BIOTIME RECEIVES $1.4 MILLION IN PAYMENTS FROM ABBOTT LABORATORIES

BERKELEY, CA JULY 21, 1997 -- BioTime, Inc. (BTIM - NASDAQ) announced today that it has received $1.4 million in license fee payments from Abbott Laboratories. This payment was issued to BioTime for entering into a license agreement with Abbott Laboratories for Hextend®, BioTime's proprietary blood plasma volume expander solution currently in Phase III clinical trials, and for achieving a development milestone related to allowance of certain composition of matter patent claims.

BioTime, headquartered in Berkeley, California, is engaged in the research and development of synthetic solutions that may be used as plasma expanders, organ preservation solutions, or solutions to replace blood volume during low temperature surgery, and 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 Canadian regulatory approval to market Hextend®, 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.