BioTime Raises $3.5 Million Through Preferred Stock Offering ALAMEDA, Calif.--(BUSINESS WIRE)

Raises $3.5 Million Through Preferred Stock Offering

ALAMEDA, Calif.--(BUSINESS WIRE)--March 5, 2014--BioTime, Inc. (NYSE

MKT: BTX) today announced it has sold 70,000 shares of a newly

authorized Series A Convertible Preferred Stock for $3.5 million. The

Series A Preferred Stock carries a cumulative annual 3% preferred

dividend or $1.50 per share, in preference to BioTime common shares.

Each share of Series A Preferred Stock is convertible, at the election

of the holder, into BioTime common shares at a conversion price of $4.00

per share, a current conversion ratio of 12.5 common shares for each

share of Series A Preferred Stock.

In connection with the sale of the Series A Preferred Stock, BioTime

also entered into an Option Agreement with each purchaser of Series A

Preferred Stock entitling them, for a period of five years, to exchange

their shares of Series A Preferred Stock for shares of common stock of

BioTime's subsidiary LifeMap Sciences, Inc. held by BioTime at the ratio

of 12.5 shares of LifeMap Sciences common stock for each share of Series

BioTime intends to invest the proceeds from the sale of the Series A

Preferred Stock in LifeMap Sciences, Inc. to finance product development.

Additional Information Concerning Series A Preferred Stock

In addition to the preferred dividend, the Series A Preferred Stock will

be entitled to participate with BioTime common shares in any dividends

or distributions on common shares (other than dividends and

distributions of common shares resulting in an adjustment of the

conversion price) as if all shares of Series A Preferred Stock were then

converted into common shares.

All outstanding Series A Preferred Stock will automatically be converted

into common shares on March 4, 2019, or if holders of a majority of the

outstanding shares of Series A Preferred Stock, voting as a class,

approve or consent to a conversion. The conversion price is subject to

prorata adjustment in the event of a subdivision or reclassification of

the common shares into a greater number of shares, a stock dividend paid

in common shares, or a stock combination or reclassification of the

common shares into a smaller number of shares.

The Series A Preferred Stock will be entitled to vote with common shares

on all matters submitted to common share holders for approval. Each

share of Series A Preferred Stock will be entitled to a number of votes

equal to the number of common shares into which it could then be

converted. The Series A Preferred Stock will also vote as a separate

class on certain matters affecting those shares.

In the event of a liquidation or dissolution of BioTime, holders of

Series A Preferred Stock will be entitled to receive payment of any

accrued but unpaid preferred dividends before any assets may be

distributed to holders of common shares. After payment of the accrued

dividends, the Series A Preferred Stock will participate with the common

shares in the distribution of any assets available to shareholders, as

if the Series A Preferred Stock was then converted into common shares.

The securities described above have not been registered under the

Securities Act of 1933, as amended, and may not be offered or sold in

the United States absent registration or an applicable exemption from

registration requirements.

This communication is not an offer to sell, or a solicitation of any

offer to buy any securities, any securities in any state or jurisdiction

where the offer or sale is not permitted.

BioTime is a biotechnology company engaged in research and product

development in the field of regenerative medicine. Regenerative medicine

refers to therapies based on stem cell technology that are designed to

rebuild cell and tissue function lost due to degenerative disease or

injury. BioTime's focus is on pluripotent stem cell technology based on

human embryonic stem ("hES") cells and induced pluripotent stem ("iPS")

cells. hES and iPS cells provide a means of manufacturing every cell

type in the human body and therefore show considerable promise for the

development of a number of new therapeutic products. BioTime's

therapeutic and research products include a wide array of proprietary PureStem

progenitors, HyStem hydrogels, culture media,

and differentiation kits. BioTime is developing Renevia (a HyStem

product) as a biocompatible, implantable hyaluronan and collagen-based

matrix for cell delivery in human clinical applications. In addition,

BioTime has developed Hextend , a blood plasma

volume expander for use in surgery, emergency trauma treatment and other

applications. Hextend is manufactured and

distributed in the U.S. by Hospira, Inc. and in South Korea by CJ

CheilJedang Corporation under exclusive licensing agreements.

BioTime is also developing stem cell and other products for research,

therapeutic, and diagnostic use through its subsidiaries:

Asterias Biotherapeutics, Inc. is a new subsidiary which has acquired

the stem cell assets of Geron Corporation, including patents and other

intellectual property, biological materials, reagents and equipment

for the development of new therapeutic products for regenerative

OncoCyte Corporation is developing products and technologies to

diagnose and treat cancer.

Cell Cure Neurosciences Ltd. ("Cell Cure Neurosciences") is an

Israel-based biotechnology company focused on developing stem

cell-based therapies for retinal and neurological disorders, including

the development of retinal pigment epithelial cells for the treatment

of macular degeneration, and treatments for multiple sclerosis.

LifeMap Sciences, Inc. ("LifeMap Sciences") markets, sells and

distributes GeneCards , the leading human gene

database, as part of an integrated database suite that also includes

the LifeMap Discovery database of embryonic

development, stem cell research and regenerative medicine, and MalaCards,

the human disease database.

ES Cell International Pte Ltd., a Singapore private limited company,

developed clinical and research grade hES cell lines and plans to

market those cell lines and other BioTime research products in

over-seas markets as part of BioTime's ESI BIO Division.

BioTime Asia, Limited, a Hong Kong company, may offer and sell

products for research use for BioTime's ESI BIO Division.

OrthoCyte Corporation is developing therapies to treat orthopedic

disorders, diseases and injuries.

ReCyte Therapeutics, Inc. is developing therapies to treat a variety