ceocfointerviews.com – All rights reserved. – Issue: October 3, 2008

With A Successful History In Developing Blood Plasma Volume Expanders And Blood Replacement Solution And Strong Partnerships To Bring Them To A Global Market, BioTime Has Now Entered Into Regenerative Medicine

received his Ph.D. from Baylor College of ments. BioTime has recently entered the Medicine in 1989 concentrating on the field of regenerative medicine through its biology of cellular aging. He has focused wholly owned subsidiary Embryome Sci- his academic and business career on the ences, Inc. where it plans to develop new Healthcare application of developmental biology to medical and research products using em- Biotechnology the age-related degenerative disease. He bryonic stem cell technology. (BTIM-OTC: BB) was the Founder of Geron Corporation of Menlo Park, California (Nasdaq: GERN) Interview conducted by: BioTime, Inc. and from 1990 to 1998 he was a Director, Lynn Fosse, Senior Editor and Vice President, where he initiated CEOCFOinterviews.com 1301 Harbor Bay Pkwy. and managed programs in telomerase Alameda, CA 94502 diagnostics, oligonucleotide-based telom- CEOCFO: Dr. West, what is your vision Phone: 510-521-3390 erase inhibition as anti-tumor therapy, for BioTime? and the cloning and use of telomerase in Dr. West: “BioTime is a company that telomerase-mediated therapy wherein has a history in the development of blood telomerase is utilized to immortalize hu- plasma expanders. We have a product TM man cells. From 1995 to 1998 he organ- approved by the FDA called Hextend , ized and managed the research between which is currently being marketed with Geron and its academic collaborators our partners Hospira, Inc. and CJ Corp., James Thomson and John Gearhart that and we have other partners around the led to the first isolation of human embry- world as well. More recently, we have onic stem and human embryonic germ initiated a new business unit in the cells. From 1998 to 2007 he was Presi- emerging field of regenerative medicine dent and Chief Scientific Officer at Ad- or stem cell research, and we are develop- vanced Cell Technology, Inc. (OTCBB: ing new products in that area through a ACTC) where he managed programs in wholly owned subsidiary Embryome Sci- human somatic cell nuclear transfer, cell ences, Inc.” differentiation, and ACTCellerate, a technology for the multiplex derivation CEOCFO: Why did you choose to go in and characterization of human embryonic this direction? Dr. West: “We have a long history in the progenitor cell lines. area of stem cell research. I was the foun- Dr. Michael D. West Company Profile: der of Geron Corporation (Nasdaq: Chief Executive Officer BioTime, headquartered Alameda, Cali- GERN) and later the CEO of Advanced BIO: fornia, develops blood plasma volume Cell Technology (ACTC.PK) and have Dr. West is the Chief Executive Officer of expanders, blood replacement solutions been pushing the technology forward over BioTime, Inc. and Embryome Sciences, for hypothermic (low temperature) sur- the last 15 years. My focus has been ex- Inc. of Emeryville, California and Ad- gery, organ preservation solutions, and clusively in the field of embryonic as op- junct Professor of Bioengineering at the technology for use in surgery, emergency posed to adult stem cell research. My University of California, Berkeley. trauma treatment and other applications. reason for focusing on it for so long is BioTime, Inc. (OTCBB: BTIM) and its BioTime's lead product Hextend is manu- that I believe in its enormous potential in wholly-owned subsidiary Embryome Sci- factured and distributed in the U.S. by medicine. These cells have the ability to ences are companies focused on human Hospira, Inc. and in South Korea by CJ become every cell in the human body. Of embryonic stem cell technologies. He Corp. under exclusive licensing agree- course many currently untreatable dis- eases are disorders in cells. If you think their priorities. In California, largely in CEOCFO: Are you developing any of of heart failure, for instance, the loss of response to the controversies of embry- the tools in-house or acquiring them? heart muscle cells is the ultimate prob- onic stem cell research, this state has Dr. West: “We have just published a lem. Heart disease is the leading causes of funded $3 billion in research oven the paper called The Accelerate Initiative death in the Unites States and largely due next ten years. This is being copied in which reflected previously done by Ad- to the inability of the heart to make new many other places around the world and vanced Cell Technology and in that paper heart cells and repair itself. Regenerative some are projecting numbers like $14 we showed that it is possible to isolate medicine has the potential to make new billion in research in the next decade. over a 140 novel cell types in an expand- myocardium, but also of course, every With a new administration in Washing- able, scaleable form. Importantly, many other cell type of your body. Blood cells, ton soon, current restrictions in NIH of these cells appear to be a primitive cell heart cells, all the cells of the human funding may be relaxed opening up even type called embryonic progenitors. They brain - the list goes on and on. Our focus, more funding. The thought is this field are precursors to many other kinds of in Embryome Sciences, unlike some of will heat up rather dramatically and cells. So, they are not embryonic stem the other companies in the sector devel- many people have their eyes on it. Cali- cells and are not fully developed cells, oping therapeutics from embryonic stem fornia for instance reminds many of us they are somewhere in between. Since cells, is on near term revenue generation about the Californian Gold Rush back in these cells are already swung in the direc- through marketing research tools area to the 1800s. The reality is just like the en- tion of the cell types in our bodies but are other biotech companies into large phar- thusiasm of the rush to a profit from that still primitive enough that they prolifer- maceutical and companies.” discovery, the majority of the profits ate, we think they are the easiest of cells made actually were the companies that to use to make products, and that is our CEOCFO: Tell me about the agreements sold the prospectors and the tools to mine niche.” you announced with Interna- tional Stem Cell and Advanced “BioTime is a company that has a history in the CEOCFO: What’s the finan- Cell Technology. development of blood plasma expanders. We cial picture of the company Dr. West: “Our partner Inter- today? have a product approved