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CELL GENESYS REPORTS SECOND QUARTER RESULTS

 FOSTER CITY, Calif., July 22 /PRNewswire/ -- Cell Genesys Inc. (NASDAQ: CEGE), today reported financial results for the second quarter ended June 30. Revenues for the quarter, principally from the company's joint venture with JT Immunotech for the development and commercialization of human antibodies, were $1.7 million, the same level as a year ago. Operating expenses for the quarter increased to $3.6 million, up from $2.6 million for the same period last year. This increase reflects growth in personnel, expansion of facilities and increased purchases of laboratory supplies for the company's product development activities. The company registered a net loss of $1.6 million, or 14 cents per share, compared with a net loss of $786,000, or 44 cents per share, for the same quarter last year. Weighted average shares were 11.2 million for the quarter, compared with 1.8 million a year ago. The increase was due primarily to the completion of Cell Genesys' initial public offering and associated conversion of preferred to common shares in February 1993.
 At the end of the second quarter, Cell Genesys held cash, cash equivalents and short-term investments totaling $52.9 million, which will provide sufficient funds for operating expenses and capital through at least the end of 1994.
 Cell Genesys is a leader in the application of gene targeting technology to the development of human therapeutic products. Gene targeting is a cellular genetic engineering technology which enables precise and permanent activation, inactivation and replacement of specific genes in living cells. The company is applying gene targeting and related technologies to develop products in three areas: universal cell transplant products, 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 Six Months
 Ended June 30: 1993 1992 1993 1992
 Revenue under collaborative
 agreements - principally
 from a related party $ 1,673 $ 1,739 $ 2,848 $ 2,858
 Operating expenses:
 Research and development 2,897 2,057 5,429 3,547
 General and administrative 716 524 1,346 871
 Total operating expenses 3,613 2,581 6,775 4,418
 Interest income, net 376 56 654 141
 Net loss $(1,564) $ (786) $(3,273) $(1,419)
 Net loss per share $ (0.14) $ (0.44) $ (0.33) $ (0.79)
 Shares used in computing
 net loss per share 11,237 1,806 9,884 1,804
 Balance Sheets
 (In thousands)
 June 30, Dec. 31,
 1993 1992
 (unaudited)
 Cash, cash equivalents and
 short-term investments $52,887 $15,495
 Other current assets 754 340
 Property and equipment, net 2,786 2,592
 Other assets 243 201
 Total assets $56,670 $18,628
 Current liabilities $ 1,640 $ 1,397
 Long-term obligations 1,062 878
 Stockholders' equity 53,968 16,353
 Total liabilities and
 stockholders' equity $56,670 $18,628
 -0- 7/22/93
 /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

TM-GT -- SF005 -- 4701 07/22/93 15:38 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
Words:509
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