Market Overview

BioTime to Receive $43 Million From Juvenescence

  • BioTime to receive $21.6 million in cash and $21.6 million in a
    convertible/redeemable note for 14.4 million shares of AgeX
  • Creates alignment between AgeX Therapeutics and Juvenescence Limited
    to potentially become leader in the field of aging

BioTime, Inc. (NYSE:BTX), a clinical-stage biotechnology
company focused on degenerative diseases, today announced a new
strategic alignment between AgeX Therapeutics and Juvenescence Limited,
a global leader in developing therapeutics focused on improving and
extending human lifespans.

Under the terms of the agreement, Juvenescence will purchase, in a
single transaction, 14.4 million shares of AgeX Therapeutics from
BioTime for $43.2 million. 50% of the purchase price will be paid to
BioTime in cash and the remaining 50% will be a 2-year
convertible/redeemable note with an annual interest rate of 7%, payable
at maturity.

"This transformative agreement is an important step in BioTime's
strategy of simplification and unlocking value for BioTime
shareholders," said Adi Mohanty, Co-Chief Executive Officer of BioTime.
"It also provides BioTime with significant non-dilutive funding while
allowing our shareholders to benefit from the potential future success
of AgeX and Juvenescence. We are thrilled to partner with Juvenescence,
which is a world class organization with a proven and seasoned team of
experts in drug development, strategy, commercialization and finance."

BioTime remains committed to unlocking further value for its
shareholders and continues to move forward with its planned distribution
of AgeX shares to BioTime shareholders as previously communicated.

"BioTime and AgeX have been trail blazers in regenerative medicine. The
assets they have created with their lead scientist and the CEO of AgeX
Mike West are remarkable, both for the unique qualities of their
programs, but also for the breadth of cell lines and IP," said Greg
Bailey the CEO of Juvenescence. "Furthermore, we feel it is a great fit
with the Juvenescence team of drug developers and scientists. First and
foremost, we look forward to developing and bringing products to the
patients as novel treatments to potentially offset some of the maladies
of getting old."

Juvenescence management, through their previous roles in pharmaceutical
companies with marketed products, have taken multiple products to
commercialization with annual peak sales aggregating well over $70
billion. Juvenescence has, in its short existence, already sourced and
created a pipeline of exciting therapeutic candidates, all of which have
the potential to positively modify aging.

We plan to discuss the new relationship with Juvenescence enabled by
this sale, the distribution of AgeX and our second quarter results later
today during our scheduled quarterly earnings call. As a reminder,
BioTime will host a conference call and webcast today, August 2, 2018,
at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time.

The conference call dial-in number in the U.S./Canada is 1-866-888-8633.
For international participants outside the U.S./Canada, the dial-in
number is 1-636-812-6629. For all callers, please refer to Conference ID
number 1389978. The live webcast can be accessed on the "Events
& Presentations
" page of the "Investors & Media" section on the
company's website.

About BioTime, Inc.

BioTime is a clinical-stage biotechnology company focused on
degenerative diseases. Its clinical programs are based on two platform
technologies: cell replacement and cell/drug delivery. With its cell
replacement platform, BioTime is producing new cells and tissues with
its proprietary pluripotent cell technologies. These cells and tissues
are developed to replace those that are either rendered dysfunctional or
lost due to degenerative diseases or injuries. BioTime's cell/drug
delivery programs are based upon its proprietary HyStem® cell
and drug delivery hydrogel matrix technology. HyStem® was
designed, in part, to provide for the transfer, retention and/or
engraftment of cellular replacement therapies. BioTime's lead cell
delivery clinical program is Renevia®, which consists of
HyStem® combined with the patient's own adipose (fat)
derived tissue or cells. Renevia® met its primary endpoint in
an EU pivotal clinical trial for the treatment of facial lipoatrophy in
HIV patients in 2017. BioTime has submitted Renevia® for
CE Mark approval in the EU. There were no device related serious adverse
events reported to date. BioTime's lead cell replacement product
candidate is OpRegen®, a retinal pigment epithelium
transplant therapy, which is in a Phase I/IIa multicenter clinical trial
for the treatment of dry age-related macular degeneration, the leading
cause of blindness in the developed world. There have been no unexpected
serious adverse events reported to date. BioTime also has significant
equity holdings in two publicly traded companies, Asterias
Biotherapeutics, Inc. (NYSE:AST)
and OncoCyte Corporation (NYSE:OCX), and a private
company, AgeX Therapeutics, Inc.

