Equity

12 Months Ended

Dec. 31, 2012

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 2012, 2011, and 2010 is presented in the table below:

	Number of Warrants			Per share exercise price		Weighted Average Exercise Price
Outstanding, January 1, 2010		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
Expired in 2012		(80,000	)		3.00		3.00
Outstanding, December 31, 2012		556,613		$	10.00	$	10.00

At December 31, 2012, 556,613 warrants to purchase common shares with a weighted average exercise price of $10.00 and a weighted average remaining contractual life of 1.32 years were outstanding.

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.

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, 2012 and 2011 is as follows:

	Options Available for Grant			Number of Options Outstanding			Weighted Average Exercise Price
January 1, 2011		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
Reverse stock split and change in plan in 2012		(3,697,014	)		(2,460,717	)		-
Granted in 2012		(1,479,490	)		1,479,490			1.39
Forfeited/Exercised in 2012		-			-			-
December 31, 2012		6,041,556			7,816,413		$	0.93

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, 2012 and 2011, 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, 2012, BioTime has 51,183,318 issued and 49,383,209 outstandingcommon shares.  As of December 31, 2011, BioTime had 50,321,962 issued and 49,035,788 outstanding common shares.The difference of 1,800,109 and 1,286,174common shares as of December 31, 2012 and 2011, respectively is attributed to treasury shares held by BioTime subsidiaries which are accounted for as treasury stock on the consolidated balance sheet.

Significant common share transactions during the year ended December 31, 2012 are as follows:

● BioTime received total cash of $286,552 for the exercise of 98,541 options at a weighted average exercise price of $2.91.

● BioTime issued 448,429 common shares as consideration for the merger with XenneX.

● In July and in December 2012, LifeMap Sciences received $250,000 cash and 592,533 BioTime common shares having a market value of $2,750,003 from certain private investors in exchange for 1,714,287 LifeMap Sciences shares of common stock.  LifeMap Sciences sold 78,598 BioTime common shares  for gross proceeds of $282,826 during 2012 and the remaining 513,935 BioTime common shares held by LifeMap Sciences are accounted for as treasury stock as of December 31, 2012. See Note 8.

● During 2012 BioTime sold 314,386 BioTime common shares for gross proceeds of $1,131,279 at prevailing market prices through BioTime's $25 million Controlled Equity Offering facility which was established with Cantor Fitzgerald & Co. offset by fees of $37,279 recognized in connection with the sale of these shares and adjustment to equity for the loss of $91,780 from the sale of BioTime common shares held by LifeMap.

 Significant common share transactions during the year ended December 31, 2011 were 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.