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.
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