BioTime Announces Receipt of $8 Million from Early Exercise of Warrants

ALAMEDA, Calif.--(BUSINESS WIRE)--BioTime, Inc. (NYSE Amex: BTIM), a biotechnology company that develops and markets products in the field of human stem cells and regenerative medicine, today announced that it has received an additional $8 million from two investors. These two investors have elected to exercise early and in full, at a discounted exercise price, the stock purchase warrants that they had acquired under their May 2009 stock and warrant purchase agreements with BioTime. The two investors, Broadwood Partners L.P. and Mr. George Karfunkel, have each acquired 2,200,000 BioTime common shares by exercising 2,200,000 warrants at a discounted exercise price of $1.818 per share, representing a discount of $0.182 per share from the original warrant exercise price of $2.00. The discount of slightly less than 9% was offered to these investors by BioTime as an inducement for early exercise so as to enable the company to raise capital and accelerate the implementation of its business plans.