BioTime’s Subsidiary Cell Cure Neurosciences Ltd. Awarded $1.33 Million Grant From Israel’s Office of the Chief …

ALAMEDA, Calif. & JERUSALEM--(BUSINESS WIRE)--

BioTime, Inc. (NYSE MKT: BTX) and its subsidiary Cell Cure Neurosciences Ltd. (Cell Cure) today announced that Cell Cure has been awarded a grant for 2012 of 5.04 million Shekels (approximately $1.33 million) from Israels Office of the Chief Scientist (OCS) to help finance the development of OpRegen, a cell-based therapeutic product in development by Cell Cure for the treatment of age-related macular degeneration. Cell Cures plans for the development of OpRegen include filing an application to commence human clinical trials in 2013.

We wish to thank the Office of the Chief Scientist for their participation in advancing this important new application of regenerative medicine, said Charles Irving, PhD, Chief Executive of Cell Cure. The dry form of age-related macular degeneration is estimated to afflict over 7.3 million people in the United States alone. We anticipate that OpRegen will make a real difference in the quality of life of the aging population in many industrialized countries, and hence it is a strategic investment for not only Israel, but the world as a whole.

Age-related macular degeneration is a severe form of acute vision loss and the leading cause of blindness in an aging population. It affects that part of the retina most critical in everyday tasks such as reading and face recognition. I join with Dr. Irving in thanking OCS for their generous support in accelerating these advances in stem cell biology into the clinic, said Benjamin Reubinoff, MD, PhD, Chief Scientific Officer of Cell Cure and Chairman of Obstetrics and Gynecology and Director of the Hadassah Human Embryonic Stem Cell Research Center at Hadassah University Medical Center, Jerusalem, Israel.

The OCS has previously provided grants to Cell Cure. Cell Cure will pay a 3.5% royalty to the OCS on revenues from OpRegen until total royalties paid equal 100% of the amount of the grants plus interest at a LIBOR rate.

About the Office of the Chief Scientist

The Office of the Chief Scientist in the Ministry of Industry, Trade and Labor is charged with the execution of government policy for the support of industrial R&D.The goal of the OCS is to assist in the development of technology in Israel as a means of fostering economic growth, encouraging technological innovation and entrepreneurship, leveraging Israels scientific potential, enhancing the knowledge base of industry in Israel, stimulating high value-added R&D, and encouraging R&D collaboration both nationally and internationally. A variety of ongoing support programs developed and offered by the OCS play a major role in enabling Israel to be a key center for high-tech entrepreneurship.

About Cell Cure Neurosciences Ltd.

Cell Cure Neurosciences Ltd. was established in 2005 as a subsidiary of ES Cell International Pte. Ltd. (ESI), now a subsidiary of BioTime, Inc. (NYSE MKT: BTX). Cell Cure is located in Jerusalem, Israel on the campus of Hadassah University Hospital. Cell Cure's mission is to become a leading supplier of human cell-based therapies for the treatment of retinal and neural degenerative diseases. Its technology platform is based on the manufacture of diverse cell products sourced from clinical-grade (GMP) human embryonic stem cells. Its current programs include developing cells for the treatment of macular degeneration, Parkinson's disease, and cells potentially useful in treating multiple sclerosis. Cell Cure's major shareholders include BioTime Inc., Hadasit BioHoldings Ltd. (Tel Aviv Stock Exchange: HDST), and Teva Pharmaceuticals Industries Ltd. (TEVA). Additional information about Cell Cure can be found on the web at http://www.cellcureneurosciences.com.

About BioTime, Inc.

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BioTime’s Subsidiary Cell Cure Neurosciences Ltd. Awarded $1.33 Million Grant From Israel’s Office of the Chief ...