by the FDA called national Stem Cell Corporation TM Dr. West: “Unlike many of the (OTCBB: ISCO) has access to a Hextend , which is currently being marketed companies in the embryonic wide array of patents and intel- with our partners Hospira, Inc. and CJ Corp., stem cell sector, we enjoy hav- lectual property relating to em- and we have other partners around the world as ing a history of previously bryonic stem cell technology for well. More recently, we have initiated a new launched successful products, marketing products in the re- business unit in the emerging field of regenera- so Biotime has a revenue search sector. We will be com- stream from royalties from bining our skills in differentiat- tive medicine or stem cell research, and we are those product sales. We enjoy ing stem cells, our joint intel- developing new products in that area through a having a strong financial base lectual property (for instance wholly owned subsidiary Embryome Sciences, to build this new effort; never- the patents we recently licensed Inc.” - Dr. Michael D. West theless it is a challenging sec- from WARF (Wisconsin tor given all the confusion and Alumni Research Foundation), and their for the gold rather than strike the gold misinformation out there about stem cell skills and marketing sell lines in the re- themselves. In a similar way we think, research. It’s widely appreciated that search community to build what we an- certainly in the near term, the most prof- there is an enormous opportunity with ticipate will be a successful business. The itable business will be marketing research these cells. After all what biotechnology goal is to be a stem cell company that can tools. In addition, this field unlike many breakthrough has largely been introduced actually turn a profit in the relatively other fields in the revolution in biotech- to the American public by a national ad- short term. Similarly, we entered a broad nology, this field in research is in dire dress by the President of the United license with Advanced Cell Technology need for many tools it presently doesn’t States? Clearly the investment commu- for a technology we developed there posses. These cells can turn into thou- nity heard about these cells and the op- called ACTCellerate. While this latter sands of different kinds of cells, so the portunities that they present to the medi- license is for both research and therapeu- researchers in this field need ligands, like cine. But understanding how and where tic markets, our initial focus is on the antibodies to detect these different kind of to invest in public companies is hard for near-term research markets.” cells and purify them. However, all of investors to sort out. There are some com- these tools presently don’t exist. Besides panies that are in the adult stem cell sec- CEOCFO: Is there much competition for the opportunity to build a profitable busi- tor, that is, stem cells that come from you what you are planning to do? ness in this research sector, it is obviously and me, fully grown adults. So many in- Dr. West: “Well there certainly is com- very gratifying to be about building the vestors will say, “Well the adult stem petition. Many of the current companies foundation for therapies that may one day cells are not controversial; we’ll invest in that market products in research sector save human life.” companies that will work on them.” have publicly stated this emerging field of However, the disadvantage with these stem cell research is front-and-center of technologies is that most of those adult stem cells do not have the power or po- or other more irrational approaches to much longer than anyone else. I think we tency of an embryonic stem cell. There- science and medicine will prevail. Most have a solid strategy to commercialize fore, in my opinion and the opinion of my of us in the field believe that this enthusi- this technology.” company, the most profound advances of asm is already spreading in scientific medicine are going to come from embry- communities. But when it begins to spill CEOCFO: Final thoughts; what do you onic stem cell technology and the under- over into actual technology that can treat want people to remember most about standing of all the complex biology that disease, first in animal models then ulti- BioTime? derives from, a field called “embryomics” mately in the human in the clinical trials, Dr. West: “The most important lesson like “genomics”. It is my opinion that in the science, the engineering, the technol- from this emerging field of regenerative the long term, and especially now that the ogy and medical research will drive, as medicine is that many areas of medicine ethical controversies have been lifted an engine will drive this technology into and many diseases that in the past we from these cells, that industries focused greater and greater commercialization. So thought were unapproachable, particu- on embryonic stem cells, and in particu- my belief is that the investment commu- larly the age-related degenerative dis- lar, embryonic progenitor cells, will far nity will hear of remarkable progress in eases, where cells and tissues wore out, outpace technologies related to adult stem the field in the coming years and will we used to see as incurable. The new cells.” recognize that there are brilliant invest- breakthroughs are teaching us that by ment opportunities there as well.” unlocking fundamental biology of life CEOCFO: How do you get the invest- within the cell, unlocking the immortality ment community to understand or do you CEOCFO: BioTime is ready! of the reproductive cells, the ability of think it’s just a matter of time? Dr. West: “We are ready. I’ve been cells to generate new life generation after Dr. West: “Like so many areas of science thinking for 15 years how to advance this generation, has great opportunity to serve reality ultimately is the ruler, the guiding technology and how to help build a com- the needs of an aging population. As our light of where business opportunities lie. pany to provide an attractive return on company name implies, BioTime’s mis- Clearly as the scientific community in- investment for our investors. I can’t say sion is to lead in the development of creasingly enters the field, helped in part for certainty that we’ve chosen the right novel and imaginative technologies to by the generous funding of California, path or will do everything right, but treat the diseases of aging and to do so research rather than political expediency we’ve certainly been thinking about this profitably.”

BioTime, Inc.

1301 Harbor Bay Pkwy. Alameda, CA 94502

Phone: 510-521-3390