Document:

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                                                                    EXHIBIT 10.3

                             BCC ACQUISITION II LLC
                        C/O BAY CITY CAPITAL FUND I, L.P.
                          750 BATTERY STREET, SUITE 400
                             SAN FRANCISCO, CA 94109

                                November 21, 2005

CONFIDENTIAL

Diametrics Medical, Inc.
3050 Centre Pointe Drive, Suite 150
St. Paul, MN 55113

Ladies and Gentlemen:

          BCC Acquisition II LLC, a Delaware limited liability company
("BCCAII"), hereby agrees to deliver into escrow with Ocean Park Advisors, LLC
("OPA") (pursuant to the terms of any Escrow Agreement (as defined below)) for
the benefit of Diametrics Medical, Inc., a Minnesota corporation ("DMED"), an
amount equal to $7,000, in respect of a claim by Merchant & Gould with respect
to certain patent counsel services provided to DMED in 2003 in connection with
the ITC asset purchase transaction (the "Services"); provided that BCCAII's
obligation to make such payment is conditioned upon the prior or concurrent
completion of the transfer of certain DMED securities owned by BCCAII to Ocean
Park Advisors, LLC and M.A.G. Capital, LLC pursuant to a letter agreement of
even date herewith. This letter agreement shall in no way obligate, or be deemed
to obligate, BCCAII to pay any amounts to Merchant & Gould with respect to the
Services, and neither Merchant & Gould nor any other party shall be a third
party beneficiary of the agreements set forth herein.

          The Commitment shall become part of the Escrow Deposit described in
and held subject to the escrow letter agreement dated as of the date hereof
among BCCAII, OPA, MAG and DMED (the "Escrow Agreement").

          This letter agreement shall be interpreted in accordance with and
governed by the laws of the State of California applicable to agreements made
and to be performed wholly within that jurisdiction, without reference to the
conflicts of laws principles thereof.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

          This letter agreement may be executed in counterparts, each one of
which shall be deemed an original and all of which taken together shall
constitute one and the same document.

                                        Sincerely,

                                        BCC ACQUISITION II, LLC

                                        By: Bay City Capital Fund I, L.P., its
                                            Manager

                                        By: Bay City Capital Management LLC, its
                                            general partner

                                        By: /s/ Fred Craves
                                            ------------------------------------
                                            Fred Craves, Manager and Managing
                                            Director

ACCEPTED AND AGREED TO THIS
21ST DAY OF NOVEMBER, 2005

DIAMETRICS MEDICAL, INC.

By: /s/ W. Glen Winchell
    ---------------------------------
Name: W. Glen Winchell
Its: Sr. Vice President of Finance
     and CFO<PAGE>
                                                                    Exhibit 10.4

                                 GENERAL RELEASE

          For good and valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the undersigned party ("Releasor") hereby agrees
as follows:

          1. Release. Releasor releases BCC Acquisition II LLC and its
predecessor entities, affiliates and subsidiaries (collectively "BCCAII"), and
its past and present shareholders, employees and former employees, agents,
directors, officers, attorneys, predecessors, successors, assigns, heirs,
executors, administrators, and all other persons, firms, corporations,
associations, partnerships, or entities having any legal relationship to BCCAII
(collectively, "Releasees"), from any and all claims, demands and causes of
action of any kind or nature, whether known or unknown or suspected or
unsuspected to Releasor, which Releasor now owns or holds, or has at any time
before this owned or held against any of them relating to, arising out of, or in
any way connected with BCCAII.

          2. California Civil Code Section 1542. It is Releasor's intention that
Releasor's execution of this Agreement will forever bar any released claims,
demand, cause of action, charge and grievance related to BCCAII and the
Releasees. Because this is Releasor's intention, Releasor expressly waives any
and all rights and benefits conferred upon Releasor by the provisions of Section
1542 of the California Civil Code. Section 1542 provides:

          "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
DEBTOR."

          3. Remedies, Attorney Fees, Binding Arbitration. Releasor will not
bring any action against BCCAII or the Releasees with respect to any claims,
demands or causes of action released pursuant to in this Agreement. In the event
Releasor brings any such action: (a) BCCAII will be entitled to all lawful
remedies; and (b) all other provisions of this Agreement will remain in full
force and effect. In the event of any dispute arising out of or related to this
Agreement, the parties agree to enter into binding arbitration under the
commercial rules of the American Arbitration Association. The location for such
arbitration shall be Minneapolis, Minnesota. The governing law shall be
Minnesota law. The prevailing party shall be entitled to recover reasonable
attorney's fees and costs.

