BioTime (BTX) Announces Filing for Form 10 Tied to OncoCyte Distribution

BioTime (NYSE: BTX) and its subsidiary OncoCyte Corporation (“OncoCyte”), announced that OncoCyte has filed a Form 10 Registration Statement with the Securities and Exchange Commission (“SEC”) in connection with BioTime’s planned distribution OncoCyte common stock to holders of BioTime common shares, on a pro rata basis.

The filing represents an important milestone in separating BioTime’s therapeutics and cancer diagnostics businesses. BioTime expects that the distribution will provide OncoCyte with greater access to capital markets in order to obtain its own financing for its operations, separately from BioTime financings. The distribution will also allow BioTime and OncoCyte to each focus on its own strategic priorities relating to its own management, capital structure, business model, and financial goals. The distribution may also provide enhanced liquidity to holders of BioTime common shares, who after the distribution will hold two separate publicly traded securities that they may choose to monetize or retain.

BioTime continues to believe in the opportunity for cancer diagnostics and expects to continue to own a majority of the outstanding common stock in OncoCyte immediately after the distribution. The “record date” for determining BioTime shareholders entitled to receive OncoCyte common stock in the planned distribution, and the date on which the distribution will occur, have not yet been determined. However, BioTime’s plan is to effect the distribution to BioTime shareholders in late 2015, subject to certain conditions.

OncoCyte is engaged in the development of new “liquid biopsy” diagnostic tests for cancer based on analyzing patient blood or urine samples for specific gene or protein markers indicative of the presence of particular types of cancer. OncoCyte is presently developing diagnostic tests for lung cancer, breast cancer and bladder cancer.

More information about OncoCyte and the planned shared distribution can be found in the Information Statement filed as an exhibit to OncoCyte’s Form 10 Registration Statement, which is available on the “Latest News” page of OncoCyte’s website: www.oncocyte.com and the website maintained by the SEC at www.sec.gov.

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