BERKELEY, CA, February 11, 2004 -- BioTime, Inc. (AMEX:BTX) announced that it is issuing a total of 1,071,427 units, consisting of 1,071,427 common shares and 535,712 warrants, in exchange for $1,500,000 of its Series 2001-A Debentures, and that it has paid off the remaining $1,850,000 of debentures using a portion of the proceeds from its recently completed subscription rights offer. After repayment of the debentures, BioTime will have no long-term debt.

BioTime also announced that it has sold all 428,571 units offered to certain persons who acted as Guarantors of the subscription rights offer. BioTime received $600,000 from the sale of those units at $1.40 per unit, the same price at which units were sold in the subscription rights offer. BioTime had previously received $3,584,424 through the sale of 2,560,303 units in the subscription rights offer.

The debentures exchanged for units were held by investors who acted as Participating Debenture Holders under the Standby Purchase Agreement in connection with the subscription rights offer. Under the Standby Purchase Agreement, the Participating Debenture Holders agreed to exchange $1,500,000 of debentures for units, at $1.40 per unit, if the rights offer was fully over-subscribed, and if all 428,571 units offered to the Guarantors were sold.

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.

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