          4. Enforceability. If any term or provision of this Agreement is held
to be invalid or unenforceable, the remaining terms or provisions of this
Agreement will continue to be valid and will be performed, construed and
enforced to the fullest extent permitted by law, and the invalid or
unenforceable term will be deemed amended and limited in accordance with the
intent of the parties, as determined from the face of the Agreement, to the
extent necessary to permit the maximum enforceability or validation of the term
or provision.

          5. Headings. Paragraph headings are for the convenience of the parties
only.

<PAGE>

          IN WITNESS WHEREOF, Releasor has executed and delivered this General
Release as of the day and year set forth below.

Date: _____________, 2005

                                        DIAMETRICS MEDICAL, INC.

                                        By: /s/ W. Glen Winchell
                                            ------------------------------------
                                        Name: W. Glen Winchell
                                        Its: Sr. Vice President of Finance
                                             and CFOexv4w4

 

Exhibit 4.4

	 	 	 	 	 
	CONTROL NUMBER	 	BIOTIME, INC.	 	SUBSCRIPTION CERTIFICATE FOR
	 	 	
    SUBSCRIPTION CERTIFICATE FOR UNITS VOID IF NOT EXERCISED AT OR
    BEFORE 5:00 P.M. (NEW YORK TIME) ON DECEMBER 21, 2005
    (THE EXPIRATION DATE). THIS SUBSCRIPTION CERTIFICATE IS
    TRANSFERRABLE AND MAY BE COMBINED OR DIVIDED (BUT ONLY INTO
    SUBSCRIPTION CERTIFICATES EVIDENCING A WHOLE NUMBER OF RIGHTS)
    AT THE OFFICE OF THE SUBSCRIPTION AGENT	 	
    Rights

    

    SUBSCRIPTION PRICE U.S. $0.40 PER UNIT

    

    

    

    

    

    

    

    

    CUSIP 09066L 15 4

Expiration Date December 21, 2005

THIS SUBSCRIPTION CERTIFICATE MAY BE USED TO SUBSCRIBE FOR UNITS
OR MAY BE ASSIGNED OR SOLD. FULL INSTRUCTIONS APPEAR ON THE BACK
OF THIS SUBSCRIPTION CERTIFICATE.

     
REGISTERED OWNER:

The registered owner of this Subscription Certificate, named
above, or assignee, is entitled to the number of rights to
subscribe for units consisting of one common share, no par
value, and one warrant to purchase one common share of BioTime,
Inc. shown above, in the ratio of one unit for each four rights
held, and upon the terms and conditions and at the price for
each unit specified in the Prospectus dated October 27,
2005, as amended.

DATE: ________________________________________ 2005

BIOTIME, INC.

 

SECRETARY

Countersigned: American Stock Transfer & Trust Company
(Brooklyn, N.Y.) Subscription Agent

		
	By: 	
     

Authorized Signature

If you exercise fewer than all the rights represented by this
Subscription Certificate, the subscription agent will issue a
new Subscription Certificate representing the balance of the
unexercised rights, provided that the subscription agent has
received your properly completed and executed Subscription
Certificate and payment prior to 5:00 p.m., New York time,
on December 20, 2005. No new Subscription Certificates will
be issued after that date.

IMPORTANT: Complete appropriate form on reverse

BIOTIME, INC.

 

VICE PRESIDENT; MEMBER, OFFICE OF

THE PRESIDENT

 

Expiration Date: December 21, 2005

PLEASE COMPLETE ALL APPLICABLE INFORMATION

	 	 	 	 	 
	
    By Mail:	 	
    By Hand:	 	
    By Overnight Courier:
	
    To: American Stock

    Transfer & Trust Company

    Operations Center

    Attn: Reorganization Dept.

    6201
    15th Avenue

    Brooklyn, New York 11219	 	
    To: American Stock

    Transfer & Trust Company

    Attn: Reorganization Dept.

    59 Maiden Lane, Plaza Level

    New York, New York 10038	 	
    To: American Stock

    Transfer & Trust Company

    Operations Center

    Attn: Reorganization Dept.

