Sec Form 5 Filing - NICKEL JEFFREY B @ BIOTIME INC - 2006-12-31

FORM 5 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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

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1. Name and Address of Reporting Person NICKEL JEFFREY B 2. Issuer Name and Ticker or Trading Symbol BIOTIME INC [ BTIM] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Vice President (Last) (First) (Middle) 6121 HOLLIS STREET 3. Date of Earliest Transaction (MM/DD/YY) 12/31/2006 (Street) EMERYVILLE, CA94608 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 Transaction(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 242,812 ( 1 ) D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 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) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Option to Purchase Common Shares $ 0.32 11/24/2006 11/23/2011 Common Shares 80,000 80,000 D Option to Purchase Common Shares $ 3 ( 2 ) 03/30/2007 Common Shares 20,000 20,000 D Option to Purchase Common Shares $ 1.55 ( 3 ) 03/30/2008 Common Shares 20,000 20,000 D Warrants to Purchase Common Shares $ 2 01/21/2004 10/31/2010 Common Shares 937 937 D Option to Purchase Common Shares $ 2.17 ( 4 ) 03/07/2009 Common Shares 10,000 10,000 D Option to Purchase Common Shares $ 2 ( 5 ) 05/31/2009 Common Shares 100,000 100,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other NICKEL JEFFREY B 6121 HOLLIS STREET EMERYVILLE, CA94608 Vice President Signatures /s/Jeffrey B. Nickel 02/13/2007 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Includes 230,000 shares that Dr. Nickel may acquire through the exercise of stock options and 937 shares that he may acquire upon the exercise of certain warrants. ( 2 )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. ( 3 )5,000 options became exercisable on March 31, 2003 and the remaining 15,000 became exercisable in 9 equal monthly installments based upon continued service on the board of directors. ( 4 )5,000 options became exercisable on March 31, 2004 and the remaining 5,000 became exercisable on May 31, 2004. ( 5 )25,000 options became exercisable on June 1, 2004 and the remaining 75,000 will become exercisable in three equal yearly installments.

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).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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