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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities
Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940
o
Check this box if no longer
subject to Section 16.
Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
1.
Name and Address of Reporting
Person* (Last, First, Middle)
2.
Issuer Name and Ticker or
Trading Symbol
3.
I.R.S. Identification Number of
Reporting
Person, if an entity (Voluntary)
Dresner, Milton, H.
BIOTIME INC (BTX)
28777 Northwestern Hwy Suite 100
4.
Statement for Month/Day/Year
5.
If Amendment, Date of Original (Month/Day/Year)
03/31/2003
(Street)
6.
Relationship of Reporting Person(s)
to Issuer (Check All Applicable)
7.
Individual or Joint/Group Filing
(Check Applicable Line)
Southfield, MI 48304
(City) (State) (Zip)
x
Director
o
10% Owner
x
Form filed by One Reporting Person
o
Officer (give title below)
o
Form filed by More than One Reporting Person
o
Other (specify below)
Reminder:
Report on a separate line for each class of securities
beneficially owned directly or indirectly.
*
If the form is filed by more than one reporting person, see
instruction 4(b)(v).
Table I - Non-Derivative Securities
Acquired, Disposed of, or Beneficially Owned
1.
Title of Security
(Instr. 3)
2.
Transaction Date
(Month/Day/Year)
2a.
Deemed Execution
Date, if any.
(Month/Day/Year)
3.
Transaction Code
(Instr. 8)
4.
Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)
5.
Amount of Securities
Beneficially Owned
Following Reported
Transactions(s)
(Instr. 3 and 4)
6.
Ownership
Form:
Direct (D) or
Indirect (I)
(Instr. 4)
7.
Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
Code
V
Amount
(A)
or
(D)
Price
Common Shares, no par value
110,998(1)
D
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Table II - Derivative Securities
Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
1.
Title of Derivative
Security
(Instr. 3)
2.
Conversion or Exercise
Price of Derivative
Security
3.
Transaction
Date
(Month/Day/Year)
3a.
Deemed Execution
Date, if any
(Month/Day/Year)
4.
Transaction
Code
(Instr. 8)
5.
Number of Derivative Securities
Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
Code
V
(A)
(D)
Option to Purchase Common Shares
$1.55
3/31/03
A
20,000
Option to Purchase Common Shares
$7.25
Option to Purchase Common Shares
$11.50
Option to Purchase Common Shares
$12.57
Option to Purchase Common Shares
$3.00
Warrants to Purchase Common Shares
$6.50
Page 3
Table II - Derivative Securities
Acquired, Disposed of, or Beneficially Owned - Continued
(e.g., puts, calls, warrants, options, convertible securities)
6.
Date Exercisable and
Expiration Date
(Month/Day/Year)
7.
Title and Amount
of Underlying Securities
(Instr. 3 and 4)
8.
Price of Derivative
Security
(Instr. 5)
9.
Number of Derivative
Securities Beneficially Owned
Following Reported Transaction(s)
(Instr. 4)
10.
Ownership Form of
Derivative Security:
Direct (D) or Indirect (I)
(Instr. 4)
11.
Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
Date
Exercisable
Expiration
Date
Title
Amount or
Number of
Shares
(2)
3/30/08
Common Shares
20,000
N/A
20,000
D
3/26/01
3/25/06
Common Shares
10,000
N/A
10,000
D
3/31/00
3/30/05
Common Shares
10,000
N/A
10,000
D
4/29/99
4/28/04
Common Shares
10,000
N/A
10,000
D
(3)
3/30/07
Common Shares
20,000
N/A
20,000
D
8/13/01
8/01/04
Common Shares
15,384
N/A
15,384
D
Explanation of Responses:
(1) Includes 70,000 shares that Mr. Dresner may acquire through the exercise of stock options and 15,384 shares that he may acquire upon the exercise of certain warrants.
(2) 5,000 options became exercisable on March 31, 2003 and the remaining 15,000 will become exercisable in 9 equal monthly installments based upon continued service on the board of directors.
(3) 12,500 options became exercisable on March 31, 2002 and the remaining 7,500 became exercisable in 9 equal monthly installments based upon continued service on the board of directors.
/s/ Milton H. Dresner
4/1/2003
**Signature of Reporting Person
Date
**
Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and
15 U.S.C. 78ff(a).
Note:
File three copies of this Form, one of which must be manually
signed. If space is insufficient, see Instruction 6 for procedure.
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