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CELLULAR TRANSPLANTS, INC. RAISES $15.4 MILLION TO ACCELERATE ENCAPSULATED CELL THERAPY RESEARCH AND DEVELOPMENT

 CELLULAR TRANSPLANTS, INC. RAISES $15.4 MILLION TO ACCELERATE
 ENCAPSULATED CELL THERAPY RESEARCH AND DEVELOPMENT
 PROVIDENCE, R.I., Dec. 10 /PRNewswire/ -- Cellular Transplants, Inc. today announced that it has completed a $15.4 million private placement of convertible preferred stock to accelerate the research and development of its encapsulated cell therapeutic products. The lead investors in the financing are J.P. Morgan, Robertson, Stephens & Co. and Genentech, Inc. First Boston served as the underwriter for the financing.
 "We are extremely pleased with the enthusiastic response from investors that enabled us to exceed our financing goal," commented
Dr. Seth Rudnick, president and CEO of Cellular Transplants. "Their support represents a significant endorsement for our proprietary membrane technology and strategy for commercializing our therapeutic products, the first of which, the NeuroCRIB(tm) system for the treatment of Parkinson's disease, is expected to enter clinical trials in 1992."
 "CTI's cell containing, membrane-based systems offer a major new approach to treating a variety of serious disorders by delivering therapeutic molecules directly to the site where they are needed," Dr. Rudnick continued. "We believe this technology will have broad applications such as treatment of neurological disorders, diabetes, and enzyme deficiencies."
 Dr. Rudnick noted that the proceeds from the private placement will be used to continue the preclinical development of NeuroCRIB and the EndoCRIB(tm) system, a treatment for Type I diabetes; to fund the operation of the company's pilot manufacturing facility; and to expand research activities. EndoCRIB is expected to enter clinical trials in 1993.
 Cellular Transplants, Inc. is developing patentable membrane products to treat a variety of chronic and disabling diseases through the implantation of encapsulated living cells and tissues. These encapsulated living cells, protected from the body's immune system by the membrane, have the potential to replace a wide range of missing or deficient proteins, neurotransmitters, or other molecules critical to health. CTI's initial products, based on the company's proprietary CRIB(tm) membrane technology, are targeted for the treatment of Parkinson's disease and Type I diabetes. The company is based in Providence, R.I.
 -0- 12/10/91
 /CONTACT: Dr. Seth Rudnick, president and CEO of Cellular Transplants, Inc., 401-272-3310, or Robert Gottlieb of Feinstein Partners, 617-577-8110, for Cellular Transplants/ CO: Cellular Transplants, Inc. ST: Rhode Island IN: MTC SU:


KM-SH -- NE004 -- 0885 12/10/91 09:34 EST
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Publication:PR Newswire
Date:Dec 10, 1991
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