BERKELEY, CA, FEBRUARY 12, 1999--BioTime, Inc. (BTIM-Nasdaq) announced that it commenced its rights offer under which it will offer 501,654 common shares to its shareholders.

Shareholders will receive one right for each share owned. The rights entitle the holders to purchase one common share for every 20 rights owned at a subscription price of $9.75 per share.

Shareholders who exercise all of their rights in full will be entitled to the additional privilege of subscribing for and purchasing any common shares left over by rights holders who fail to exercise their rights, plus up to 250,000 shares to cover over-subscriptions, subject to certain limitations and subject to allocation.

The rights offer will expire at 5:00 p.m. New York time on March 9, 1999. The record date for determining BioTime shareholders entitled to receive the rights is Jan. 5, 1999.

The rights are transferable and have been approved for trading on the Nasdaq SmallCap Market under the symbol BTIMR beginning on Feb. 17, 1999. BioTime common shares will begin to trade ex-dividend on Feb. 16, 1999.0

BioTime, headquartered in Berkeley, Calif., is engaged in the research and development of blood plasma volume expanders, blood replacement solutions during hypothermic (low temperature) surgery, organ preservation 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