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SOMATIX REPORTS THIRD QUARTER RESULTS

 ALAMEDA, Calif., May 14 /PRNewswire/ -- Somatix Therapy Corp. (NASDAQ: SOMA) today reported a loss of $4,343,000 (33 cents per share) for the quarter ended March 31, 1993, compared with a loss of $35,824,000 ($3.32 per share) reported for the same period last year. Last year's loss for the quarter included a one-time non-cash charge of $33 million relating to the acquisition of GeneSys Therapeutics Corp., without which the loss for the quarter would have been $2,720,000. For the nine-month period, the company posted a loss of $11,806,000 (90 cents per share), compared with a loss of $40,553,000 ($4.55 per share) reported last year.
 Costs and expenses associated with research and development were $3,272,000 for the quarter, an increase of 49 percent from $2,190,000 reported last year. The increase reflected the preparation for initiation of human clinical trials planned for this calendar year.
 "Our current financial position is consistent with our expectations as we prepare to move into the clinic," stated David Carter, Somatix's president and chief executive officer. "With the March approval of our renal cancer protocol by the Recombinant Advisory Committee of the National Institutes of Health, we expect R&D expenditures to decrease slightly in the short term. The past nine months saw increased spending in order to prepare our facility and staff for clinical trials."
 Somatix Therapy Corp. is a leader in the field of gene therapy. The company is focused on the genetic modification of selected human cells to enable the production and delivery of therapeutic substances within the patient's body. Somatix believes that gene therapy, which requires gene transfer technology, will provide a safe and effective means of delivering many therapeutic substances. Somatix has gene therapy programs in cancer, neural diseases and blood disorders.
 SOMATIX THERAPY CORP.
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per-share data)
 Third Quarter
 Ended March 31: 1993 1992
 Costs and Expenses
 Research and development 3,272 2,190
 General and administrative 1,353 694
 Acquired in-process technology --- 33,104
 Total Costs and Expenses 4,625 35,988
 Operating Loss (4,625) (35,988)
 Other Income, Net 282 164
 Net Loss $ (4,343) $(35,824)
 Net Loss Per Share $ (0.33) $ (3.32)
 Shares Used in Calculation of
 Net Loss Per Share 13,226,988 10,792,860
 Nine Months
 Ended March 31: 1993 1992
 Contract Manufacturing Revenues $ --- $ 69
 Costs and Expenses
 Cost of revenues --- 1,035
 Research and development 9,675 4,985
 General and administrative 2,975 1,823
 Acquired in-process technology --- 33,104
 Total Costs and Expenses 12,650 40,947
 Operating Loss (12,650) (40,878)
 Other Income, Net 844 325
 Net Loss $(11,806) $(40,553)
 Net Loss Per Share $ (0.90) $ (4.55)
 Shares Used in Calculation of
 Net Loss Per Share 13,172,243 8,904,306
 CONDENSED CONSOLIDATED BALANCE SHEET
 (In thousands)
 ASSETS
 March 31, June 30,
 1993 1992
 (unaudited)
 Current Assets:
 Cash, Cash Equivalents and
 Marketable Securities $11,581 $22,096
 Other Current Assets 747 441
 Total Current Assets 12,328 22,537
 Marketable Securities, Long-term 10,193 11,907
 Restricted cash 325 1,266
 Net Equipment and Improvements 4,505 3,045
 Long-term Assets 140 ---
 Total $27,491 $38,755
 LIABILITIES AND STOCKHOLDERS' EQUITY
 March 31, June 30,
 1993 1992
 (unaudited)
 Current Liabilities $ 1,896 $ 1,915
 Capital Lease Obligations 260 330
 Deferred Rent 66 ---
 Stockholders' Equity 25,269 36,510
 Total $27,491 $38,755
 -0- 5/14/93
 /CONTACT: Mark Bagnall of Somatix, 510-748-3064/
 (SOMA)


CO: Somatix Therapy Corp. ST: California IN: MTC SU: ERN

GT -- SF007 -- 8694 05/14/93 14:19 EDT
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Publication:PR Newswire
Date:May 14, 1993
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