Hextend is BioTime's proprietary physiologically balanced blood plasma volume expander that is presently used in the United States to treat the loss of blood volume during major surgery. Hextend can be completely sterilized and contains no human or animal blood product.

An application for marketing approval for Hextend has been filed by BioTime in Sweden. Organon Teknika plans additional filings throughout the European Union and other parts of the world and has committed $8,500,000 to the development and marketing of Hextend.

BioTime will receive an initial license fee of $4,000,000, plus up to $5,500,000 in additional license fees upon the attainment of certain milestones pertaining to the commencement of sales in the European Union and the issuance of certain European patents. BioTime will earn royalties of between 12% and 15% of net sales of Hextend sold under certain patents. Lower rates will apply in countries where patent protection is not available. BioTime expects to obtain patents in most countries in which there is a significant potential market for Hextend. The parties' obligations are conditioned upon the confirmation of certain manufacturing and supply arrangements, which Organon Teknika expects will occur in thirty to sixty days.

Organon Teknika has a strong track record of innovation, both in the field of diagnostic products and in the field of management of neuromuscular block. The company is a leader in muscle relaxants used during anesthesia with the products Pavulon(R), Norcuron(R) and Zemuron(R)/Esmeron(R). Recently, this line has been complemented with the introduction of the new short acting muscle relaxant Raplon(R). Pavulon, introduced in 1973 was the first clinically successful non-depolarizing muscle relaxant. This success was followed by the introduction of Norcuron in 1983 and in 1994 Zemuron/Esmeron was the first rapid onset non-depolarizing neuromuscular blocking agent to be introduced. This new agreement will further support Organon Teknika's world leadership in the field of anesthesia.

"We are delighted with this agreement," said Jan Dopper, executive vice president of Organon Teknika. "The acquisition of the exclusive rights of this product, that we expect to start marketing in 2002, is yet another step in our strategy to become a major player in other area's of anesthesiology as well."

"Our license agreement with the Organon Teknika will allow us to fulfill our longstanding goal of seeing BioTime products sold world-wide, and will enable us to globalize our clinical and scientific relationships in conjunction with a world respected leader in the pharmaceutical industry," said Ronald S. Barkin, BioTime's president and chief operating officer.

BioTime, headquartered in Berkeley, Calif., is engaged in the research and development of blood plasma volume expanders, blood replacement solutions during hypothermic (low temperature) surgery, organ preservation solutions and technology for use in surgery, emergency trauma treatment, the preservation of organs awaiting transplant, and other applications. For more information about BioTime visit: www.biotimeinc.com.

Organon Teknika, with headquarters in Boxtel, the Netherlands, specializes in advanced systems and products for hospitals, laboratories and blood banks. The company employs more than 2200 people in 60 countries. For more information about Organon Teknika visit www.organonteknika.com.

Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. The company employs approximately 68,000 people in 75 countries. Financial results for the year 2000 will be announced on February 23, 2001.

The matters discussed in this press release include forward-looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated. Such risks and uncertainties include but are not limited to the results of clinical trials of BioTime products; the ability of BioTime and its licensees to obtain FDA and foreign regulatory approval to market BioTime products; competition from products manufactured and sold or being developed by other companies; the price of and demand for BioTime products; the availability of ingredients used in BioTime products; and the availability of reimbursement for the cost of BioTime products (and related treatment) from government health administration authorities, private health coverage insurers and other organizations. These and other risk factors are discussed in BioTime's Annual Report on Form 10-K filed with the Securities and Exchange Commission.