Commentary on BioTime’s Acquisition of ES Cell International

We have received several calls regarding our recent prospectus relating to the registration of 1,383,400 common shares and 300,000 common share purchase warrants, and the common shares that may be issued upon the exercise of the warrants.

We have been asked whether these shares are being registered for the purpose of a new sale to raise additional capital, or are they the mechanism of payment for the previously-announced ESI acquisition.

The registration of these share relates only to our contractual obligation as part of the acquisition of ES Cell International. They are not part of a new equity raise. The actual terms of the warrant are part of the S-3 filing and are attached as an exhibit to the prospectus.

Response to Comment About NIH Policy

The confusion over NIH funding of embryonic stem cell research reminds me of an evening a couple of decades ago where I had the opportunity to watch Pat Boone perform live. During that performance, Mr. Boone told us a story of sitting in the dark corner of a restaurant in a Las Vegas casino where he suddenly found himself surrounded by Paparazzi and the glare of flash bulbs revealing him cuddling with two young women. “Aha” said one cameraman, “so much for your image as a clean-cut evangelical!” “Pardon me,” said Mr. Boone. “I said these were my ‘Boonies’ not my ‘bunnies.’ Gentlemen, meet my beautiful daughters.”

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The Significance of NIH Approval of Human Embryonic Stem Cell Lines to the Biotechnology Industry

From the beginning of human embryonic stem (hES) cell research, work was performed with private corporate funds to avoid issues relating to federal funding from the National Institutes of Health (NIH). The NIH has from time to time changed their position on funding relating to different hES cell lines, but these regulations related primarily to universities and other non-profit institutes that rely on such federal funds. There have never been any restrictions on any product development funded within companies. Nevertheless, when this or that cell line is approved or not approved, investors frequently ask what impact all this has on biotech companies. The answer, in short, is: none.

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