pluripotent cell-based technologies, today reported financial results

for the third quarter ended September 30, 2016, and recent therapeutic

"Through the quarter, we continued to execute on our plan with great

progress across all our programs within the BioTime family of companies.

We are particularly encouraged by the early data reported on Renevia

and OpRegen . Both Asterias and OncoCyte also

reported promising data from their clinical trials," said Adi Mohanty,

Co-Chief Executive Officer. "For the remainder of the year and into

2017, we expect to achieve a substantial number of value-enhancing

milestones, including additional efficacy and safety data from the

second and third patient cohorts in the OpRegen

clinical trial, and pivotal data and potential CE mark approval for Renevia

Third Quarter and Recent Accomplishments

OpRegen (retinal pigment epithelial cells)

The ongoing Phase I/IIa clinical trial is evaluating the safety of

three different dosage regimens of OpRegen in

the advanced form of dry age-related macular degeneration (Dry-AMD).

Dry-AMD is a condition for which there is currently no FDA-approved

therapy. Preliminary data from the first cohort of patients treated in

this trial of OpRegen resulted in no serious

adverse events. Imaging data from the first patient who completed

one-year of post-treatment clinical assessment may indicate that the

graft can survive for at least 12 months. These and other data will be

presented at the International Symposium on Ocular Pharmacology and

Therapeutics (ISOPT), on December 2, in Rome, Italy.

Enrollment in the second cohort, in which patients are receiving a

higher and more clinically meaningful 200,000 cell dose, is expected

to be complete by year end 2016, and data are expected early in 2017.

Additional data, from the third cohort, which is expected to commence

before year end, is anticipated by the end of 2017.

US clinical trial sites are expected to be announced in early 2017.

Renevia (adipose cells + cell delivery matrix)

clinical trial for HIV-related facial lipoatrophy continues to enroll

new patients and is on track to complete patient enrollment by the end

of 2016. The objective of the trial is to assess the safety and

efficacy of Renevia in restoring normal

skin contours in patients whose subcutaneous fat has been lost due to

antiviral drug treatment for HIV. BioTime expects top-line efficacy

data in the first half of 2017. If the data are positive, the company

plans to submit an application for CE mark approval in Europe shortly

Positive data from the pivotal trial could provide support for future

studies of Renevia in certain broader

applications of fat tissue deficits. These include various medical

aesthetics applications, such as age-related and trauma-related facial

AST-OPC1 (oligodendrocyte progenitor cells)

In September, BioTime's affiliate Asterias Biotherapeutics, Inc. (NYSE

MKT: AST), announced positive data from the AST-OPC1 SCiSTAR Phase

1/2a clinical study in patients with complete cervical spinal cord

injuries. All patients in the initial cohort who received 10 million

AST-OPC1 cells showed at least one motor level of improvement

(regaining some function in their arms), while two of five patients

achieved two motor levels of improvement (regaining some function in

their arms, hands and fingers) on at least one side of their body. The

data were presented at the Annual Scientific Meeting of the

International Spinal Cord Society (ISCoS) in Vienna, Austria.

Six-month efficacy data on this first cohort are expected to be

announced in January 2017. Enrollment is also ongoing in a new cohort

in which patients are receiving a higher dose of 20 million cells.

OncoCyte (non-invasive cancer diagnostics)

In August, BioTime's subsidiary OncoCyte Corporation (NYSE MKT: OCX)

closed a financing with both new and existing investors, providing

OncoCyte with gross proceeds of $10.55 million, before deducting

placement agent fees and offering expenses.

Data was presented related to OncoCyte's lead product, a confirmatory

diagnostic for lung cancer screening. OncoCyte expects to complete the

study by year end and, if successful, could launch the product by

Research and Development

In August, BioTime strengthened its regenerative medicine intellectual

property portfolio with the issuance of 31 new patents. This included

nine in the U.S. and 22 in Australia, Canada, China, India, Israel,

and Japan. The new patents supplement the existing portfolio of more

than 700 patents and patent applications owned or licensed by the

BioTime family of companies worldwide.

In October, BioTime strengthened its senior management team with the

appointment of Jim Knight as Senior Vice President, Head of Corporate

Development. Mr. Knight is a highly accomplished professional with an

extensive skill set and knowledge that is applicable immediately, as

the company has started reporting encouraging early clinical data on

Third Quarter Financial Results

Cash Position and Equity Values: Cash and cash equivalents

totaled $30.5 million as of September 30, 2016, compared to $42.2

million as of December 31, 2015, which included Asterias' cash and cash

equivalents of $11.2 million. Based on the September 30, 2016, closing

prices of Asterias and OncoCyte common stock on the NYSE MKT, the shares

of Asterias and OncoCyte owned by BioTime had an estimated market value

of $92.2 million and $74.0 million, respectively, or an aggregate market

value of approximately $166.0 million on that date.

Revenues: Total revenues were $1.5 million for the third quarter,

compared to $2.3 million in the third quarter of 2015. Asterias' total

revenues included in the third quarter of 2015 were $1.4 million as

shown in the table below (in thousands). BioTime's operating revenues

are currently generated primarily from research grants, licensing fees

and advertising from the marketing of online database products.