BioTime Inc. said David Schlachet will step down from the company's board of directors and will not seek reelection at the company's 2018 annual meeting.

Schlachet's decision to step down was due to the logistics of being a director of the company while living in Israel. He will remain a director of Cell Cure Neurosciences Ltd., an Israel-based unit of BioTime.

The Alameda, Calif.-based company develops therapies for degenerative diseases.