EMERYVILLE, Calif. (Business Wire EON) October 23, 2007 –BioTime, Inc. (OTCBB:BTIM) today announced that Robert W. Peabody, CPA,has joined BioTime as Senior Vice President and Chief Operating Officer.Mr. Peabody will head BioTime’s efforts toobtain research funding grants from private and public sources,including the California Institute for Regenerative Medicine (“CIRM”),to help finance BioTime’s entry into the fieldof regenerative medicine and stem cell research.
Prior to joining BioTime, Mr. Peabody served as Vice President-GrantAdministration for Advanced Cell Technology, Inc (ACT) and also servedon their Board of Directors from 1998 to 2006. Mr. Peabody will overseethe operating departments of BioTime as well as assist in applying forresearch grants to finance the research and development of stem cell andblood volume replacement products.
Mr. Peabody has extensive experience in biotechnology investing andaiding in the start ups of such companies as Geron Corporation. Mr.Peabody spent 14 years as a Regional Controller for Ecolab, Inc., aFortune 500 specialty chemical manufacturer and service company. He alsohas experience in financial management, operations and supply chainmanagement, and has been an audit manager for Ernst and Young where hewas on the audit staff serving the firm’sclients whose shares are publicly traded. Mr. Peabody received aBachelor Degree in Business Administration from The University ofMichigan and is a Certified Public Accountant.
CIRM was established in early 2005 with the passage of Proposition 71,the California Stem Cell Research and Cures Initiative. The statewideballot measure, which provided $3 billion in funding for stem cellresearch at California universities and research institutions, wasapproved by California voters on November 2, 2004, and called for theestablishment of a new state agency to make grants and provide loans forstem cell research, research facilities and other vital researchopportunities. CIRM will use bond proceeds to fund basic and appliedbiomedical research focused on developing diagnostics and therapies andon other vital research opportunities that will lead to life-savingmedical treatments. All proposals are peer-reviewed to support the mostpromising scientific research. Research grants are made only toCalifornia-based research institutions.
BioTime also plans to seek up to $5,000,000 of new funding to financeits operations and its entry into the stem cell field. BioTime has notyet determined the amount or terms of any securities that may be offeredin connection with such financing. Any securities that may be offeredhave not been registered under the Securities Act of 1933, as amended,and may not be offered or sold in the United States absent registrationor an applicable exemption from such registration requirements.
About BioTime, Inc.
BioTime, headquartered in Emeryville, California, develops blood plasmavolume expanders, blood replacement solutions for hypothermic (lowtemperature) surgery, organ preservation solutions, and technology foruse in surgery, emergency trauma treatment and other applications.BioTime’s lead product Hextend is manufacturedand distributed in the U.S. by Hospira, Inc. and in South Korea by CJCorp. under exclusive licensing agreements. BioTime has recently enteredthe field of regenerative medicine where it plans to develop new medicaland research products using embryonic stem cell technology. Informationabout BioTime can be found on the web at www.biotimeinc.com.Hextend® and PentaLyte®are registered trademarks of BioTime, Inc.
Forward Looking Statements
The matters discussed in this press release include forward-lookingstatements which are subject to various risks, uncertainties, and otherfactors that could cause actual results to differ materially from theresults anticipated. Such risks and uncertainties include but are notlimited to the success of BioTime in developing new stem cell productsand technologies; results of clinical trials of BioTime products; theability of BioTime and its licensees to obtain additional FDA andforeign regulatory approval to market BioTime products; competition fromproducts manufactured and sold or being developed by other companies;the price of and demand for BioTime products, and the ability of BioTimeto raise the capital needed to finance its current and plannedoperations. Other factors that could affect BioTime’soperations and financial condition are discussed in BioTime’sAnnual Report on Form 10-KSB filed with the Securities and ExchangeCommission.
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