    6201
    15th Avenue

    Brooklyn, New York 11219

	 	 	 
	
    SECTION 1:	 	
    TO SUBSCRIBE: I hereby irrevocably subscribe for the
    dollar amount of Units indicated as the total of A and B below
    upon the terms and conditions specified in the Prospectus
    related hereto, receipt of which is acknowledged.

    

	
    TO SELL:	 	
    If I have checked either the box on line C or the box on
    line D, I authorize the sale of Rights by the subscription
    agent according to the procedures described in the Prospectus.
    The check for the proceeds of sale will be mailed to the address
    of record.

Please check below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
    
    o    A.
    Subscription

    	 	 	 	
    ÷4 =	 	 	 	
    ×	 	
    $0.40	 	
    =	 	
    $
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    (Rights Exercised)	 	 	 	
    (Units Requested)	 	 	 	
    (Subscription Price)	 	 	 	
    (Amount Required)

	 	 	 	 	 	 	 	 	 	 	 
	
    
    o    B.
    Over-Subscription Privilege

    	 	 	 	
    ×	 	
    $0.40	 	
    =	 	
    $
	 	 	 	 	 	 	 	 	 	 	 
	 	 	
    (Units Requested)	 	 	 	
    (Subscription Price)	 	 	 	
    (Amount Required)(*)
	 	 	 	 	 	 	
    (Total of A + B)	 	
    =	 	
    $
	 	 	 	 	 	 	 	 	 	 	 

		
	(*) 	
    The Over-Subscription Privilege can be exercised by certain
    shareholders only, as described in the Prospectus.

		
	o	
    Check in the amount of
    $                  payable
    to the Subscription Agent “American Stock
    Transfer & Trust Company”
	 
	o	
    Certified check, bank draft, or money order in the amount of
    $                  payable
    to the Subscription Agent “American Stock
    Transfer & Trust Company”
	 
	o	
    Wire transfer in the amount of
    $                  directed
    to American Stock Transfer & Trust Company,
    Subscription Agent, JP Morgan Chase Bank WIRE CLEARING
    ACCOUNT ABA #021000021, Account 323-212069, Attention:
    Reorg. Dept.
	 
	o	
                      C.
    Sell any remaining unexercised Rights
	 
	o	
                      D.
    Sell all of my Rights.

                                                      
Please provide your telephone number Day
(    )                                    
Signature of

Subscriber(s)/Seller(s)                                                                                     Evening
(    )                                    

Social Security Number or Tax ID
Number:                                             

SECTION II: TO TRANSFER RIGHTS: (except pursuant to
C and D above)

For value received,
                                             
of the Rights represented by this Subscription Certificate are
assigned to

	 	 	 
	 	 	 
	
    
    Social Security Number or Tax ID Number of Assignee

    	 	
    (Print Full Name of Assignee)

    

	 	 	 
	
    
    Signature(s) of Assignor(s)

    	 	
    (Print Full Address including postal Zip Code)

The signature(s) must correspond with the name(s) as written
upon the face of this Subscription Certificate, in every
particular, without alteration.

 

	 	 	 
	IMPORTANT:

	 	For transfer, a signature guarantee must be provided by an eligible financial
institution which is a participant in a recognized signature guarantee program.

SIGNATURE GUARANTEED BY:

PROCEEDS FROM THE SALE OF RIGHTS MAY BE SUBJECT TO WITHHOLDING OF U.S. TAXES UNLESS THE SELLER’S
CERTIFIED U.S. TAXPAYER IDENTIFICATION NUMBER (OR CERTIFICATION REGARD-ING FOREIGN STATUS) IS ON
FILE WITH THE SUBSCRIPTION AGENT AND THE SELLER IS NOT OTHERWISE SUBJECT TO U.S. BACKUP
WITHHOLDING.

o           CHECK HERE IF RIGHTS ARE BEING EXERCISED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY DELIVERED TO
THE SUBSCRIPTION AGENT PRIOR TO THE DATE HEREOF AND COMPLETE THE FOLLOWING:

NAME(S) OF REGISTERED OWNER(S):

WINDOW TICKET NUMBER (IF ANY):

DATE OF EXECUTION OF NOTICE OF GUARANTEED DELIVERY:

NAME OF INSTITUTION WHICH GUARANTEED DELIVERY:

:

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