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ADVANCED TISSUE SCIENCES INC. REPORTS 1992 RESULTS

 LA JOLLA, Calif., March 31 /PRNewswire/ -- Advanced Tissue Sciences Inc. (NASDAQ-NMS: ATIS) today reported its financial results for the 11 months ended Dec. 31, 1992. The company changed from a Jan. 31 to a calendar year end resulting in the 11-month reporting period for 1992. Sales of the Skin2(TM) laboratory testing kits, which are used to test products in development for toxicity and irritancy, were $755,000 for the 11 months, an increase of $267,000 over the 12 months ended Jan. 31, 1992.
 In line with the company's expectations, the net loss for the 11 months ended Dec. 31, 1992, was $32 million, or $1.40 per share. The net loss includes a one-time charge to in-process technology representing substantially all the $21 million purchase price and $400,000 in direct expenses related to the acquisition of Neomorphics, a research and development company. The net loss without the one-time charge would have been $10.6 million, or $.46 per share. The net loss for the fiscal year ended Jan. 31, 1992, was $6.8 million, or $.36 per share.
 "In 1992, we made significant advancements in our business and scientific programs," said Arthur J. Benvenuto, chairman, president and chief executive officer. "Key milestones for the year included the completion of our secondary public offering, acquisition of Neomorphics, licensing of our Stem Cell Proliferation Factor (and the subsequent agreement with Kirin Brewery Co. Ltd.), securing the FDA approval to expand Dermagraft(TM) trials to additional skin ulcer applications, the addition of key senior management and the expansion of applications of our in vitro laboratory technologies."
 Advanced Tissue Sciences Inc. is a tissue engineering company engaged in the growth of human tissues and organs for potential therapeutic and laboratory applications. Using its proprietary three-dimensional culture system, the company has successfully replicated a variety of human tissues including skin, cartilage, oral mucosa, bone marrow and liver.
 ADVANCED TISSUE SCIENCES INC.
 (A Development Stage Company)
 Selected Financial Information
 (In thousands except per share amounts)
 11 Months Ended Year Ended
 Dec. 31, Jan. 31,
 1992(a) 1992
 Revenues:
 Interest income $1,314 $786
 Product sales 755 488
 Other income 141 83
 Total revenues $2,210 $1,357
 Research and development
 costs $5,666 $3,863
 Write-off of in process
 technology(b) $21,400 ---
 Net loss ($31,990) ($6,805)
 Net loss per share ($1.40) ($.36)
 Weighted average
 number of common
 shares used in the
 computation of net
 loss per share 22,896 18,691
 Dec. 31, Jan. 31,
 1992(a) 1992
 Cash and cash equivalents and
 short-term investments(c) $34,970 $15,005
 Other current assets 1,441 774
 Other assets 3,685 3,742
 Total assets $40,096 $19,521
 Total current liabilities $2,007 $1,908
 Long-term debt(d) --- 1,409
 Total stockholders' equity(e) 38,089 16,204
 Total liabilities and
 stockholders' equity $40,096 $19,521
 (a) The company changed from a Jan. 31 fiscal year end to a Dec. 31 calendar year end in 1992 resulting in an 11-month reporting period in 1992.
 (b) Represents a non-recurring charge for in-process technology related to the acquisition of Neomorphics Inc.
 (c) Short-term investments consist primarily of commercial paper and obligations issued or guaranteed by the United States Government with maturities of one year or less but more than three months at the date of acquisition.
 (d) In October 1992, the company repaid its capital lease obligations prior to their scheduled maturities.
 (e) On March 31, 1993, the company completed the distribution of common stock related to the September 1992 acquisition of Neomorphics Inc. by issuing $15 million, or 1,486,079, shares of common stock based on the average closing sales price of the company's common stock on the NASDAQ National Market System during the 20 consecutive trading days ending on and including the third trading day prior to the distribution. The stock to be distributed is reflected in stockholders' equity as of Dec. 31, 1992, as common stock to be issued.
 -0- 3/31/93
 /CONTACT: Janet M. Wahl, director, corporate communications of Advanced Tissue Sciences, 619-450-5737/
 (ATIS)


CO: Advanced Tissue Sciences Inc. ST: California IN: MTC SU: ERN

MS-JB -- SD005 -- 1536 03/31/93 13:07 EST
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Date:Mar 31, 1993
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