BioTime, Inc. is a biomedical organization engaged in the development of synthetic plasma expanders and blood volume substitute solutions for use in surgery, trauma care, organ transplant procedures, and other areas of medicine. The Company’s operating revenues have been generated primarily from licensing fees related to the sale of its plasma volume expander products, primarily Hextend. The company began to make its first stem cell research products available during the year ended December 31, 2008, but it had not yet generated significant revenues in that business segment.