ASIA-BASED MULTINATIONALS TO HELP WITH BIOTIME'S OVERSEAS EXPANSION

BERKELEY, Calif.--Dec. 31, 2002--BioTime, Inc. (AMEX:BTX - News) announced today that the company is preparing for HextendŽ's product launch in Canada in early 2003 and continuing to work to expand its markets internationally. The growing acceptance of Hextend as the plasma volume expander of choice in United States hospitals, and by our military, has enabled BioTime to attract the services of the Summit Pharmaceutical International Corporation (a Sumitomo Corporation group) in Japan, and companies in other regions, to assist in negotiating with overseas pharmaceutical companies that have expressed an interest in purchasing or licensing BioTime products.

The Ajinomoto company of Japan is also working with BioTime to identify prospective licensees outside of Japan. Ajinomoto is the supplier of bulk hydroxyethyl starch used in Hextend and has provided BioTime with support for regulatory applications for Hextend in the United States and abroad. Ajinomoto is the second largest manufacturer of intravenous solutions in Japan and has 60% of the global market share of amino acids, which are often used in intravenous solutions. Through its marketing and sales channels, Ajinomoto has contact with companies around the world that could potentially license BioTime's intravenous solutions in their regions. In the meantime, BioTime is continuing to discuss and negotiate potential licensing arrangements directly with other overseas and multi-national pharmaceutical companies.

"BioTime is enthusiastic about our new relationships with these prestigious multinational corporations," said Dr. Paul Segall. "We are confident that working with companies such as Summit and Ajinomoto can help facilitate the international expansion of our product line."

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.

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 the results of clinical trials of BioTime products; BioTime's ability to obtain United States Food and Drug Administration and foreign regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime's products; BioTime's ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products; and the availability of reimbursement for the cost of BioTime products (and related treatment) from government health administration authorities, private health coverage insurers and other organizations. These and other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.

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