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CELL GENESYS REPORTS FIRST QUARTER RESULTS

 FOSTER CITY, Calif., April 28 /PRNewswire/ -- Cell Genesys Inc. (NASDAQ: CEGE), today reported financial results for the first quarter ended March 31. Revenues for the first quarter, principally from the company's joint venture with JT Immunotech for the development and commercialization of human antibodies were $1.2 million, up from $1.1 million a year ago. Operating expenses for the quarter were $3.2 million, compared with $1.8 million for the same period last year. This increase reflects additions in personnel and expansion of facilities necessitated by the company's research and development programs. The company registered a net loss of $1.7 million, compared to a net loss of $633,000, for the corresponding prior year period.
 The company's initial public offering of 4,000,000 shares of common stock, completed in February, provided Cell Genesys with net proceeds of approximately $40.9 million after deducting underwriting fees and commissions. At the end of the first quarter, Cell Genesys had $54.0 million in cash, which will provide sufficient funds for operating expenses and capital through at least the end of 1994.
 During the first quarter, Cell Genesys scientists reported in the journals, Nature and The Proceedings of the National Academy of Science, progress in their efforts to create novel technology for production of human monoclonal antibody products. Also during the quarter, Cell Genesys' joint venture partner, JT Immunotech, a subsidiary of Japan Tobacco Inc., committed an additional $10 million in funding for the second phase of research through June 1995. A total of up to $24 million of research funding has been committed to Cell Genesys by JT Immunotech since the collaboration began in June 1991.
 Cell Genesys is a leader in the application of gene targeting technology to the development of human therapeutic products. Gene targeting enables precise and permanent activation, inactivation or replacement of specific genes in living cells. The company is applying these technologies to develop products in three areas: universal cell transplant products, human therapeutic protein products and human monoclonal antibody products.
 CELL GENESYS INC.
 Selected Financial Information
 Statements of Operations
 (Unaudited, in thousands except per-share data)
 Three months ended
 March 31,
 1993 1992
 Revenue under collaborative agreements
 -- principally from a related party $ 1,175 $ 1,119
 Operating expenses:
 Research and development 2,532 1,490
 General and administrative 630 347
 Total operating expenses 3,162 1,837
 Interest income, net 278 85
 Net loss $ (1,709) $ (633)
 Net loss per share $ (0.20) $ (0.35)
 Shares used in computing net loss
 per share 8,531 1,801
 Balance Sheets
 (In thousands)
 March 31, Dec. 31,
 1993 1992
 (unaudited)
 Cash, cash equivalents and
 short-term investments $ 54,021 $ 15,495
 Other current assets 926 340
 Property and equipment, net 2,302 2,592
 Other assets 253 201
 Total assets $ 57,502 $ 18,628
 Current liabilities $ 1,441 $ 1,397
 Long-term obligations 747 878
 Stockholders' equity 55,314 16,353
 Total liabilities and stockholders'
 equity $ 57,502 $ 18,628
 -0- 4/28/93
 /CONTACT: Stephen A. Sherwin, M.D., president and chief executive officer of Cell Genesys, 415-358-9600, ext. 212/
 (CEGE)


CO: Cell Genesys Inc. ST: California IN: MTC SU: ERN

ML-SG -- SF004 -- 1806 04/28/93 09:05 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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