Cellcor reports first quarter results.

NEWTON, Mass.--(BUSINESS WIRE)--May 9, 1995--Cellcor Inc. (NASDAQ: CLTX) announced today the results for its first quarter ended March 31, 1995. The net loss for the quarter was $1.8 million ($0.36 per share) compared to a net loss of $1.8 million ($0.32 per share) last year.

The differences in the net loss per share are the result of the inclusion of dividends related to accrual of undeclared dividends on the Company's convertible preferred stock for 1995. Research and Development Expenses in the first quarter of 1995 were $1,574,374 compared to $1,194,710 in 1994, a 32-percent increase. This increase in research and development expenses associated with Cellcor's Pivotal Phase III trial of autolymphocyte therapy (ALT) in metastatic renal cell carcinoma (advanced kidney cancer) was offset by the receipt of a one time payment related to a corporate partnering effort. In the first quarter of 1995, general and administrative expenses increased by 43 percent to $968,000 compared to $676,000 in 1994. The increase was attributable to legal and settlement expenses incurred in connection with a class action lawsuit initiated in September 1992. This increase includes the Company's portion of the $700,000 settlement payment, approximately two-thirds of which will be borne by the insurance carrier.

The Pivotal Phase III trial of ALT in advanced kidney cancer is underway at 22 U.S. academic centers and one Canadian site. Approximately 150 of the 180 patients required are enrolled. During the first quarter of 1995, the Company initiated its first human study in an infectious disease indication, chronic hepatitis B. This Phase I/II trial which is being conducted at St. Louis University Medical School is the first trial of ALT in an infectious disease. Nine patients will be treated by Drs. Adrian DiBisceglie and Dr. Bruce Bacon.

"We are extremely excited about our significant clinical and scientific progress during the first quarter of 1995. Our immediate focus is to raise additional funds for the Company either directly from equity investors or through corporate partnering arrangements," said Richard R. D'Antoni, president and CEO.

Of additional note, during the first quarter, Gary du Moulin, Ph.D., the Company's vice president of quality control resigned from the Company. Dr. du Moulin has elected to pursue other professional interests.

Cellcor Inc. is a biotechnology company engaged in the development and commercialization of cellular therapies. The Company's proprietary cellular therapy, autolymphocyte therapy (ALT), is in an FDA-designated pivotal trial at 22 U.S. academic centers for its first application in the treatment of metastatic kidney cancer. ALT also has potential for other forms of cancer and serious infectious diseases. The Company is the leading organization to perform patient-specific cell processing under GMP, for large numbers of patients at multiple clinical sites. As a result, Cellcor is actively looking to provide reproducible cell processing and quality control expertise to other biotechnology companies and academic institutions. -0-

                              CELLCOR INC.
                         STATEMENTS OF OPERATIONS
                              (Unaudited)

                                              Three months ended
                                   March 31, 1995    March 31, 1994
Revenue
  Technology development fees       $655,000               $77,500
  Net product sales                   28,051                16,879
  Total Revenues                     683,051                94,379
Operating costs and expenses:
  Research development expenses    1,574,374             1,194,710
  General and administrative
  expenses                           967,997               675,745
  Total operating costs
  and expenses                     2,542,371             1,870,455
Operating loss                    (1,859,320)           (1,776,076)

Other income (expense):
  Interest income                     35,463                21,348
  Other income                           -                   3,000
  Interest expense                   (11,437)              (10,649)
    Total other income (expense)      24,026                13,699

Net loss                         $(1,835,294)          $(1,762,377)

Net loss per common share             $(0.36)               $(0.32)

Weighted average shares            5,452,872             5,436,276
-0-

                                  CELLCOR INC.
                           Condensed Balance Sheets

                            March 31, 1995    March 31, 1994
                                   (Unaudited)

ASSETS

Current assets:
Cash and short-term
  investments               $1,783,741        $3,895,547
Receivable and other
  current assets               691,069           360,912
Total current assets         2,474,810         4,256,459

Property and equipment,
  net                        1,032,617           993,107
Other assets                   145,340           118,447
Total assets                $3,652,767        $5,368,013

LIABILITIES AND STOCKHOLDERS' EQUITY

Total current liabilities   $1,685,245        $1,669,437
Long-term obligations          427,029           366,432
Total liabilities            2,112,274         2,035,869

Stockholders' equity         1,540,493         3,332,144

Total liabilities and
  stockholders' equity      $3,652,767        $5,368,013

CONTACT: Cellcor Inc.

Harry W. Wilcox, III, 617-332-2500