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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)
    
    
       
      Gordon, Katherine
        

      
       
      BIOTIME INC (BTX)
        

      
       
       

      
    
    
       
      5 Parker Road 

      
      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)
    
    
       
      Winchester, MA 01890

        (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
        
         
        
        
        
        
        
         
        
        
        
        
         
        
        
        
        
         
        
        
        
        
         
        
        
        
         
         
        55,000(1)
        
         
         
        D
        
         
        
        
      
      
        

        
      
    
    
Page 2
      
        


          
            
              

              
            
            
              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
              
               
              $7.70
              
               
              
               
               
              
              
               
              
              
               
              
              
              
              
               
              
              
              
              
            
              

              
            
            
               
              Option to Purchase Common Shares
              
               
              $3.00
              
               
              
               
               
              
              
               
              
              
               
              
              
              
              
               
              
              
              
              
            
              

              
            
          
        
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
                
                 
                
                
              
              
                

                
              
              
                 
                6/7/01
                
                6/06/06
                
                 
                Common Shares
                
                15,000
                
                 
                N/A
                
                 
                
                 
                 
                 
                15,000
                
                 
                 
                D
                
                 
                
                
              
              
                

                
              
              
                 
                (3)
                
                3/30/07
                
                 
                Common Shares
                
                20,000
                
                 
                N/A
                
                 
                
                 
                 
                 
                20,000
                
                 
                 
                D
                
                 
                
                
              
              
                

                
              
            
            
Explanation of Responses:
            
(1) Includes 55,000 shares that Dr. Gordon may acquire through the exercise of stock options.

(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/ Katherine Gordon
                  
                   
                  4/2/2003
                  
                
                
                  

                    **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.
                
                
                   
                
              
            
Page 4