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CYTOTHERAPEUTICS ANNOUNCES INITIAL PUBLIC OFFERING OF 2.25 MILLION SHARES OF COMMON STOCK AT $11 PER SHARE

CYTOTHERAPEUTICS ANNOUNCES INITIAL PUBLIC OFFERING OF 2.25 MILLION
 SHARES OF COMMON STOCK AT $11 PER SHARE
 PROVIDENCE, R.I., March 25 /PRNewswire/ -- CytoTherapeutics, Inc. (NASDAQ: CTII) today announced an initial public offering of 2.25 million shares of its common stock at a price of $11 per share.
 Robertson, Stephens & Company and Oppenheimer & Co., Inc. are the managing underwriters of the offering. CytoTherapeutics has granted to the underwriters a 30-day option to purchase up to 337,500 additional shares of common stock solely to cover over-allotments, if any.
 The company will use the proceeds from the offering for research and development activities, including its NeuroCRIB(tm) and EndoCRIB(tm) programs, other neuroscience programs and additional research and development activities such as membrane technology, cell biology, implantation technology, and biocompatibility; to provide continued funding for contract research programs; to fund preclinical and clinical testing of its proposed NeuroCRIB and EndoCRIB products; to fund capital expenditures, including a pilot manufacturing plant and possible expansion of research laboratories and general office space; and for working capital and other general corporate purposes.
 CytoTherapeutics, a development-stage company, is a leader in the research and development of a novel therapeutic approach that may significantly advance the treatment of certain chronic and disabling diseases. The company's core technology consists of proprietary techniques for the encapsulation of selected cells or tissue within semi-permeable polymer membranes. The company's two leading product candidates, NeuroCRIB and EndoCRIB, are intended to treat Parkinson's disease and Type I diabetes, respectively.
 Copies of the final prospectus relating to this offering may be obtained from Robertson, Stephens & Company, One Embarcadero Center, Suite 3100, San Francisco, Calif., 94111, 415-781-9700; or Oppenheimer & Co. Inc., Oppenheimer Tower, World Financial Center, New York, N.Y., 10281, 212-667-7000.
 -0- 3/25/92
 /CONTACT: Dr. Seth Rudnick of CytoTherapeutics, 401-272-3310, or Robert Gottlieb of Feinstein Partners, 617-577-8110, for CytoTherapeutics/
 (CTII) CO: CytoTherapeutics, Inc. ST: Rhode Island IN: MTC SU: OFR


SH -- NE010 -- 1568 03/25/92 14:19 EST
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Publication:PR Newswire
Date:Mar 25, 1992
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