BioTime Raises $3.35 Million.

Business Editors & Health/Medical Writers

BIOWIRE2K

BERKELEY, Calif.--(BW HealthWire)--Aug. 23, 2001

In response to shareholder inquiries, and as described in a recent Form 10-Q filing with the Securities and Exchange Commission, BioTime, Inc. (AMEX:BTX), reported that it has raised $3,350,000 through a private placement of 10% non-convertible debentures due August 1, 2004 and warrants sold to a group of private investors.

In addition, BioTime stated that several presentations featuring their products will be made at the upcoming annual meeting of the American Society of Anesthesiologists to be held October 13-17, 2001 in New Orleans. The presentations will describe clinical and laboratory studies involving Hextend(R) and PentaLyte(R). Hextend is BioTime's proprietary hetastarch-based blood plasma volume expander now in use in hundreds of leading medical centers nationwide. PentaLyte is BioTime's development stage proprietary pentastarch-based plasma volume expander currently scheduled for advanced clinical trials.

The presentations will be made by members of teams of investigators who performed the studies, and highlight the growing interest in BioTime's products by physicians in the United States and around the world. This interest has led to new discussions between BioTime and a number of leading multinational pharmaceutical companies interested in licensing BioTime products, and has contributed to accelerated growth in the domestic sales of its lead product, Hextend.

BioTime, headquartered in Berkeley, California develops blood plasma volume expanders, blood replacement solutions for hypothermic (low temperature) surgery, organ preservation solutions and technology for use in surgery, emergency trauma treatment, and other applications. Information about BioTime can be found on the web at www.biotimeinc.com.

The matters discussed in this press release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to the results of clinical trials of BioTime products; BioTime's ability to obtain FDA and foreign regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime's products; BioTime's ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; the availability of ingredients used in BioTime products; the availability of reimbursement for the cost of BioTime products (and related treatment) from government health administration authorities, private health coverage insurers and other organizations; and the ability of BioTime to raise additional capital. These and other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.