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ADVANCED TISSUE SCIENCES INC. REPORTS SECOND QUARTER RESULTS

 ADVANCED TISSUE SCIENCES INC. REPORTS SECOND QUARTER RESULTS
 LA JOLLA, Calif., Sept. 14 /PRNewswire/ -- Advanced Tissue Sciences Inc. (NASDAQ-NMS: ATIS) today released its results for the second quarter. The net loss for the three- and six-month periods ended July 31, 1992, were $2.6 million and $4.4 million, respectively. This compares with net losses of $1.7 million and $3.2 million for the corresponding periods in the prior fiscal year. The net loss per share was $.12 and $.20 for the three- and six-month periods ended July 31, 1992, as compared to $.09 and $.18 for the corresponding prior-year periods. Sales of the company's Skin2(TM) toxicology testing kits were $230,000 in the second quarter, compared to $87,000 for the corresponding quarter of the prior year.
 "During the second quarter, we enhanced our future product development capabilities by signing a definitive agreement to acquire Neomorphics Inc., by seeking expansion of the clinical trials of Dermagraft(TM) to include decubitus and diabetic ulcers, and by continuing to expand the laboratory testing applications for engineered tissues, such as oral mucosa," said Arthur J. Benvenuto, the company's chairman, president and chief executive officer.
 In August, the company signed a definitive agreement to acquire Neomorphics, a Cambridge-based tissue engineering company, for $21 million in stock. The purchase price for the acquisition will be paid in two installments. The first installment, of $6 million in Advanced Tissue Sciences' stock, will be distributed at the closing which is expected in the third quarter. The remaining $15 million will be distributed approximately six months after the closing. The company has reserved the right to pay any portion of the acquisition price in cash. The closing is subject to completion of certain regulatory conditions.
 In the second quarter, the company submitted two supplements to its Investigational Device Exemption (IDE) to the U.S. Food and Drug Administration requesting permission to expand the clinical trials of Dermagraft to include the treatment of patients with decubitus and diabetic ulcers. In addition, the company extended a research collaboration with The Procter & Gamble Co. to develop an engineered oral mucosa tissue for assessing the toxicology of oral care products under development.
 Advanced Tissue Sciences Inc. is a tissue engineering company engaged in the growth of human tissue and organs for potential therapeutic and laboratory applications. Using its propriety 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
 (Unaudited)
 Three Months Ended Six Months Ended
 July 31, July 31,
 1992 1991 1992 1991
 Revenues:
 Interest income $358,950 $254,212 $781,595 $335,163
 Product sales 230,469 86,945 470,267 126,209
 Other income 26,027 --- 79,944 ---
 Total revenues $615,446 $341,157 $1,331,806 $461,372
 Research and
 development
 costs $1,377,632 $907,500 $2,428,200 $1,595,231
 Net loss ($2,623,645) ($1,667,337) ($4,405,623) ($3,163,356)
 Net loss
 per share ($.12) ($.09) ($.20) ($.18)
 Weighted average
 number of common
 shares used in
 computation of
 net loss per
 share 22,411,385 19,524,517 21,950,979 17,684,981
 July 31, Jan. 31,
 1992 1992
 Cash and cash equivalents $29,213,391 $7,662,367
 Short-term investments 13,042,568 7,343,043
 Other current assets 655,445 774,076
 Other assets 3,590,478 3,741,287
 Total assets $46,501,882 $19,520,773
 Current liabilities $1,655,207 $1,908,338
 Long-term debt 1,177,731 1,408,490
 Stockholders' equity 43,668,944 16,203,945
 Total liabilities and
 stockholders' equity $46,501,882 $19,520,773
 -0- 9/14/92
 /CONTACT: James P. Linton, Ph.D., manager, investor relations of Advanced Tissue Sciences, 619-450-5707/
 (ATIS) CO: Advanced Tissue Sciences Inc. ST: California IN: MTC SU: ERN


JB-JL -- SD004 -- 9199 09/14/92 13:46 EDT
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Date:Sep 14, 1992
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