BioTime common stock is traded on the NYSE American and TASE under the
symbol BTX. For more information, please visit or
connect with the company on TwitterLinkedInFacebookYouTube,
and Google+.

To receive ongoing BioTime corporate communications, please click on the
following link to join the Company's email alert list:

About AgeX Therapeutics

AgeX Therapeutics, Inc., a subsidiary of BioTime, Inc. (NYSE American: BTX), is a biotechnology company focused on the development of novel
therapeutics for age-related degenerative disease. The company's mission
is to apply the proprietary technology platform related to
telomerase-mediated cell immortality and regenerative biology to address
a broad range of diseases of aging. The products under development
include two cell-based therapies derived from telomerase-positive
pluripotent stem cells and two product candidates derived from the
company's proprietary induced Tissue Regeneration (iTR™) technology.
AGEX-BAT1 and AGEX-VASC1 are cell-based therapies in the preclinical
stage of development comprised of young regenerative cells formulated in
the company's proprietary HyStem® matrix designed to correct
metabolic imbalances in aging and to restore vascular support in
ischemic tissues respectively. AGEX-iTR1547 is a drug-based formulation
in preclinical development intended to restore regenerative potential in
a wide array of aged tissues afflicted with degenerative disease using
the company's proprietary iTR technology. Renelon™ is a first-generation
iTR product designed to promote scarless tissue repair which the Company
plans to initially develop as a topically-administered device for
commercial development through a 510(k) application. In addition to the
product candidates in early development, the company, through its
LifeMap subsidiary, currently markets genomic interpretation algorithms.
In addition, the company, through its ESI BIO division, markets Cytiva®,
comprised of PSC-derived heart muscle cells used in screening drugs for
efficacy and safety.

For more information, please visit or
connect with the company on TwitterFacebook and YouTube.

About Juvenescence, Limited

Juvenescence is developing multiple therapeutics focused on improving
and extending human lifespans. The Juvenescence team comprises proven
and seasoned experts in drug development, strategy, structure,
commercialization and finance. From its outset, Juvenescence has staked
out a major footprint in AI, and specifically in machine and deep
learning through its part ownership of Insilico
 and through its ownership in NetraPharma and Juvenescence
. Access to these two AI engines from our joint ventures will
assist our efforts in drug discovery, as well as in optimizing human
trials of the therapeutics we develop. Our company's pipeline consists
of pre-clinical candidates that have been joint ventured with leading
research institutions and associated scientist inventors. In addition,
we are partners with established companies such as Age X, where our role
is to provide finance, development expertise and to help guide products
with management towards commercialization.

Forward-Looking Statements

Certain statements contained in this release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Any statements that are not historical fact
including, but not limited to statements that contain words such as
"will," "believes," "plans," "anticipates," "expects," "estimates"
should also be considered forward-looking statements. Investors are
cautioned that statements in this press release regarding: (a) any value
to BioTime shareholders of the AgeX common stock; (b) BioTime's plans or
expectations for the distribution; (c) potential listing of AgeX common
stock on NYSE American, constitute forward-looking statements; and (d)
whether the relationship with AgeX and Juvenescence can successfully
identify and develop products that may receive regulatory approval.
Forward-looking statements involve risks and uncertainties. These risks
and uncertainties, include, without limitation: (i) the possibility
that BioTime shareholders may realize little or no value from the AgeX
common stock; (ii) the potential inability of BioTime to complete
distribution in a timely manner or at all, including as a result of the
failure of BioTime and/or AgeX to obtain or maintain required federal
and state registrations and qualifications necessary to enable the
distribution, and related transactions; (iii) the possibility of
litigation that could arise as a result of or in connection with the
distribution and related transactions; and (iv) that there is no
existing public market for AgeX common stock, nor may a public market
for such securities ever develop. Actual results may differ materially
from the results anticipated in these forward-looking statements and as
such should be evaluated together with the many uncertainties that
affect the business of BioTime, Inc. and its subsidiaries, particularly
those mentioned in the cautionary statements found in more detail in the
"Risk Factors" section of BioTime's Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q filed with the SEC (copies of which may
be obtained at
Subsequent events and developments may cause these forward-looking
statements to change. BioTime specifically disclaims any obligation or
intention to update or revise these forward-looking statements as a
result of changed events or circumstances that occur after the date of
this release, except as required by applicable law.

View Comments and Join the Discussion!