BERKELEY, CA January 6, 1998--BioTime, Inc. (NASDAQ:BTIM) announced today that it has signed a letter of intent with the Nihon Pharmaceutical Company, Ltd., to negotiate a licensing agreement to manufacture and market Hextend and other products in Japan. Nihon Pharmaceutical is a subsidiary of Japan's largest pharmaceutical maker.

"Overseas interest in licensing BioTime's products has increased since the announcement of very positive results from our Phase III clinical trials for Hextend®, our proprietary blood plasma volume expander," said Ronald S. Barkin, BioTime's president and chief operating officer. "This should accelerate the process of licensing the manufacturing and marketing rights to Hextend and its other products worldwide."

BioTime, headquartered in Berkeley, California, is engaged in the research and development of synthetic blood plasma expanders and hypothermic blood replacement solutions and technology for use in surgery, emergency trauma treatment, the preservation of organs awaiting transplant, and for other biomedical applications.

Statements contained herein that are not historical facts may constitute forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed. These factors include the results of clinical trials of Hextend®, BioTime's ability to obtain FDA and foreign regulatory approval to market Hextend, the availability and terms of additional financing, competition from products manufactured and sold or being developed by other companies, and the price of and demand for any BioTime products that are ultimately sold.

CONTACT:

BioTime

Victoria Bellport, 510/845-9535