Heraeus Medical, BioTime Subsidiary OrthoCyte Announce Exclusive Worldwide Development, Licensing Agreements

Heraeus Medical GmbH and BioTime, Inc. (NYSE MKT and TASE: BTX) today announced that BioTime's subsidiary OrthoCyte Corporation and Heraeus Medical have entered into exclusive development and worldwide licensing agreements for the development of innovative bone grafting therapies based on the use of BioTime's proprietary PureStem human embryonic progenitor cell technology. Under the terms of the development agreement, Heraeus Medical would make an initial $1 million USD upfront payment to OrthoCyte, and additional payments upon OrthoCyte's attainment of certain product development milestones, and