BioTime to Raise $3,000,000 to $6,000,000 in Rights Offering.

BERKELEY, Calif.--(BUSINESS WIRE)--Dec. 5, 1996--BioTime, Inc. (NASDAQ:BTIM)(BSE:BTM) announced today that it has filed a registration statement with the Securities and Exchange Commission to sell additional common shares through a rights offering to its existing shareholders.

BioTime has set Dec. 27, 1996 as the tentative record date for determining shareholders entitled to receive the rights. The subscription price per share, the subscription ratio, and the exact number of shares to be offered through the rights offering have not yet been set.

The Company expects to offer not more than 300,000 shares at a subscription price per share that will not be greater than 80% of the average of the last sale price of the common shares in the Nasdaq Small Cap Market for the last five trading days preceding the commencement of the offer.

The rights offering will provide BioTime the opportunity to raise between $3,000,000 and $6,000,000 of additional capital (depending upon the subscription price and the number of shares offered) without diluting the ownership interests of existing shareholders who exercise their rights, and without paying underwriting commissions and expenses.

Shareholders who exercise their rights will be able to purchase shares at a price below market, without incurring broker's commissions, and will be able to maintain their prorata share of the Company's equity.

The distribution of the rights and commencement of the offer will not occur until the registration statement becomes effective. The expiration date of the rights will not be set until the distribution date of the rights has been determined.

The rights will be freely tradeable, and BioTime expects that the rights will be listed for trading on the Nasdaq Small Cap Market. The Company expects that the rights will trade for 21 days or longer if the offer is extended.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.

A copy of a written prospectus may be obtained from the Secretary of BioTime, 935 Pardee St., Berkeley, Calif. 94710 after the registration statement becomes effective.

BioTime, with headquarters in Berkeley, Calif., is engaged in the research and development of synthetic blood plasma volume expanders and low temperature blood substitute solutions and technology for use in surgery, emergency trauma treatment, the preservation of organs awaiting transplant, and other applications.

CONTACT: BioTime, Inc.

Victoria Bellport, 510/845-9535