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CELLEX BIOSCIENCES TRANSFERS BIO-ARTIFICIAL LIVER PROJECT TO REGENEREX

 MINNEAPOLIS, July 20 /PRNewswire/ -- Cellex Biosciences, Inc. (NASDAQ: CLXX) announced today that it has assigned its bio-artificial liver ("BAL") technology to Regenerex, Inc. Regenerex, Inc. is a wholly owned subsidiary of Venture Funding Ltd., a significant shareholder of Cellex Biosciences (the "Company"). The goal of the BAL project is to develop, from existing experimental technology, a device designed to sustain liver function in patients suffering from acute liver failure.
 Under the terms of the assignment, Cellex Biosciences and Regenerex will continue to develop the BAL technology in conjunction with the University of Minnesota. Regenerex will assume the financial obligations for the project and receive a license to the technology and further develop the BAL, support human clinical trials and manage responsibility for the commercialization of the BAL device. Cellex Biosciences will continue to be involved in the development of the BAL device through a Research and Development Agreement recently signed with Regenerex. In addition, Cellex Biosciences retains manufacturing rights and the potential for future royalties based on sales. As part of the spin out, the Company will also acquire up to a 19.5-percent equity position in Regenerex in the future, upon satisfaction of certain conditions.
 The BAL device has been under development by a team of University of Minnesota ("University") researchers since 1989. In December 1991, Cellex Biosciences acquired the license and signed an agreement with the University to provide financing to support research and development. BAL human clinical trials are expected to begin in approximately one year.
 Richard E. Sakowicz, Cellex Biosciences president and chief operating officer, said, "It is estimated that each year there are 30,000 people in the United States who suffer from acute liver failure with an additional 10,000 waiting for a liver transplant. When fully developed, the BAL could save thousands of lives. The BAL project has reached a point where significant additional resources and funding are required to take it to the next level of pre-clinical trials and eventually into human clinical trials next year. Regenerex will seek to obtain initial financing from private sources for the project. We felt that it was appropriate at this time to spin out the technology and create a focused team dedicated to the single purpose of getting the BAL device developed, through the FDA approval process and ultimately commercialized. By spinning out this BAL project to Regenerex now, the Company minimizes the near-term financial impact of the BAL development. The Company benefits in the short term from research funding from the Regenerex research and development activities and in the long term through potential income from manufacturing or royalties in addition to our equity participation in Regenerex."
 Cellex Biosciences, Inc., headquartered in Minneapolis, is dedicated to providing cell processing products and services to meet the needs of human health care and biotechnology markets worldwide.
 -0- 7/20/93
 /CONTACT: Yvonne L. Marschner-Bova, director, investor relations, Cellex Biosciences, 313-871-7350/
 (CLXX)


CO: Cellex Biosciences, Inc.; Regenerex, Inc.; Venture Funding Ltd. ST: Minnesota IN: MTC SU:

JG -- DE002 -- 6895 07/20/93 07:25 EDT
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Date:Jul 20, 1993
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