BERKELEY, Calif.--Jan. 22, 2004--BioTime, Inc. (AMEX:BTX) announced the successful completion of its subscription rights offer which expired at 5:00 p.m. New York time on January 21, 2004. The deadline for submitting subscription certificates and subscription funds under notices for guaranteed delivery is January 26, 2004 at 5:00 p.m. New York time. BioTime will receive $3,584,424 through the rights offer, which was heavily over-subscribed. BioTime may also receive up to an additional $750,000 through the offer of 428,571 additional Units to certain persons who acted as Guarantors of the rights offer. In addition, certain holders of BioTime debentures have agreed to exchange $1,500,000 of debentures for Units if all of the Units offered to the Guarantors are sold.

BioTime received subscriptions, including over-subscriptions, for an estimated 2,932,638 Units in the rights offer. However, only 2,560,303 Units are available to fill subscriptions, including over-subscriptions. Shareholders who properly exercised the over-subscription privilege will be allocated over-subscription Units based upon the ratio of the number of Rights issued to them.

BioTime distributed subscription rights ("Rights") to the holders of its common shares entitling each holder to subscribe for and purchase one "Unit" for every eight Rights held. Each Unit consists of one new common share and one-half of a warrant to purchase an additional common share. The subscription price for the Units was $1.40 per Unit. Each full warrant will entitle the holder to purchase one common share for $2.00 per share and will expire on January 14, 2007.

BioTime expects the warrants issued as part of the Units to begin trading on a when issued basis on the American Stock Exchange under the symbol BTX.WS on Monday, January 26, 2004, and to trade on a regular way basis beginning on or about Wednesday, January 28, 2004.

BioTime will use proceeds from the sale of Units to conduct clinical trials of its new plasma volume expander PentaLyteŽ, for working capital, and to repay the balance of its outstanding debentures, thereby eliminating its debenture indebtedness.

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.

Forward Looking Statements

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 changes in economic and market conditions, changes in the price at which the Company's common shares and warrants trade, and the need to meet the American Stock Exchange's continued listing standards. Other risk factors are discussed in BioTime's Annual Report on Form 10-K/A-1 filed with the Securities and Exchange Commission.

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Contact:
BioTime, Inc.
Judith Segall, 510/845-9535