Market Overview

AgeX Therapeutics Acquires Technology to Regulate Immune Tolerance

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Technology supports Company's strategy for off-the-shelf
(allogeneic) cell-based regenerative medicine products through the use
of the HLA-G gene

AgeX
Therapeutics, Inc.
, a subsidiary of BioTime,
Inc.
(NYSE:BTX), focused on the development and
commercialization of novel therapeutics targeting human aging, today
announced that it has acquired certain patents and patent applications
from Escape
Therapeutics
relating primarily to the use of the HLA-G gene
to suppress rejection of transplanted cells and tissues. The Company
plans to utilize the technology in conjunction with its pluripotent stem
cell platform for applications in regenerative medicine.

"We believe that the implementation of a low immune observable profile
in human pluripotent stem cells may facilitate an off-the-shelf product
strategy by reducing the risk of transplant rejection of allogeneic
cells," said Michael West, Ph.D., CEO of AgeX. "We plan to use this
patented technology, which we call ‘UniverCyteTM ',
together with our proprietary PureStem® manufacturing method
to develop cost-effective young living cell regenerative therapies
primarily for indications related to aging. Our initial priority will be
to utilize the technology in advancing our two lead programs AGEX-BAT1
and AGEX-VASC1 for age-related metabolic and vascular disease
respectively."

"The principals in the BioTime group of companies have a legacy of
leading in what is a path to potential products," said Basil M. Hantash,
M.D., Ph.D., MBA, CEO of Escape Therapeutics. "We are confident that the
technology developed at Escape together with that developed at BioTime
and AgeX will facilitate the development of a potential portfolio of
assets in the upcoming years."

About UniverCyte Technology

The UniverCyte technology uses the tolerogenic molecule HLA-G,
modified to be stably expressed on the cell extracellular membrane, to
confer low immune observability to the resulting cells. AgeX plans to
use this newly-acquired patented technology in producing
genetically-modified master cell banks of pluripotent stem cells that
can then be differentiated into many diverse young cell types using the
Company's PureStem manufacturing method. The PureStem manufacturing
process has previously been shown to be capable of generating over 200
such diverse human cell types. Potential applications of the resulting
cells may include the manufacture of a large number of off-the-shelf
formulations potentially useful in repairing aged tissues in the body
afflicted with chronic degenerative disease. The use of UniverCyte technology
to reduce immune observability may eliminate or reduce the need for HLA
matching or autologous sourcing for cell or tissue transplants.

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 current preclinical development
efforts 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
approaches in the preclinical stage of development comprised of young
regenerative cells modified using the Company's UniverCyteTM
technology facilitating immune tolerance, formulated in 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 www.agexinc.com
or connect with the company on Twitter,
Facebook
and YouTube.

About BioTime

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. HyStem® is a
unique hydrogel that has been shown to support cellular attachment and
proliferation in vivo. Current research at leading medical institutions
has shown that HyStem® is compatible with a wide variety of
cells and tissue types including brain, bone, skin, cartilage, vascular
and heart tissues. Due to the unique cross-linking chemistry, HyStem®
hydrogels have the ability to mix cells, biologics and small molecule
drugs and can be injected or applied as a gel which allows the hydrogel
to conform to a cavity or space. This property of HyStem®
hydrogels offers several distinct advantages over other hydrogels,
including the possibility of combining bioactive materials with the
hydrogel at the point of use. BioTime is also developing HyStem®
for the delivery of therapeutic drugs and cells to localized areas of
the body, including for sustained drug release in the targeted
anatomical sites. 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 www.biotime.com 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: http://news.biotime.com.

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; and (c) potential listing of AgeX
common stock on NYSE American, constitute forward-looking statements.
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 www.sec.gov).
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.

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