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CYTOTHERAPEUTICS ANNOUNCES FIRST QUARTER 1993 RESULTS

 PROVIDENCE, R.I., May 6 /PRNewswire/ -- Cytotherapeutics, Inc. (NASFAQ: CTII) today reported, in line with projections, a net loss for the first quarter of 1993 of $3,393,262, or 43 cents per share, compared to a net loss of $1,990,983, or 32 cents per share in the first quarter of 1992. Revenues for the first quarter of 1993, comprised of interest earned on invested funds and research contract revenue, were $353,790 compared with $242,870 for the comparable period in 1992.
 Cash and investments, including long-term investments, totaled $24.1 million as of March 31, 1993, compared to $27.6 million as of Dec. 31, 1992. The decline in cash and investments is a result of the operating loss incurred through the first three months of 1993.
 Thomas G. Wiggans, president and chief operating officer of Cytotherapeutics, commented, "The first quarter results are in line with our expectations for the period and reflect our increasing investment in our research programs and the expansion of our product development and pilot manufacturing activities, as we move toward our first human clinical trials with our CereCRIB(tm) implant for the treatment of chronic pain.
 "During the quarter, the company further enhanced its patent position with the issuance of a patent licensed to the company covering the use of growth factor-secreting cells, combined with other biologically active agents within the same implant. This may enable us to deliver more effective treatment for diseases affecting the brain, as well as other CNS disorders.
 "Cytotherapeutics also entered into a collaborative research agreement to investigate the delivery of Factor IX to treat hemophilia B. Successful encapsulation of genetically-altered cells which can deliver recombinant Factor IX has the potential to improve the lives of an estimated 20,000 people in the U.S. alone.
 "These scientific and collaborative achievements further demonstrate the potential applications of our platform technology to treat serious human diseases," he added.
 Cytotherapeutics is a leader in research and development of novel approaches to the delivery of biologically active, therapeutic compounds and gene therapy products to treat severe, chronic diseases. The company is developing a new class of therapeutic products based on its core technology of membrane-encapsulated living cells which can be implanted in patients where they supply biomolecules critical to treat disease. Cytotherapeutics' CNS (central nervous system) products in development include its CereCRIB(tm) implant for the treatment of severe, chronic pain and its NeuroCRIB(tm) implant for the treatment of Parkinson's disease. In addition, the company's EndoCRIB(tm) implant is being developed for the treatment of Type I, or insulin-dependent, diabetes.
 CYTOTHERAPEUTICS
 STATEMENTS OF OPERATIONS
 (unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Revenues $353,790 $242,870
 Operating expenses:
 Research and development 2,757,336 1,550,772
 General and administrative 888,227 644,551
 Total operating expenses 3,645,563 2,195,323
 Loss from operations (3,291,773) (1,952,453)
 Interest expense 101,489 38,530
 Net loss $(3,393,262) $(1,990,983)
 Net loss per share (43 cents) (32 cents)
 Shares used in computing net
 loss per share 7,844,824 6,301,962
 BALANCE SHEET DATA
 March 31, 1993 Dec. 31, 1992
 (unaudited) (audited)
 Cash, cash equivalents and
 investments $24,062,068 $27,644,442
 Property, plant and
 equipment (net) 6,115,638 6,210,961
 Total assets 31,971,045 35,238,775
 Total stockholders' equity 25,912,750 29,202,874
 -0- 5/6/93
 /CONTACT: Thomas G. Wiggins, president and chief operating officer, 401-272-3310, ext. 2152, or Elizabeth Razee, communications coordinator, 401-272-3310, ext. 2132, both of Cytotherapeutics/
 (CTII)


CO: Cytotherapeutics, Inc. ST: Rhode Island IN: MTC SU: ERN

DJ -- NE006 -- 5291 05/06/93 09:56 EDT
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Date:May 6, 1993
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