Equity

12 Months Ended

Dec. 31, 2011

Equity [Abstract]

Equity

9. Equity

BioTime, as part of rights offerings and other agreements, has issued warrants to purchase its common shares. Activity related to warrants in 2011, 2010, and 2009 is presented in the table below:

	Number of Warrants			Per share exercise price		Weighted Average Exercise Price
Outstanding, January 1, 2009		8,344,534		$	2.00	$	1.98
Granted in 2009		4,727,982			2.00		2.00
Exercised in 2009		(808,171	)		2.00		2.00
Outstanding, December 31, 2009		12,264,345			2.00		1.99
Granted in 2010		650,000			3.00 - 10.00		6.77
Exercised in 2010		(12,240,357	)		1.818 - 2.00		1.87
Exercised in 2010		(24,988	)		2.00		2.00
Outstanding, December 31, 2010		649,000			.68 - 10.00		6.42
Granted in 2011		206,613			10.00		10.00
Exercised in 2011		(219,000	)		.68 - 3.00		1.94
Outstanding, December 31, 2011		636,613		$	3.00 - 10.00	$	9.13

At December 31, 2011, 636,613 warrants to purchase common shares with a weighted average exercise price of $9.13 and a weighted average remaining contractual life of 1.68 years were outstanding.

At December 31, 2010, 649,000 warrants to purchase common shares with a weighted average exercise price of $6.42 and a weighted average remaining contractual life of 2.42 years were outstanding.

At December 31, 2009, 12,264,345 warrants to purchase common shares with a weighted average exercise price of $1.99 and a weighted average remaining contractual life of 0.86 years were outstanding.

In October 2009, the board of directors and shareholders approved an increase in the authorized number of common shares to 75,000,000 shares.

A summary of all option activity under the 2007, 2010, and 2011 subsidiary option plans for subsidiaries (see Note 10) for the years ended December 31, 2011 and 2010 is as follows:

	Options Available for Grant			Number of Options Outstanding			Weighted Average Exercise Price
January 1, 2010		9,700			4,400		$	0.003
Added upon adoption of option plan in 2010		12,001,600			-			-
Granted in 2010		(4,308,240	)		4,308,240			0.74
Forfeited/Exercised in 2010		-			-			-
December 31, 2010		7,703,060			4,312,640		$	0.74
Added upon adoption of option plan in 2011		8,000,000			-			-
Granted in 2011		(4,685,000	)		4,685,000			0.36
Forfeited/Exercised in 2011		200,000			(200,000	)		0.05
December 31, 2011		11,218,060			8,797,640		$	0.56

 Preferred Shares

BioTime is authorized to issue 1,000,000 shares of preferred stock.  The preferred shares may be issued in one or more series as the board of directors may by resolution determine.  The board of directors is authorized to fix the number of shares of any series of preferred shares and to determine or alter the rights, references, privileges, and restrictions granted to or imposed on the preferred shares as a class, or upon any wholly unissued series of any preferred shares.  The board of directors may, by resolution, increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series of preferred shares subsequent to the issue of shares of that series.

As of December 31, 2011 and 2010, BioTime has no issued and outstanding preferred shares.

Common shares

BioTime is authorized to issue 75,000,000 common shares with no par value.  As of December 31, 2011 and 2010, BioTime has issued and outstanding 50,321,962 and 47,777,701 common shares, respectively.

Significant common share transactions during the year ended December 31, 2011 are as follows:

● BioTime received total cash of $223,914 and $425,000 for the exercise of 450,660 options and 219,000 warrants, respectively. Average cash receipts were $0.50 for options and $1.94 for warrants.

● BioTime issued 261,959 common shares as part of its consideration for the assets acquired from CTI.

● BioTime issued 332,903 common shares and 206,613 warrants as consideration for acquisition of Glycosan.

● BioTime retired 6,435 common shares as payment for the exercise of employee options.

● BioTime issued 1,286,174 common shares in connection with its investment in OncoCyte.  This increased its equity ownership interest in OncoCyte to approximately 75.3%.  These shares are presented as treasury stock on the consolidated balance sheet.

Significant common share transactions during the year ended December 31, 2010 are as follows:

● BioTime received total cash of $855,977 and $22,861,458 for the exercise of 526,410 options and 12,240,357 warrants, respectively.  Average cash receipts were $1.63 for options and $1.87 for warrants.

● BioTime issued 1,383,400 common shares and 300,000 warrants as consideration for the acquisition of ESI.

● BioTime recognized $2,142,200 in costs for the modification of certain warrants.

● BioTime retired 40,125 common shares received as payment for the exercise of employee options.

● Cell Cure Neurosciences sold ordinary shares to BioTime and two other shareholders for $7,100,000.  BioTime invested $4,100,000 of that amount and increased its consolidated equity ownership interest in Cell Cure Neurosciences to approximately 54%.

● ReCyte Therapeutics sold approximately 5% of its common shares for $2,300,000 to two private investors.  This amount is included as noncontrolling interest in the consolidated financial statements.