Cytel Corporation Announces Reverse Stock Split.

SAN DIEGO--(BW HEALTHWIRE)--Nov. 5, 1998--Cytel Corporation (NASDAQ: CYTL) announced today that the Company's Board of Directors has approved a one-for-seven reverse split of the Company's Common Stock effective November 13, 1998.

The approval was pursuant to authority granted to the Board of Directors by the Company's stockholders at a special meeting held on October 30, 1998.

All holders of Common Stock will receive one new share of Common Stock for every seven shares of Common Stock held as of the effective date. The trading symbol for Cytel will be CYTLD for the first twenty days after the reverse split takes effect. After the reverse split, Cytel will have approximately 5 million shares of Common Stock outstanding. Registered stockholders as of the close of trading on the effective date will receive written notice regarding the procedure for exchanging their certificates.

Cytel has discovered cell adhesion inhibitors for treatment of acute and chronic inflammation and manufactures bioactive carbohydrates for use in medical and consumer products. Epimmune Inc., its subsidiary, is focused on the discovery and development of a new generation of safer, more potent vaccines for the prevention and treatment of cancer and infectious diseases.

This press release includes forward-looking statements that reflect management's current views of future events. Actual results may differ materially from the above forward-looking statements due to a number of important factors, including but not limited to the risks associated with successfully negotiating and completing definitive agreements for any corporate collaboration, the timing and cost of conducting human clinical trials, the regulatory approval process, and the possibility that testing may reveal undesirable and unintended side effects or other characteristics that may prevent or limit the commercial use of proposed products. These factors are more fully discussed in Cytel's most recent Forms 10-K and 10-Q.